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Dubai Internet City
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Dubai, United Arab Emirates
As part of their joint efforts to support the Egyptian ICT sector, Intel Capital in cooperation with the Technology Innovation and Entrepreneurship Center (TIEC) hosted a workshop on technology innovation in Egypt to explain Intel Capital’s anticipated role in supporting and sponsoring Egyptian innovators as well as start a dialogue within Egypt’s entrepreneurial community showcasing how Intel can help foster and grow innovation.
Intel Capital, one of the largest Venture Capital Firms in the world which recently completed the acquisition and integration of Sysdsoft, that has become Intel Mobile Communications (IMC) Egypt, a division focusing on developing 4th generation mobile stacks for Intel products; explained during the workshop the objectives, process and criteria for selecting and fostering innovation with startup companies. The workshop informed the attended list of companies the criteria for getting funded, how to plan for an exit strategy and focus on product differentiation.
TIEC Chief Executive Officer Dr. Hazem Abd El Azim stressed that the workshop provides a golden opportunity to support Egyptian start-ups. It is in line with TIEC's objectives of sponsoring talented innovators and attracting multinational investments in the fields that add high value to serve the Egyptian IT sector."
Intel Capital Investment Director for the Middle East, Turkey and Africa Feroz Sanaulla presented some examples of how existing Intel portfolio companies have managed to successfully navigate when seeking venture funding. The session was heavily attended by over 45 companies from various ICT industries.
Mr. Sanaulla stated- “I have been impressed by the magnitude and quality of innovation coming out of Egypt in recent years. Even with the current challenges the country faces, entrepreneurship has never taken a back-seat. Intel Capital is committed to the region and is on the lookout for investing in innovative start-ups.”
Intel Capital one of the largest Venture Capital Firms in the world, it also extends support to their portfolio companies in the form of networking facilitation and business development in addition to coaching and guidance. This is done through events such as the Intel Capital CEO Summit and the Intel Capital Technology Days.