The Information Technology Industry Development Agency (ITIDA), represented by the Technology Innovation and Entrepreneurship Center (TIEC), signed the contract for managing and operating the innovation cluster in Borg El Arab Technology Park with an alliance represented by Eitesal Association.
The alliance includes the Academy of Scientific Research & Technology, Alexandria University, the Egypt-Japan University of Science and Technology, and the Arab Academy for Science, Technology & Maritime Transport, among others.
The signing of the operating contract comes in context of the launch of the first phase of the iCluster initiative, which aims to establish two clusters in Alexandria and Assiut. The total cost of the clusters amounts to EGP 50m over five years.
ITIDA CEO Asmaa Hosni said that the contracts represent real partnership between the private and public sectors that reinforces innovation and entrepreneurship.
She added that the project aims to achieve cooperation and integration to maximise the utilisation of available resources and exchange accumulated experience, which would play a vital role in building wealth and promoting equality and social justice.
Moreover, each cluster requires investments of EGP 50m to accommodate 80 companies over 60 months. The clusters work to educate 25,000 pioneers and innovators and train 5,000 of them before choosing 1,000 to establish companies that produce 10 technological innovations with 10 patents.
ITIDA will secure financing and provide services to the clusters in grants, loans, and investments.
The work of the clusters includes joint research and development between industry and academia, training and development of human resources, and holding competitions to discover talents.
In addition, they will also support entrepreneurs, stimulate fast prototyping, unlock financing, incubate startups, and guide companies by education and training in their path to success.