The Minister of Communications and Information Technology Amr Talaat has witnessed the launch of “Shark Tank Egypt” under the auspices of the Ministry of Communications and Information Technology (MCIT).
Shark Tank is a global entrepreneurial reality show. It aims to discover inventors, creators, innovators, and entrepreneurs with the best ideas for businesses and startups in different fields, who are looking for an opportunity to start their projects or promote their investments.
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).
The launch ceremony was held at the Grand Egyptian Museum, in the presence of Member of the Board of Directors at UMS Amr El Fekky, CEO and Founder of ievents Amr Mansi, and officials from the private sector.
In his remarks, the ICT Minister highlighted that Shark Tank’s launch under the auspices of MCIT reflects the Ministry’s keenness to create a large number of entities that support innovation-based entrepreneurship, in collaboration with the local and global private sectors, civil society organizations and academic institutions.
The show sheds light on entrepreneurship and startups. The ICT Minister emphasized the role of the media as a key partner in supporting the state’s efforts in empowering youth and developing the entrepreneurship and startup ecosystem.
Talaat indicated that CREATIVA Innovation Hubs are established nationwide to promote technology innovation. MCIT collaborates with private companies to run the Hubs to create an environment conducive to innovation, discover innovators, support entrepreneurs, and develop digital skills. He revealed that eight out of 30 CREATIVA Innovation Hubs have been established, so far. 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. He underlined MCIT keenness to attract global entities such as Plug and Play Tech Center and 500 Global, as they have built and operated inspiring ecosystems based on different pillars, in different countries. Those entities can attract a network of experts, investors, and companies to develop Egypt’s entrepreneurship ecosystem.
Talaat explained that MCIT 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, Egypt ranked first in Africa and second in the Middle East in terms of the number of investments in startups, with 147 deals, and third in Africa and the Middle East in total investments, at $491 million, he added.
The ICT Minister said that Startup Genome’s Global Startup 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 Global Emerging Ecosystems in Funding, according to GSER, out of 275 assessed ecosystems, in 100 countries.
The ICT Minister 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 will be granted membership in CREATIVA Innovation Hubs. The membership allows companies to have access to the Hubs and their services, leading to more entrepreneurial success.
Ideas submitted to Shark Tank Egypt are selected based on how attractive pitch decks were. Accepted ideas are funded by some of the top investors in Egypt.
Shark Tank has been produced in 46 countries. This one of a kind multi-Emmy® Award-winning show helps discover talents and exceptional entrepreneurs and provide real opportunities for success. The show has garnered investments at a $600 million valuation.
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