Sponsoring Agency: Technology Innovation and Entrepreneurship Center
Type of Fund: Accelerator, Incubation, Mentorship and/or Training
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/17/2021
Size of the Fund: Less than USD $50,000
If you have a business plan and a prototype and you are looking for incubation at one of TIEC's incubator centers. You can now apply to the Technology Innovation and Entrepreneurship Center (TIEC) incubation. The incubation package exists of:
• 60,000 EGP in Cash over three installments based on milestones achievement.
• Up to 120,000 EGP of in-kind services such as consultancy services, software, hardware and support in marketing.
• A working space with basic furniture and Internet Access.
• Basic hardware and software tools during incubation time.
• Access to technical, subject-matter advisory, business consulting and mentoring.
Eligibility Criteria
TIEC's incubation is all about finding and supporting innovative startups with high commercialization potential. Therefore, for the project to be adequate for incubation, project must score well on the following set of criteria:
• ICT-based or ICT-related: The project must be serving any of the broad ICT categories or related to any of its vast inclusions.
• Innovativeness: The project must be original, new and an advancement to any of the solutions readily-available in the marketplace or industry.
• Readiness: The project must be supported by a working prototype (Full conceptual ideas will not be considered).
• Entrepreneur-led: The project must be created, conceptualized and led by young entrepreneurs or those who have entrepreneurial traits. University undergraduates are not eligible for incubation, while graduates with a university degree should have the needed skills in order to be incubated. They accept a startup with a single cofounder in case the cofounder has a good team with him. Moreover, the team should be dedicating their full time/efforts to lead the project.
• Solving a real problem: Idea must be offering a smarter or cheaper or upgraded or better solution to a real market problem than the existing solutions or solving a future problem or need.
• Using Information Technology as a core product or as an enabler to provide a service: the project needs to be focusing on developing a technology related product or providing a service related to any sector but through developing a tool using information technology as an enabler such as developing a mobile/web application, a platform or a software etc.
• Commercialization Potential: The project must be commercializable in nature and supported by a clear vision on how to penetrate the target market(s) and how it shall grow from there.
• Economic Viability: The project should offer an economically compelling proposition for investors or incubators.
• Scalability: The project should have the potential to grow among significant market sectors and within multiple verticals or layers.
• Status: Either entrepreneurs with prototypes/ proof of concept or startups that have been in business in less than one year can apply.
• Dedication: The project/startup cannot be incubated in another incubator or accelerator at the same time of its incubation at TIEC.
Evaluation Criteria
• The uniqueness of the proposed service/product and its commercialization potential.
• Clearly defined target markets preferably large markets with high growth potential.
• A well defined competitors analysis.
• The competitive advantage of the service/ product.
• The skills and expertise of the management team.
• The prototype maturity
• The submitted business plan should at least include a clear understanding of the following:
o Problem and/or gap in the market and/or need and/or opportunity.
o The Solution with all its features/ description and its current status.
o The prototype current status (include all images and links).
o Market size, core and adjacent markets and the targeted market.
o Competitors and the startup competitive edge.
o Teams skills, experience and qualification.
o The business model, revenue streams and value proposition.
o Got to market, sales and marketing strategies and channels and the plan to acquire the targeted market.
o Financial projection.
o At least one year business and technical comprehensive milestones.
More information at: https://tiec.gov.eg/English/Programs/Start-IT/Pages/default.aspx
