The Minister of Egyptian MCIT (Ministry of Communication and Information Technology) attended the official launch of the globally recognized Entrepreneurial TV Show ‘Shark Tank Egypt’ along with his delegation and other concerned parties yesterday, December 18th.
The first season of Shark Tank Egypt will kick off in January 2023. The show is organized in partnership among Innovative Media Productions (IMP), Sony-which owns the general format of the show, and United Media Services (UMS).
As per the recent updates from the MCIT officials, the launch event was held at the Grand Egyptian Museum under the supervision and presence of the Member of the Board of Directors at UMS (United Media Services) Egypt, Amr El Fekky, along with the CEO and Founder of iEvents (Events Management Company) Egypt, Amr Mansi with several officials from the Private sectors as well.
Furthermore, per the information, the show ‘Shark Tank’ is globally recognized and celebrated for its theme and concept as it provides a useful platform for new-age entrepreneurs.
The exhibition aims to find and discover basic business ideas from inventors, creators, and innovators who want to make it big in the business world through their services.
The MCIT Minister, Amr Talaat, has stated in his speech that the launch of ‘Shark Tank Egypt’ is the next innovative and necessary step towards taking the country’s business goals to the next level.
He highly praised the unique concept of the famous show as it provides new-age businessmen with needed investments and funding from the ‘Sharks’ of the business world. In contrast, they also get to put their money into business ideas which are expected to grow in future.
Furthermore, MCIT Minister Amr Talaat further explained the concept of the show during his speech by stating that, ‘Shark Tank Egypt’ runs on a format in which potential business people come up with new innovative business ideas and their record of earnings and pitch them before the Business giants to convince them to invest in their business.
As per the recent updates from the event, Minister Talaat stated in his remarks that it is an important step in the enhancement of the economy of the nation through setting up innovative businesses.
He further highlighted that the launch of shark tank Egypt reflects the sheer keenness of the MCIT ministry to create a large number of entities that support innovation-based entrepreneurship. The initiative came in motion with the collaboration of the local and global private sectors, civil society organizations and academic institutions.
In addition, the primary motive of the show is to shed light on entrepreneurship and modern start-ups. Meanwhile, Amr Talaat also recognized the essential role of the media as a key partner in supporting the state’s efforts in empowering youth and developing the entrepreneurship and start-up ecosystem.
MCIT Minister Talaat also indicated that CREATIVA Innovation Hubs are established nationwide to promote technology innovation.
MCIT also plays an important role in collaboration with private companies to run the Hubs to create an environment conducive to innovation, discover innovators, support entrepreneurs, and develop digital skills.
In his statement, MCIT Minister conveyed that eight out of 30 CREATIVA Innovation Hubs have been established. The Hubs are deployed in different governorates at EGP five billion total investments.
MCIT establishes CREATIVA Innovation Hubs to bridge the digital skills divide and achieve gender equality in development, education, work, and ICT entrepreneurship opportunities, Talaat remarked.
Talaat explained that MCIT’s strategy has helped Egypt’s innovation and entrepreneurship ecosystem achieve remarkable growth, great successes, and a leading presence in the Middle East, Arab and African regions. In 2021.
As per the recent statistics recorded, Egypt has secured its place at the first rank in Africa and second in the Middle East in terms of the number of investments in start-ups, with 147 deals, and third in Africa and the Middle East in total assets, at $491 million, he added.
The MCIT Minister, Talaat, also stressed that Start-up Genome’s Global Start-up Ecosystem Report (GSER) 2022 ranked Cairo as a Top 15 Global Ecosystem and #1 MENA Ecosystem in the Affordable Talent category.
Cairo is also among the Top 10 Emerging Ecosystems in Funding, according to GSER, out of 275 assessed ecosystems, in 100 countries.
Amr Talaat further pointed out that MCIT supports entrepreneurship-focused shows to raise awareness, build capacity in this field, and help participating entrepreneurs secure funding and achieve growth.
Talaat announced that as part of MICT support, companies participating in the show would be granted membership in CREATIVA Innovation Hubs. The membership allows companies to access the Hubs and their services, leading to more entrepreneurial success.
Ideas submitted to Shark Tank Egypt are selected based on the pitch decks’ attractiveness. Accepted ideas are funded by some of the top investors in Egypt.
Shark Tank has been produced in 46 countries and has been helping countless small businesses to get where they are today and make success stories.
This one-of-a-kind multi-Emmy® Award-winning show helps discover talents and exceptional entrepreneurs and provides real opportunities for success. The show has garnered investments at a $600 million valuation.