Virgin spotlights Cairo as one of the world's best environments for new businesses.
Cairo has been ranked among the top start-up cities on the planet by Virgin citing a young tech-minded population, hungry and talented workers to recruit and a rapidly changing tech industry as reasons why Cairo makes the cut.
The research states that "Egypt’s best asset is its youth. With 40% internet penetration (growing at an exponential rate), massive e-commerce potential (expected to hit the $446.4 million mark by 2016), as well as a strategic geographic location, the country continues to prove to be an attractive investment environment."
Meanwhile, Virgin business experts found that it costs as little as $1,500 to set a start-up afloat in the capital. Flat6Labs is a start-up incubator based in Cairo. The firm's communication manager Omar Badr, interviewed by Virgin, believes there has never been a better time for start-up birth in the capital. He said: "The business culture in Cairo is extremely forward-moving with great opportunity for new companies to arise, due to lack of strong competition and the country's recent history of monopolised industries which is quickly changing due to new technologies and a new government. For a region budding with hopeful young entrepreneurs, many in Egypt turn to innovative and most importantly socially and environmentally conscious ways to lead the way with their businesses."