Arab Finance: Egypt's Minister of Communications and Information Technology Amr Talaat has officially launched the Invest IT program, designed to support emerging technology companies, as per a statement.

This initiative is spearheaded by the Technology Innovation and Entrepreneurship Center (TIEC) in collaboration with Flat6Labs, a seed funding and early-stage venture capital firm in the Middle East and North Africa.

The Invest IT program aims to prepare emerging companies in the communications and information technology sector at the seed funding stage or in the early pre-investment phases.

This initiative is expected to enhance the ability of these companies to secure financing and facilitate their expansion, ultimately contributing to economic growth in Egypt.

The program will be implemented in two phases with the first phase focusing on preparing participating companies for investment through intensive training, workshops, and advisory sessions tailored to each company's needs.

The second phase will facilitate networking opportunities between emerging companies and potential investors.

The program aims to support 12 startups over six to eight months, guiding them through the investment preparation process and connecting them with local and foreign investors.

Applicant companies must be in the seed funding stage or pre-series A, have a marketable product or service, and have a founding team of at least two members, with a registration date no less than two years before the program's start.