Egypt was awarded the prestigious title of the Outsourcing Destination of the Year 2016 at the Global Outsourcing Association (GSA) European Awards, held on October 6, in Sofia, Bulgaria, where the awards ceremony was attended by more than 200 industry leaders from Europe, United Kingdom, North America and Asia. The ceremony brought together some of Europe’s leading outsourcing suppliers, support providers and buyers.
The GSA granted 15 awards in the various categories of the competition, including Business Process Outsourcing (BPO) Contract of the Year, the IT Outsourcing Project of the Year, Shared Service Centre of the Year, Outsourcing Services Advisory of the Year, Innovation in Pan-European Outsourcing, and Best Practices in the field of outsourcing.
This year, Egypt was competing with Belarus, Fiji and Sri Lanka. Solid strategies, flagship projects and positive indicators make it a strong candidate for the 2016 award.
Egypt received the Offshoring Destination of the Year Award in 2010, surpassing Philippines, Colombia and Sri Lanka. The award recognized Egypt’s growing position in the global market and highlighted its competitive advantages.
Egypt is heavily investing in skills development and talent management. The Next Technology Leaders (NTL) is an initiative to qualify 16,000 Egyptian youths in the ICT field through online and interactive training in collaboration with MNCs, Egyptian universities and learning institutions.
This year, the Information Technology Industry Development Agency (ITIDA) features the innovative and collaborative environment in Egypt through its investment in the newly established company, Silicon Waha, for establishing science and technology parks across second-tier cities. This countrywide initiative encompasses a collaborative ecosystem of government, ICT companies, academia and entrepreneurs and creates 500,000 jobs.
The Global Outsourcing Association (GSA) is a center of excellence for outsourcing in Europe and a leading association serving both the sourcing professionals and the sourcing industry. The GSA is committed to advancing the outsourcing profession and improving and growing the outsourcing industry by driving awareness, education, standards and thought leadership.
The Egyptian entrepreneur Mai Medhat, Co-Founder of Eventtus, was invited to the stage with President Barack Obama and Mark Zuckerberg at the Global Entrepreneurship Summit (GES) in Silicon Valley. This high profile appearance sheds the light on the dynamic entrepreneurship society in Egypt.
Egyptian investor Ziad Mokhtar says he has almost closed a new $50 million venture capital fund, named Algebra Capital.
According to Mokhtar, $40 million has been raised, as he said during the Road to Global Entrepreneurship Summit (GES) on Wednesday.
The new fund is raised by Algebra Ventures, a new Egyptian VC firm founded in 2015 by KI Angels’ Khaled Ismail, and Tarek Assaad and Ziad Mokhtar who are both principals at EFG Hermes VC fund Ideavelopers.
Mokhtar has reportedly been talking with entrepreneurs over the last few months and he expected the first deals to be closed in the summer of 2016.
Algebra will target Series A and B investments primarily in technology startups. Mokhtar however also said the fund wants its investment to be as broad as possible, describing Algebra as “opportunistic and generalist”.
He added that the new fund will typically invest between USD 500,000 and USD 1,500,000 in the form of Series A and B investments, which are “crucial for Egypt not to lose momentum”, as he referred to the developments of the Egyptian startup ecosystem.
Half of the funds raised so far have come from the Egyptian-American Enterprise fund (EAEF) and the International Finance Corporation (IFC) which have committed $10 million each.
The race to space does not seem to be reaching the finish line soon, and the battle of billionaires seems to be only starting. Both men are self-made men who are working hard to take human race into space as CNN puts it. Both have extravagant interests and ambitions. Branson expects the journey from New York to Sydney to take 30 minutes. Musk expects a train journey from San Fransisco to Los Angeles to take 30 minutes. Both have exuberant characters and a set of extraordinary skills. Additionally, they seem to be heading towards a head-to-head competition for low orbit space communication. There are fears that there will be literally no “space” for both in the space.
While extraverts are masters at influencing people and communicating their vivid visions and reaching the maximum potential by aligning vast amounts of resources, introverts also have their own share of strengths.
Up to this point, the two men have too many similarities. They share interest in strange causes. Whereas Branson contributes to rescuing swans in England, Musk supports efforts to keep artificial intelligence in check. Obviously, both share a lot of enthusiasm for adventure as well, but this is not what interests us, neither are the other similarities … What interests us most is the difference, and particularly personality differences.
Musk is an introvert, an extreme case of introversion indeed, whereas Branson is an extravert, and a good example indeed, despite the fact that he repeatedly mentioned his stage fright and occasional introspection. The comparison of both men gives a clear and a living example of the ability of both personality types to flourish if individual’s strengths are exploited. While extraverts are masters at influencing people and communicating their vivid visions and reaching the maximum potential by aligning vast amounts of resources, introverts also have their own share of strengths. Introspective minds are always more capable at observing hidden patterns, analyzing and strategizing for better or worse.
Diversity is the source of specialization, and specialization is the core for innovation.
The main point though is to realize one’s main strengths and weaknesses and possess a high degree of self-awareness to team up with the right people to complement the skill set. As illustrated in the previous post on colors of entrepreneurship diversity is the source of specialization, and specialization is the core for innovation. In the example of Musk and Branson, both work hard for what is seemingly a very similar goal, but their strategies are much different. Each of them leverages what he does best, and this is the key. Irrespective of the personal differences in character or style what is seemingly impossible can always be achieved if passion prevails, whether it is the passion for glorious endings or simply for a memorable endeavor.
Incubators typically provide startup companies with flexible programs, products and services, such as mentoring, office space and in-kind support for varying lengths of time based on startup’s needs and based on the incubator graduation policies.
On the other hand, most accelerators take a group of companies, a cohort, or a cycle, through a specific process over a predefined period of time, concluded by a public pitch event or demo day.
Accelerators also generally offer their services along with seed financing in exchange for for equity, while many incubators do not make this type of financial commitment.