Egypt Looks To Cultivate Young Tech-Savvy Entrepreneurs
Egypt’s core asset and main engine of growth is its youth. Its total population of more than 92 million is characterized by a demographic youth bulge, with a young median age of 23.8 years, compared to 37.9 in United States and 46.8 in Germany.
Tapping on these underutilized resources is critical for unleashing Egypt’s vast potential. Attaining high economic growth and creating jobs through efficient utilization of Egypt’s young human capital requires the transition from an efficiency-driven economy towards a more innovation one. This ambitious aim is based on strong fundamentals that currently exist in Egypt, which necessitate the political will that advances the right economic reforms, and creates a conducive environment with more efficient labor and financial markets, and more conducive frameworks — key ingredients that Egypt currently is heading toward.
From The Washington Times. Story by .
Tech-savvy entrepreneurs and their startups focus on growth potential and consider innovation as the main driver of their ventures. On the other hand, large and long-existing corporations generally focus on profitability and long-term stability, with innovation playing a less important role.
Egypt does not only seek to attract foreign innovation-driven ventures to capture its high potential market, but it is also very keen on supporting local entrepreneurs to unleash their potential in the domestic and international markets. Based on numerous studies, an ideal entrepreneurial ecosystem fostering the growth of entrepreneurial and innovative ventures has five main pillars: access to funding, entrepreneurial culture, educational systems supporting the entrepreneurial mindset, accommodating regulatory and tax regimes, and a coordinated approach linking the public, private and voluntary sectors.
Read more at The Washington Times.