Science and Innovation Park (SIP) first phase will be launched in May this year in Egypt. The initiative is funded by the British University in Egypt and TusPark Holdings. TusParks is the company managing partner. As a partner, the company will assist in the management of the Business Incubator and the Science Park. In addition to management, TusParks will also provide technical, operation aids and business innovative skills.
The second launching is projected to be in November 2018. The estimated project budget will cost about $4.5 million. The system will also require nearly 14,000 square meters land situated in El Shorouk City. The core mandate of SIP is to serve local business community within El Shorouk City. Targeted industrial surrounding zones include 10th of Ramadan, Badr City, and Obour City.
The system will still welcome both local and foreign startups which abide by the Egyptian laws. The focus of the company now is building and nurturing of startups across Africa and beyond.
The various forms of entrepreneurs support comprise of startup office space, prototyping labs, meeting rooms, incubation. Additionally, the company will provide access to the British University’s facilities, a nanotechnology center, and fabrication lab. Other areas of support entail assistance in networking, marketing, and legal advisory services, technical assistance and exposure to the market.
According to the coordinator of SIP, Sarah Nasser, entrepreneurs’ fees will depend on the level of maturity. The charges will also not exceed the current market rates but might be slightly less. The company at the moment does not provide funding but rely on investors who trust and owners the company recommendations. Besides, SIP intends to source funds from Academy of Scientific Research and Technology, EuropeAid and partner banks. Selection of funding agent will be based on terms and conditions and time of funding.