Egypt to Launch its First Blockchain- Focused Incubator this Month

Egypt is set to launch Nu Techspace, its first blockchain –focused incubator. The project which is a product of collaboration between the Nile University and the Academy of Scientific Research and Technology (ASRT) will be launched on April 15.

Maraim Yassin, the partnerships & fundraising specialist at the Innovation, Entrepreneurship and Competitiveness Center of NU TechSpace, while giving launch confirmation details stated that the incubator will focus on technologies that include the block chain, artificial intelligence, machine learning, deep learning, among others.

Yassin while speaking on the importance of incubator said, “With the rise of Blockchain applications worldwide, along with the supportive environment in Egypt that fosters entrepreneurship and innovation, this year, many startups started to grow in Egypt using cognitive and blockchain technologies.

“That’s considered to be the third industrial revolution. We present a framework by which to explore where cognitive technologies can benefit in creating new business models,” she added, disclosing that the country’s increase in blockchain startups was the driving force for them to launch the incubator.

According to Blockchain Technology, the space is located at Sheikh Zayed City in Giza at the Nile University premises and will help startups to improve their business model, products and will prepare them to scale globally by allowing them to capitalize on the research capacities and facilities available at the university. The startups will also be connected with the Nile University network that includes investors, mentors, staff and alumni. Although the program’s budget cannot be disclosed, it was founded by Nile University and a ‘national initiative’.

Yassin also explained that every cycle of the incubation program is designed to support projects over an eight to nine-month period, which starts from the proof of concept stage to the ready product stage. During that period, budding startups will work in a risk-reduced environment so as to have their operational company ready to market their services and products.

“During the first cycle, we will focus on financial technology in order to support in generating a sustainable business model in high potential industries like banking, retail, insurance, corporate applications, etcetera,” Yassin added. The first round will see 15 startups get shortlisted with ten getting incubated.

As part of benefits, the incubation hub will provide product management sessions, operational management sessions, human resource management sessions, sales strategy sessions and scaling strategy sessions. Besides the coworking space that the university will provide, the startups will also receive other services such as: extensive business training by industry experts and faculty members, mentoring and coaching from the university’s networks, access to faculty as consultants or mentors for regular consultations, networking events with ecosystem partners and industry leaders as well as professional services such as communication, marketing, operations, governance and legal assistance as well as human resource and recruitment. The space will also enable the startups to collaborate with the university’s students to test their products and pick interns.

Besides all the services that the startups will receive, the program will give each startup funding of up to $8,500 (150,000 Egyptian Pounds) and a $120,000 IBM Bluemix Cloud Platform. The program will run every year with one open cycle that is expected to support ten startups.