Introduction
The innovation funding centre (IFC) is focused on promoting innovation and entrepreneurship in the region. The centre provides a platform for entrepreneurs to obtain funding, resources and support to bring their ideas to market.
Among the basic services that are provided by IFC are the following:
- Business development support
- Access to investors and mentors
- Networking opportunities
- Project management services
1. Role and Responsibilities of the Business Development Department
The business development department plays a key role in the innovation funding centre. They are responsible for identifying potential business opportunities and guiding entrepreneurs throughout the funding process.
2. Role and Responsibilities of the Project Management Department
The project management department is responsible for ensuring that every project is delivered on time, within budget and meets the highest standards of quality. They use industry recognized techniques, tools and metrics to track project progress and are overall the heart of project execution. Among the basic rules that are assigned to the project management department are:
- Managing projects from inception to completion
- Ensure timely delivery with optimal cost
- Ensure quality control.
3. Role and Responsibilities of the Execution Department
This department deals mainly with three main activities; planning , design and testing and development.
The execution department involves concept, design, and development phases.Planning includes defining requirements, validating the content, and developing mock designs.The department consequently manages both the functional analysis and process design.
Design & Testing department is responsible for designing effective prototypes which are used for testing before development. Here they are conducted to verify that the product functions effectively and that it delivers its goals.
They conduct multiple tests until an ideal project product is created.
Project Monitoring and Controlling:In this phase,the real project product is created,With the monitoring and controlling team they insure that the project products are functioning well and make sure to take any corrective actions.
4. Roles and Responsibilities of the investment unit:
Investment determines the success of an Innovation funding center. The Investment unit in the innovational funding centre provides support for investment and gives rise to opportunities where new innovation can be presented.
5. Innovation Funding Centers in Egypt
Nowadays, Egypt is among the leading countries in MENA region which supports entrepreneurs and rising up businesses that are linked to innovation, sustainability and technology. This goes in parallel with the Egypt 2030 vision. Following is a list of most Governmental -led Egyptian innovation funding units that could support Entrepreneurs :
- Science, Technology & Innovation Funding Authority (STDF) has stimulated the Egyptian scientific society by funding distinguished research papers and establishing scientific partnerships with scientists from many advanced countries in order to keep track of quickly advancing technology, and be open to different societies, as well as, new economic unions, compete on the international arena, link scientific research to technological development and cooperate with civil society institutions to activate their role in the integrated scientific research system.
Website : https://stdf.eg
- The Technology Innovation and Entrepreneurship Center TIEC was inaugurated in Smart Village on September 27, 2010. TIEC aims to drive innovation and entrepreneurship in the local industry to ensure ICT benefits to both people and businesses. The Center strives to contribute heavily to the national economy.Innovation recognition – the Center is branding, publicizing, and celebrating entrepreneurship. Supporting businesses – TIEC bolsters R&D in the local ICT industry, observes iClusters, funds startups, and promotes Egypt as offshoring destination.
Website: https://tiec.gov.eg/English/Pages/default.aspx
- The Innovators Support Fund ISF is an Egyptian Fund applying international specifications, which supports technological advancements that enables innovators, entrepreneurs, and gifted students to develop world-class technological and scientific solutions to meet market and societal challenges, and become a catalyst for a scientific-based economy.
Website: https://isf.org.eg/about-us/
- The VentureWell Accelerator Innovate Egypt is funded through the U.S.-Egypt Science and Technology (S&T) Joint Board.The U.S.-Egypt S&T Joint Board was established under an agreement between the Government of the United States of America and the Government of the Arab Republic of Egypt to strengthen scientific and technological capabilities between both countries.
Website : https://venturewell.org/venturewell-accelerator/
Conclusions
The Innovation funding centre had been instrumental in promoting entrepreneurship know-how and creating job opportunities for people, these different business units have their roles cut out and they need to perfectly work together to achieve their common goals. With the innovation funding centre creating a platform for individuals and businesses to bring new ideas, creativity, and innovation to market. The future of the working world holds a lot of promise and is undoubtedly evolving.