Innoventures has opened applications for the fourth cycle of its accelerator program ‘Startup Reactor’ in partnership with VC4A after a successful third cycle and its grand finale last December. The new cycle comes along with the launching of a new 30 million EGP (US $1.86 million) venture capital fund which continues to show Innoventures’ leadership in Egypt’s venture capital space.
Startup Reactor is an accelerator program designed to support innovative startups operating in several high-opportunity industries in Egypt. The program creates an environment to connect entrepreneurs, investors and mentors for a duration of six months. Participating investors and mentors will receive an equity stake in the ventures which they choose to support.
Qualifying startups will follow an immersive training program as they focus on developing their business model, prototype, brand and customer base. In addition, every startup will be assigned a dedicated mentor from a network of more than 200 business professionals. Startup Reactor offers a wide range of additional benefits including office space, legal support with company registration, seed funding up to 300,000 EGP (US $18,600), and cash prizes totaling 15,000 EUR (US $15,900) offered by the program partner VC4A.
To provide added value for startups operating in key focus industries, Innoventures is enhancing its accelerator this year by introducing three separate tracks. In addition to the Main Track, open to startups from any industry, Startup Reactor will include a specialized Media Track powered by JuiceLabs, which covers media, advertising, analytics, content platform, content creation automation, e-commerce, talent management, and influencer management; and an E-waste Track, powered by SRI and CleanTech Arabia, designed for startups that recycle electronic waste.
Interested entrepreneurs are encouraged to attend the “Spark” orientation sessions and workshops being held around Egypt during the month of March. The application deadline to the program is April 1, 2017.
Innoventures was launched in 2011 as an innovation platform to bring the wealth of original Egyptian ideas to market by providing a platform catering to entrepreneurs in the region. The company caught the attention of the entrepreneurial industry and community when it partnered with Google to design and execute a first-of-its-kind program for Internet startups in Egypt. The program created widespread impact and provided exposure to a vast network of mentors, investors and entrepreneurs. The company also runs ‘Ideaspace’, a co-working and events space offering programs and services for entrepreneurs and innovators.
VC4A is dedicated to building game-changing companies on the African continent through its platform for startup funding and by supporting the growth of Africa’s startup ecosystem. Together with Innoventures, VC4A believes ‘Startup Reactor’ will be a landmark in building the continent’s entrepreneurship community and expanding its international network.