By : Bakinam Kaled – Adel Farig
Egytrans, a leading provider of transport and logistics solutions, announced the signing of an agreement with prominent accelerator hubs pmaestro and Cash Cows, to launch and manage “Egytrans Startup Factory” a unique Logistics Incubation Program in Egypt. The Program is based on an open-innovation model that will build on the experience and knowledge of Egytrans, representative advisors and mentors from different backgrounds, and a selection of the most promising start-ups. The aim is to redefine logistics as currently conceived, working hand in hand with startups that will generate innovative technological solutions for the logistics sector.
“This program has been almost two years in the making, from defining our objectives, to finding the right partners and formulating the structure of the program. We are therefore very pleased that it is finally being launched,” says Abir Leheta, Chairman and CEO of Egytrans. “One of the key drivers of this program was to generate innovation in our own business and the best way to do so is by championing new technologies and solutions that can help us achieve our strategy for growth and digital transformation.”
There are plenty of opportunities in the supply chain and logistics realm for technology startups to focus on. However, as Leheta points out, because of the complexity of the industry, “technological solutions are not a silver bullet cure.” They need to be carefully designed to address the real-time challenges of the sector. This recognition is the reason Egytrans plans to be deeply involved in the program, rather than just sponsoring the process.
The “Egytrans Startup Factory program” can unlock substantial opportunities for all stakeholders. Startups get to improve their credibility and brand awareness as well as gain access to the program partners’ knowhow. Egytrans, in turn, benefits from the opportunity to incorporate some solutions into its own operating model and potentially invest in the most promising startups graduated from the program.
With the call-for-entries due to begin in May, around 10 startups will be selected to go through an intensive 6-month program designed for early and growth-stage startups to build their business. Throughout the program, the selected startups will be provided with mentorship and best practices from Business, Operations, Product and Technology perspectives. The program aims to provide tools, framework, knowledge and an ecosystem to help startups create value-driven products by supporting them in building and promoting market-ready solutions.
“This program is very unique in that it is different from most vertical-specific accelerators. The Transport and Logistics focus will draw partners and startups from across a variety of industries, given the need for logistics management and effective transport operations in almost all businesses,” says Mohamed Mounir, Managing Director of pmaestro. “This reflects on all aspects and design of the program, from selection criteria to program design and finally mentoring, all of which will be structured to produce commercially viable products and services. The selection process should produce a number of potential investment opportunities that will solve problems or open new revenue streams.”