Egyptian bio-tech startup, Nawah Scientific, takes the second-place cash prize.
The Africa Netpreneur Prize Initiative announced that two Egyptian startups won $215,000 of its $1 million cash prize during the grand event in Accra, Ghana.
The African Netprenreur Prize Initiative is a competition hosted by the Jack Ma Foundation as part of Africa’s Business Heroes event. The finalists include RiseUp veteran Egyptian bio-tech startup Nawah Scientific in second place, bagging a $150,000 cash prize, and Egyptian home-made food delivery service Mumm with $65,000 in their pocket as part of the top ten finalists.
Nawah Scientific is Egypt’s first private multidisciplinary research centre in Egypt. The startup revolutionises the scientific ecosystems using world-class tech-enabled solutions. Additionally,
Egyptian startup Mumm also bagged $65,000, among the ten finalists, for its digital platform that connects talented home-based cooks with hungry Cairenes to give them access to fresh homemade food. The startup was incubated in the Information Technology Industry Development Agency (ITIDA)’s Technology Innovation and Entrepreneurship Center (TIEC). Two years since their launch, the startup was able to create more than 110 jobs and delivered over 45,000 meals to 7,000 customers.
In a statement by ANPI, entrepreneurship and tech-powered innovation in Egypt has been growing in popularity and has become a key component of economic growth in the country.
The statement noted that the ICT sector in Egypt has been witnessing unparalleled growth, and is currently one of the fastest growing markets, and one of the largest contributors to the country’s GDP growth with 4%. The sector achieved a growth rate of 16% during the last fiscal year, with more than $3.7 billion annual export revenues.
"Many high-potential Egyptian startups work in deep technologies as advanced IC design, artificial intelligence (AI) and data analytics. Egypt has a vibrant edge in electronics innovation particularly due to hosting an increasing number of design houses employing over 5,000 highly talented calibers. The country also hosts electronics manufactures, two of which are world-leaders included on the top-10 list," the statement adds.
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