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    Falak, EFG Hold Graduation Ceremony for 17 Startups within ‘Fekretak Sherketak’ Initiative

    Cairo, 17 April 2019

    Falak Startups, in partnership with EFG-EV Fintech, has organized the annual graduation ceremony for around 17 startups, within “Fekretak Sherketak” initiative, launched by the Ministry of Investment and International Cooperation (MIIC).

    The ceremony was attended by the Minister of Investment and International Cooperation Sahar Nasr, Minister of Supply and Internal Trade Ali Moselhi, Minister of Communications and Information Technology Amr Talaat, Minister of Environment Yasmine Fouad, Minister of Public Business Sector Hisham Tawfik, Egyptian Exchange (EGX) Chairman Mohamed Farid, Egypt Ventures Chairman Shehab Marzban, Head of the Saudi side of the Saudi grant to Egypt Hassan Al-Attas, Falak Startups CEO Yousef El Samaa, EFG-EV Fintech CEO Mahmoud El-Zohairy, a number of board members of the General Authority for Investment and Free Zones (GAFI), ambassadors, investors and entrepreneurs.

    The ceremony was held at the golden hall of Prince Mohamed Ali (Manial) Palace, where presentations were given by the participants of Falak cycles, showcasing their project models. Falak was founded within “Fekretak Sherketak” initiative, launched by MIIC and established by Egypt Ventures in 2017.

    Falak is the largest business accelerator in the Middle East and Africa. Its four-month program provides funding, guidance, training and comprehensive support for entrepreneurs. In addition, it is equipped with the needed tools and supplies for supporting business models, honing entrepreneurship skills, thus enabling competition in the global economy.
     
    Falak aims at transforming Egypt into a leading regional hub. During the inauguration, registration for the third accelerator cycle was announced, through its website www.falakstartups.com.
     
    Investment, Supply, and ICT Ministers witnessed the signing of a cooperation protocol between the Holding Company for Food Industries Chairman Ahmed Hassanein and Falak Vice-Chair Heba Ali. The aim is to support startups specialized in food industries, the Holding Company for Food Industries e-commerce platforms for food and non-food industries, as well as any small and medium-sized enterprises (SMEs) related to the Ministry of Supply and Internal Trade.
     
    Furthermore, a Memorandum of Understanding (MoU) was signed between Falak Startups, EFG-EV Fintech, Manara Capital, and New Giza University, to establish academic partnership and develop entrepreneurship programs. The MoU was signed by Egypt Ventures Chairman Shehab Marzban, and the Acting Dean at the School of Business at New Giza University Khaled Abdelaziz Hegazy.

    The Investment Minister said that the government encourages the private sector to support entrepreneurship. She added that during her visit to Washington and New York, she had discussions with international institutions’ representatives on entrepreneurship, supporting innovative ideas, and empowering the private sector with focusing on youth and women's projects.

    In addition, the Supply Minister underlined the significance of fostering youth ideas and startups to achieve a breakthrough in sustainable development, referring to the international models that sprang from simple entrepreneurship ideas. Moselhi thanked the Investment Minister and the young people involved in “Fekretak Sherketak” and Falak Startups, acknowledging MIIC keenness on supporting the initiative and youth ideas.
     
    The ICT Minister hailed the youth’s startup ideas and said that perfecting work is a key to entrepreneurship success. Talaat referred to the cooperation between MIIC and the Ministry of Communications and Information Technology (MCIT) to support “Fekretak Sherketak”. He stated that MCIT supports eight startup incubators in eight Egyptian universities through the Information Technology Industry Development Agency (ITIDA).
     
    Moreover, the Environment Minister referred to the cooperation between MIIC and the Ministry of Environment in investing in the environment areas. Fouad highlighted that the Ministry of Environment is eager to support environment startups, such as “Inara”, for overcoming climate changes. She added that the Ministry is working on the safe disposal of e-waste.
     
    The public business sector is eager to establish more partnerships with the private sector, stated the Public Business Sector Minister, highlighting that future is for entrepreneurship and SMEs.

    Entrepreneurship is one of the main pillars of achieving sustainable economic growth, said EGX Chairman Mohamed Farid, acknowledging the government’s effort in promoting entrepreneurship in Fintech, thus enhancing EGX work.

    Moreover, Egypt Ventures Chairman Marzban, said that MIIC launched “Fekretak Sherketak” initiative to be a platform for supporting entrepreneurship, with the Investment Law supporting this field. Egypt Ventures was established in partnership with the Saudi Fund for Development (SFD) and EFG Hermes, followed by the establishment of Falak Startups and EFG-EV Fintech. Marzban called on the private sector representatives and businessmen to support startups.
     
    Falak CEO El Samaa said that 2500 ideas were received, and more than 700 people were interviewed across Egypt’s governorates through “Fekretak Sherketak” bus. He added that 17 startups were selected to receive support up to EGP 500,000, and a four-month training program, from which they graduate today. El Samaa called on investors to support these startups.
     
