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American University in Cairo to Adopt MIT Venture Mentoring Service

The International Finance Corporation will support the school to adapt the programme to operate within the Egyptian market.

The American University in Cairo’s (AUC) Center for Entrepreneurship and Innovation (CEI) at the School of Business Administration has signed an agreement with the International Finance Corporation (IFC) in a move designed to boost entrepreneurship within the Egyptian economy.

The IFC will offer support for the CEI over the next 18 months to implement the MIT Venture Mentoring Service (VMS) - ​​Massachusetts Institute of Technology-devised programme which connects entrepreneurs with carefully selected mentors to transform ideas into for-profit or non-profit ventures - and will work to refine it for operation within the Egyptian context and market.

Through this partnership, the CEI effectively obtains the MIT VMS license and becomes a certified member, and will establish a network of qualified mentors to guide entrepreneurs through the startup cycle in Egypt.

The CEI team will also be responsible for fortifying and managing the mentoring network as well as selecting high-calibre mentors to put in place and operate a mentoring programme at AUC’s School of Business in accordance with the MIT VMS framework.