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The programme will give agritech startups access to capital to develop their technologies, with the goal of making the agriculture industry more sustainable, safe, and environmentally friendly.
Flat6Labs, an Egypt-based venture capital firm, has launched an accelerator programme to support agritech startups in Egypt in collaboration with Luxembourg-based SANAD Entrepreneurship Academy.
The programme will assist up to a dozen startups in each cycle to improve their business models, product development, customer relationships, marketing plans, and financial management. It will also give startups access to capital to develop their technologies, with the goal of making the agriculture industry more sustainable, safe, and environmentally friendly.
"With digital transformation progressing rapidly across industries, and the agriculture industry being a core pillar of the Egyptian economy, the need to digitise has increased dramatically,” Hassan Mansi, Flat6Labs Head of Ecosystem Development Programs, tells StartupScene. Agriculture is a major component to Egypt’s economy, contributing about 11% of the country’s GDP and 28% of jobs, according to data from the US Agency for International Development.
“We are glad to launch this agritech accelerator programme in collaboration with the SANAD Entrepreneurship Academy,” Mansi adds. “It will serve this need by supporting the startups that provide innovative technologies in the agriculture sector and will contribute to the sustainable growth of the Egyptian economy.”
Empowering and promoting the agritech sector can advance automated machinery and robotics, which in turn can increase efficiency of agricultural production by locating nutrient availability, and checking for diseases and predicting them, amongst other utilities.
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