    EFG-EV is the first Fintech business accelerator in Egypt, stated CEO El-Zohairy, adding that its second cycle is currently under way. It seeks to invests in and develops entrepreneurship projects in Fintech, driven by the belief that Fintech is a key tool to achieve financial inclusion.

    The ceremony included a presentation for investors on a number of applicable emerging investments, since these startups works in different fields including health technology, sports, food and electronic services, and automobiles.

    Mayday Co-Founder Mohamed Abo El Fotouh said that his company provides fast and safe roadside assistance to motorists in need, covering Cairo, Giza, Ain Sokhna and Alexandria highways.
     
    Passport is a digital platform that connects talented Egyptian athletes with college sports scholarships around the world. Founding CEO Nada Zaher said that 2,000 colleges around the world spend around three billion dollars on sports scholarships; however, Egyptian athletes are not aware of such scholarships. Passport was able to secure scholarships for 14 success stories, while search proceeds for scholarships for 295 more.

    Soovi is the first platform for selling pre-owned electronics, offering warranty plans, installments payment method, and delivery services in affordable prices, said Co-Founder Mohamed Roshdy. It deals directly with suppliers and serves a large market including 18 million Egyptian online shoppers who spend 1.6 billion dollars every year on pre-owned laptops. Soovi was able to achieve revenues of over EGP 500,000, and has contracted with numerous financial institutions, the most important of which is the National Bank of Egypt (NBE).

    Trendster Co-Founder Ali Ezzat presented his experience in bringing 500 social influencers together in one platform, to create a content that consumers would not sidestep, unlike other widespread online ads.

    Hood is a mobile app that provides a device for users’ cars synced with the app, assessing the driver’s use of the car, their driving style and car consumption, said Co-Founder Abdelrahman Saeed, adding that 21 road accidents were reported in Egypt last year, 75% of which were due to drivers’ behavior.

    Raseedi Co-Founder Ahmed Atalla said his mobile app helps users save their telecom credit through providing advice on the best mobile plans and monitoring credit consumption.

    Founders of Digified showcased their services in keeping records of banks customers’ data and providing digital identity solutions through the mobile app, without waiting in bank lines. The app contributes to achieving financial inclusion.

     N-ART, a digital platform for marketing and selling artworks online, has contracted with 170 artists and three exhibitions to market their work inside and outside Egypt, said Co-Founder Farah Shoukry.
     
    Elegate is a modern platform for ordering food, said Founder Mahmoud Saieed. He added that current online platforms earn a lot of money and that it is very hard to create a mobile app for each restaurant. Therefore, he developed an app connected to the restaurants’ social media pages, as 97% of the restaurants in Egypt have Facebook pages.

    Elegate, currently serving 10,000 users, was able to contract with 25 food trademarks, having now 10000 users and earning only EGP 5 per order, which is a very low cost compared to other apps. Its goal is to contract with 700 food chains in Egypt.

    Joudran was created to facilitate communication between homeowners and professional construction and decoration technicians, said Co-Founder Ahmed Hamouda. The app reduces the high advertising cost for construction and decoration companies, providing a good service at a reasonable price, he added.

    Through Darjee platform, you can get a dress online in one day, said Co-Founder Amira Hossam, adding that dresses are made, sold and delivered through the platform. Darjee made and sold 568 dresses to date, achieving revenues of more than EGP one million, despite being a startup.

    Pypa-ss app, co-founded by Andrew Saad, saves patients’ history data, linking pharmacies, labs, physicians, and patients together, to facilitate medical diagnosis and future treatment.
     
    Wint platform is a worthy addition to the logistics sector. It was founded by Mohamed Ibrahim to offer smart shipping solutions, where goods costs are paid to suppliers on daily basis. It helps users track their order throughout the shipping and delivery process, and provides other services.

    Delta Oil Co-Founder Serag Mousa said his company recycles collected used food oil to produce biofuel. Their goal is to collect 10 tons of oil monthly, next Summer. Mousa said that Delta Oil has a profitable as well as an environmental objective, and added that disposing of one liter of oil down a kitchen sink pollutes 1,000 liters of water.

    The Mob Founder Hussein Khafagy said his app allows handmade creators to display and sell their products, providing them with a range of services including professional photography, marketing, warehousing, proper packaging, and affordable delivery. The Mob serves 70 producers who offer 2,300 various products.

    Faggala, an online platform co-founded by Ahmed Ibrahim, offers a wide range of stationery and office supplies, without going through Cairo crowded streets. It provides instant price offers for companies and schools.

    Harnessing his psychology background, Adham Abdelsalam founded Merakido to help reorganize employees’ time, increase their engagement with their companies, and provide consultations and advice for achieving work-life balance, thus increasing the productivity and profitability of companies.

    During the ceremony, companies’ representatives and businessmen hailed the startups and supported them. PepsiCo Egypt Chairman Mohamed Shelbaya asserted that his company is keen on fostering innovative ideas of fast-growing companies in all sectors. This is achieved through partnerships with international funding agencies and the private sector, established by MIIC in the framework of “Fekretak Sherketak” initiative that aims at empowering Egyptian entrepreneurs to establish globally competitive startups.






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