The British Council is going to invest $1.2 million in social impact startups

folarin okunola

December 29, 2016 8:13 AM

According to a statement released by the Council, prospective Egyptian entrepreneurs are invited to apply to receive funds.

British Foreign Secretary Boris Johnson attends an EU foreign affairs council at the European Council in Brussels on November 14, 2016

The British Embassy in Cairo has announced that it will invest $1.2 million in Egyptian startups as a way of supporting and encouraging the thriving tech and entrepreneurial space in the North African country.

According to a statement released by the Council, prospective Egyptian entrepreneurs are invited to apply to receive funds, get technical advice, and connect with an international network of entrepreneurs provided their startups have social impact.

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“Social impact is key to the process of applying for the fund. Examples of social impact would be startups that help to create jobs, gives opportunities to women, supports deprived regions, or improves access to or delivery of public services (health and education in particular). The final selection will be in the form of a competition with winners selected by an independent panel of experts,” the statement read.

In conclusion, the statement also called on current social impact entrepreneurs and angel investors in the country to work with it on the "important project."

folarin okunola