The Innovation Fund will provide €11m in funds for small projects in disbursements that will cover from 50% to 90% of total project costs.
According to the Fund’s plans, the initiative seeks to support research and innovation projects that will contribute to achieving sustainable development in Egypt. The initiative hopes to increase capital in Egypt and develop competitiveness of Egypt’s various economic sectors. The initiative will take place over a 30 month period.
The Fund also strives to enable owners of small businesses and startups to develop their products that require the kind of investment that the Fund can provide. The initiative is in line with the Fund’s mission to build a culture of innovation in Egypt.
The organisation hopes to provide support for 50 projects that bridge the gap between research and industry in order to encourage a spirit of innovation. The funds will be made available to all sectors that are connected to communications and technology. These include health, agriculture, and energy.
This week, the Innovation Fund held a conference with small communications and technology companies to familiarise them with the application process and the conditions for receiving funds and to inform them of how candidates will be selected.
The Innovation Fund set 7 July 2012 as the final date for startups in the field of communications and technology to receive their funding. The EU Fund finances projects through various programs in cooperation with Ministry of Higher Education and the Ministry of Communications.
According to a copy of the Fund’s plan received by Daily News Egypt, the funds will be split into four disbursements. The first disbursement will equal €4m and individual projects will receive between €200,000 and €600,000. The second disbursement will equal €1m with individual projects receiving between €50,000 and €100,000. The Innovation Fund will receive applications for the first two disbursements in the coming month.
The Third disbursement will equal €3m and individual projects will receive between €250,000 and €750,000, after which the Fund will hold a meeting in September. The Fund will follow up with a fourth disbursement of €3m and will receive applications for the funding in the coming year.