Upper Egypt Innovates is an annual competition that implemented to support young entrepreneurs in Upper Egypt who have innovative ideas that could be transformed into real projects and existing startups on the ground and encourage them towards entrepreneurship and having their own business which in role will support the national economy, SMEs and provide more job opportunities.
Young entrepreneurs Upper Egypt cities including (Bani suef, Minya, Asyut, Sohag, Qena, Luxor, Aswan, New valley and Red sea)
- The applicants’ age must be from 18 to 35.
- The applicants must have innovative ideas or ideas with add value in the ICT sector.
- Must have a team consists of at least from 3 people.
- Must have a prototype or MVP
Field of specialization:
This competition targets ideas in the ICT sector specifically in those sectors:
4-Water energy & Food
The competition will be announced through Etisal Assiut social media channels and website, as well as communicating with universities, business associations, and information centers in all Upper Egypt governorates to ensure that the largest number of young entrepreneurs join and aware enough about this competition, and its admission requirements. That supposed reach to 100 or 150 entrepreneurs
After this step the application will be initially filtered regarding description of the idea, current project phase and the other admission requirements mentioned above.
Perspective selected applicants that estimated between 50 to 60 entrepreneurs will pitch their ideas to small judgment board of the Executive Director and an individual with expertise in the applicants’ industry who would asset their ideas based on the first selection criteria:
1-Team, and role of each
2-Your Start-up Idea, the innovation solution, your competitive advantages.
3-Problem and sector/industry analysis
4-Market strategy; definition of the customers’ segment, demands, expectations.
5-Overview of the available solutions, current competitors
6-Scalability; will be able to maintain or increase its level of performance or efficiency even as it is tested by larger and larger operational demands
7-Profitability; capability of generating profits from its operations 8-Presentation skills, slides design, efforts, self-confident
At the end of this phase 10 ideas will be entered to the acceleration program.
This phase aims to prepare 10 of the young project-idea holders to take on an entrepreneurial role and establish their startups after completing the program. It also enhances the participant’s professional and soft skills that will facilitate their access to the market. The acceleration phase will be divided into different themes, each of which is essential for their personal development:
- Business Model
- Marketing for Startups
- Lean Startup
- Business Planning
- Innovation & Technology
- Technical Mentorship
- Operations & Project Planning
- Finance for Startups
- Startup Business Management
- Pitching to Investors
4-Closing Ceremony Phase:
In this phase teams will finally pitch their ideas to the board of judges specialized in Business, Entrepreneurship, ICT, and other different fields to give them a final assessment regarding the final selection criteria the best 3 ideas will be announces as winners.
Suggested final evaluation criteria include:
1-Problem and sector/industry analysis
2-Market strategy; definition of the customers’ segment, demands, expectations.
3-Overview of the available solutions, current competitors
4-Your Start-up Idea, the innovative solution, your competitive advantage
5-Business Model Canvas (this includes the revenue model and any information they see necessary to mention regarding their business model)
6-Implementation plan, over two years (in addition to financial needs and projection)
7-Traction and/or milestones (this includes if you have already achieved any traction yet and/or their planned future growth)
8-Risks, if any, and contingency plan.
9-Team, and role of each
10-Presentation skills, slides design, efforts, self-confident
The best 3 ideas will get financial prizes. The first winning idea will have 7000 L.E, the second one 5000 L.E and the third 3000 L.E.
Program Final Objectives:
- Increasing awareness of the importance of entrepreneurship and changing young people’s thinking of waiting for government jobs and the directing to establish their own companies.
- Developing the ideas of 10 entrepreneur and their business models into a valuable business model that reliable to implement.
- Networking winning ideas with investors and incubators to incubate and support their startups in early stage of implementation.
- One of Etisal Assiut members will provides the 3 winning startups with professional platform (Website) which will be built from scratch and includes paid host and domain last for 1 year.