Turning Dreams to Reality: 4 of the Top Fields for Thriving Startups in Egypt
We’re always eating, finding new clothes to wear, using our phones and being on the go. Perhaps this is precisely why most startups these days venture around these very factual everyday tasks. Now, more than ever, people’s minds are very much business oriented and driven towards turning their ideas into reality.
In fact, Egypt in particular currently has one of the top thriving startup cultures in the MENA region. According to an article on Enterprise about MENA startups, “Egypt was the most active venture capital market in MENA last year (2020) with 25 percent of all transactions in the region.”
While Egypt does indeed provide a supportive atmosphere and a variety of opportunities to help young entrepreneurs get their business ideas to come to life, people still need to be aware of what is most likely to succeed and thrive.
Starting one’s business could be considered the easy part; maintaining and sustaining the business’ success is what determines whether or not it will thrive and survive – most especially in the midst of such heavy startup competition.
That being said, the below fields are where some of the most popular current startups in Egypt fall. Perhaps considering to start something within these fields would be a good idea, however one must also keep in mind that the competition will surely be more challenging. In any case, one must always also consider ‘what is in demand’ in the market, as well as what gap they could potentially fill in the market.
Egypt is a country in which the majority of the population heavily rely on public transport, yet it is not exactly well known as having a great public transport system. This is why there are a variety of applications that have popped up in recent years to help bridge the gap of accessible and easy public transport solutions.
While Uber and Careem are both widely used in Egypt, Egyptian based bus transport company Swvl popped up and took the region by storm. Offering bus sharing services through a book and pay mobile application system, Swvl now operates in more than five countries. In fact, they even closed USD 42 million in funding in the last year.
Fin-tech remains to be one of the most active and supported industries, as has been the case for the past few years. Inevitably, people are always looking for ways to make financial transactions easier, less complicated and even cashless. Some of the most currently well-known fin-tech companies in Egypt include Fawry, ValU and Money Fellows. However, there has also been a steady rise in more and more local startups popping up amidst young Egyptian entrepreneurs.
Clothes, shoes, jewellery – fashion is a vast and varying industry. Perhaps amongst one of the somewhat easier fields to decide to create a small business in, it definitely also makes it one of the most challenging to survive in. More and more young Egyptians decide to get into the country’s competitive local fashion scene, causing so much more local options to be available now more than ever. While this is a wonderful thing and it gives great incentive to shop local, it is definitely a challenge trying to stand out. A few local fashion startups include brands such as Ecru and Fufa.
Another vast and diverse field with endless specializations one could go into, the food industry never goes out of style. While there are still many who attempt to open up small local restaurants (What the Crust in Maadi is a great example of a successful business venture in F&B), there are many who have decided to explore their passion for food entirely online. There are countless social media pages and accounts that one could go order delicious and unique food items from. Perhaps specializing in a certain something however, makes all the difference. Some great local food startups include Sincerely V (vegan food), Whole Slice Bakery and Hey Honey Granola.
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