Fekrety Business Idea Competition approaches final round
- Egypt: Thursday, September 06 - 2012 at 15:35
- PRESS RELEASE
Fourty five enthusiastic teams have been working hard perfecting their ideas and the excitement levels are increasing.
The EIP, in its drive to be a hub for idea creation, signed a Memorandum of Understanding with Intel to help, discover and encourage new ideas and entrepreneurs across Egypt in different universities.
Fekrety started on the 12th March 2012 and was marketed to all universities across Egypt, although any Egyptian could enter as long as they were between 18 and 30 yr olds. People could enter their ideas as individuals, or as a team, with a maximum of 4 per team.
Karim El Fateh, Intel Egypt General manager said: "At Intel, we are delighted to join hands with EPI to encourage innovation and creativity among young Egyptians. Promoting sustainable development through entrepreneurship is one of our main pillars and core values of our Egypt Tomorrow initiative. We are determined to support creative minds and provide them with necessary technical assistance to further develop and realize their ideas and help boosting the national economy. We look forward to partnering with EPI activities in the future."
"We're very happy to be partners with Intel and be able to attract this large number of participants. As a national competition, organized by the American University in Cairo, Fekrety invited entrepreneurs throughout Egypt to submit their ideas. Furthermore, they are asked to express and market their ideas to the public as well as network with industry experts. The winner will have access to training and mentoring by professional to be able to further develop and nurture their idea into a possible business venture", said Dr. Ayman Ismail assistant professor, AUC school of business.
Round 1 started with 350 ideas submitted online. Surprisingly 40% were not IT/tech related, but 27 industry sectors were covered overall, and a quarter of the entrants were women. 307 teams were selected to go through to round 2.
Round 2 is where the hard work started. All the teams, comprising nearly 700 individuals, received two weeks of training in the form of workshops and lectures by AUC faculty, industry experts, venture capitalists and seasoned entrepreneurs. This was to aid the teams in honing their ideas, and preparing the first draft of their business plans and 2-minute business pitches.
47 teams, chosen by the 16 strong judging panel, went through to the semi-final stage at the beginning of August. These teams started round 3 on August 13th with a further mentoring session in preparation for submission of their final business plans on the 25th of August. The AUC is ever thankful to the mentors who have given their time and invaluable advice to participants at every stage.
During the aforementioned final Demo Day, the finalists will show off their creations to the judging panel, industry leaders, and faculty. They will also get the chance to pitch to potential investors. 10 winners will result, with prizes such as 50,000 EGP in cash, fast-tracking to Intel's Global Challenge Competition at UC Berkeley, and incubation opportunities, amongst others.
During each stage of the competition the teams have been judged on the following criteria: how innovative the idea is; how much customer value is generated; how clear the business model is; the ease with which the idea can be implemented; how scalable the business is; and how profitable the business can be.
Fekrety has been the biggest and furthest reaching contest organized by the EIP. Dean Sherif Kamel's vision of the EIP becoming a hub for idea generation is fast being fulfilled. As such, the final Demo Day will bring together the leading lights of Egypt's entrepreneurial ecosystem, all eager to see the innovative ideas the fresh minds have to offer.
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