Cairo Named One of the Top 7 Cities to Launch a Startup in 2017
The Egyptian capital has been listed alongside London, Beijing, and Sydney as one of the most promising locations for entrepreneurs.
A boundless pool of talented developers, ambitious entrepreneurs, and a booming startup market growth rate have catapulted Cairo as one of the top seven cities worldwide to launch a Startup, according to Starting Things Up. Along with Cairo, the list features; Sydney, Warsaw, Kuala Lumpur, Beijing, London, and Sofia.
In addition to its central location between Africa, Europe, and Asia, one of Egypt's assets is its huge pool of youth, with a booming population of over 90 million, 37.6 percent of which are youth - that means, almost 28 million youngsters eager to create, to thrive, and trigger change. Especially since the 2011 revolt and the climate of freedom that ensued. In fact, entrepreneurship was one of the most remarkable transformations that unfolded as a result of the uprising; a lot of ideas began to pop up; people were motivated to have a better life; and hope was spread all over the country.
The ambition youth gained during the revolution sparked off waves in the entrepreneurial ecosystem, with idealist changemakers turning ideas which once were seen as crazy into real-world profitable businesses, such as Riseup, Karm Solar, or Recyclobekia. Today, with over 103 million mobile phone users, and a current internet penetration rate of 40 percent, the Egyptian environment looks appealing for entrepreneurs who find in technology and connectivity a tool to solve the country's most pressing problems.
While Silicon Valley and the San Francisco Bay Area are the hottest spots for entrepreneurs, the list stresses that there are plenty of other hubs - particularly in emerging economies - where startups can flourish. Sydney, for example, is one of the most successful cities for entrepreneurs, mainly due to a constantly developing ecosystem which is maturing because of the presence of collaborative co-working events. Kuala Lumpur also stands out in the list, distinguished by the diversity in its population, cheap taxes, and low cost of living.