February 20, 2025
In an era where global collaboration is key to innovation and economic growth, Switzerland and Egypt are forging stronger business ties. The recent Innovate Together event, hosted by Kickstart Innovation and the Egyptian-Swiss Business Circle (ESBC), provided a platform for leaders, investors, and entrepreneurs from both countries to explore opportunities, share insights, and build partnerships. The event drew participation from over 78 high-profile stakeholders, including government representatives, venture capitalists, startup founders, and corporate leaders.
The event opened with remarks from H.E. Mohamed Negm, Ambassador of Egypt to Switzerland, who emphasized the long-standing trade relations between the two nations, dating back to 1906. He highlighted that Switzerland is Egypt’s largest trading partner in Africa and the seventh-largest investor in the country. Despite economic challenges, Egypt has continued to attract foreign direct investment and drive economic reforms. He also underlined the importance of policy stability and infrastructure development in facilitating seamless trade and investment.
Karen Weick, Co-Founder and President of ESBC Switzerland, reinforced this commitment by introducing the newly established Egyptian-Swiss Business Circle, which aims together with Swisscham Egypt to strengthen ties between entrepreneurs, corporations, and investors on both sides of the Mediterranean. The ESBC will act as a bridge, supporting networking, cross-border partnerships, facilitating business expansions, and providing insights on regulatory landscapes to ease market entry.
The Role of Open Innovation and Investment
The discussion then turned to open innovation, led by Katka Letzing, CEO of Kickstart Innovation. She underscored the importance of cross-border collaboration in accelerating technology adoption, reducing R&D costs, and mitigating financial risks. Switzerland’s innovation ecosystem has supported over 53,000 startups, and Kickstart alone has engaged more than 490 companies from 80+ countries, driving over CHF 2.8 billion in investment. She also spoke about how innovation programs provide startups with access to funding, mentoring, and corporate partners.
As a gateway to Africa and the Middle East, Egypt offers a thriving startup scene, and the event aimed to connect its entrepreneurs with Swiss investors and corporates. Aly El Shalakany, Managing Director of 54 Collective, shared insights into Egypt’s evolving venture capital landscape, emphasizing the rise of fintech, climate tech, and deep technology sectors. He discussed the shift in investor mindset, where early-stage funding is increasingly driven by local investors while mid-to-late-stage funding often comes from international firms.
Success Stories Driving Collaboration
A highlight of the event was the discussion on successful startup stories. Aly El Shalakany and Abdelhameed Sharara, Founder and CEO of RiseUp Summit, shared examples such as:
InstaBug: A globally recognized software testing company that originated in Egypt. The company has expanded significantly, partnering with top tech firms worldwide to enhance app performance and reliability.
MNT-Halan: Egypt’s latest unicorn, providing fintech solutions to underbanked communities. The company has disrupted the financial ecosystem in Egypt by offering innovative lending and payment solutions.
Breadfast: A leading grocery delivery startup revolutionizing e-commerce logistics in Egypt. The startup has expanded into multiple cities and aims to transform last-mile delivery through AI-driven demand prediction.
Paymob: A fintech firm attracting international investment and helping SMEs digitize financial transactions. Paymob has played a crucial role in increasing financial inclusion in Egypt by providing easy-to-use payment solutions for small businesses.
These companies demonstrate the potential for Egyptian startups to expand internationally, with Switzerland offering a strategic entry point into the European market. The panelists stressed the importance of resilience, adaptability, and investor relations in scaling businesses beyond borders.
Swiss Investment and Market Entry Support
Representatives from Swiss economic promotion agencies provided key insights into investment opportunities in Switzerland. Rolf Bühler, Director Europe of Greater Zurich Area AG, and Xavier Philipona, Senior Investment Officer at Innovaud, shared how their organizations support businesses looking to enter the Swiss market. Their services, offered at no cost, include:
Business incorporation guidance
Access to investment opportunities
Connections to Swiss innovation hubs
Support in regulatory compliance
Market entry strategies tailored for startups and established companies
They highlighted Switzerland’s leadership in AI, life sciences, and fintech, encouraging Egyptian startups to leverage Swiss expertise and infrastructure. They also discussed how Switzerland’s tax incentives, legal stability, and access to high-caliber talent make it an attractive destination for scale-ups.
Overcoming Challenges in Cross-Border Investment
A recurring theme during the event was addressing challenges in cross-border investment. Questions from the audience focused on overcoming misperceptions about foreign investment, especially in fintech and blockchain sectors. Panelists emphasized the importance of due diligence, regulatory compliance, and building strong business relationships through events like Innovate Together.
Moreover, discussions highlighted how cultural differences, legal frameworks, and market expectations could sometimes pose hurdles for startups looking to expand. However, with the right partnerships and advisory support, businesses could successfully navigate these challenges.
What’s Next?
The event concluded with a call to action for continued collaboration. With Egypt’s growing entrepreneurial ecosystem and Switzerland’s established innovation infrastructure, the potential for joint ventures, investment, and knowledge exchange is immense. Attendees were encouraged to participate in upcoming networking opportunities, such as the RiseUp Summit in May 2025 and Kickstart Innovation’s application launch on April 3rd.
By bridging Swiss precision with Egyptian entrepreneurial energy, Innovate Together laid the foundation for a future of meaningful partnerships. Whether you are a startup looking to scale, an investor seeking new opportunities, or a corporate exploring innovation, now is the time to engage in this dynamic collaboration.
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