The Venture Lab, part of the American University in Cairo, announced incubating 55 startups since it was launched in 2013.
During semi-finals of the Imagine Cup 2016 competition held at the AUC, Karim Seghir, Dean of AUC’s School of Business, said that the V-Lab invested a total of $6 million to support new startups employing 350 young people across Egypt.
AUC V-Lab is the first university-based incubator in Egypt, launched in 2013 “to translate technologies and innovations into commercially viable and scalable ventures, thereby contributing to economic development and job creation,” Seghir earlier noted.
The V-Lab V-Lab incubates early-stage and growth-stage startups that are chosen through a selection process that judges the novelty of the idea, the team’s track record and cohesion, scalability and potential for commercialization, as well as the team’s tenacity and commitment to success. Once selected, the startups benefit from training sessions, mentors, student internships and their presence at the AUC School of Business. They also play an active role in the AUC community and Egypt, sharing their entrepreneurial experience with students, faculty members, mentors and investors, as well as a global alumni network.