The British embassy has vowed to invest £1 million to fund Egyptian social start-ups that have commercial viability and meaningful social impact.
Last week, the British Embassy revealed a £1 million investment in existing and new social start-ups in Egypt, from 2017-2020. The investment comes after the British Ambassador, John Casson, attended the RISEUP Summit stating that he would like to see Egyptian entrepreneurs, “[bringing] the same energy to [solve] Egypt’s social challenges, as they already bring to pursuing their business dreams.”
Substantial annual events, like the RISEUP Summit, tend to play a significant role in advocating for change through prime entrepreneurial spirits and powerful ideas that make basic humanitarian needs – such as access to health, education, and sanitation services - an attainable goal for many.
The investment will take place in the form of a competition where an expert panel will select successful proposals that showcase commercial viability and social impact – specifically in job creation, female empowerment, or enabling accessibility to health and education. These start-ups will then receive funding, as well as technical advice and access to a network of international entrepreneurs.
According to the Embassy’s press release, such an investment “is a show of confidence in both the vibrant start-up scene in Egypt, as well as the number of existing enterprises already tackling social challenges.”