Egypt Implements 5-Year Tax Exemption to Boost Startups. 1 other story and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Egypt Implements 5-Year Tax Exemption to Boost Startups

 

In a bid to bolster the growth and influence of startups, President Abdel Fattah el-Sisi has declared unwavering support for the entrepreneurial ecosystem in Egypt.

This support comes in the form of a significant advantage for startups, where a  five-year tax exemption is aimed at fostering their development and expansion.

Mohamed Ehab, CEO of Entlaq, emphasized the crucial role played by partnerships between the government, private sector, and startups in driving growth.

Ehab further highlighted the importance of cooperation between all parties involved to ensure sustainable growth for startups and attract more foreign investments.

Over the past five years, a total of $1.5 billion has been invested, indicating a growing confidence in Egypt’s entrepreneurial ecosystem.

The initiative is expected to empower students from 73 Egyptian universities across all governorates, cultivating an entrepreneurial mindset and equipping them with the necessary skills to transform their innovative ideas into successful startups.

 

TECH TRIVIA: Which of the following is not part of the authentication process for passkeys?

1. A username and password
2. An already-authenticated device
3. Public and private cryptographic keys
4. A biometric scan or PIN

Answer: see end of post

 

2. Morocco’s ColisMa secures US$50K from The Baobab Network accelerator

 

ColisMa, a logistics startup based in Morocco, has announced securing a funding of US$50,000 from The Baobab Network, an African tech accelerator based in Kenya.

READ ALSO:Nigeria’s Prembly expands security offerings to new markets. 2 other stories and a trivia

As part of an acceleration program, ColisMa, along with four other startups, has received an investment of US$50,000 each.

The Moroccan startup specializes in digitizing the tracking process for parcel transportation, providing customers with a personalized experience through their app.

Christine Namara, the Head of Ventures at The Baobab Network, expressed admiration for the cohort of startups involved in the program, praising their passion, creativity, and determination to address challenges within their communities and ecosystems.

Issam Darui, the Founder & CEO of Colis.ma, described the experience as a significant milestone for the company.

He emphasized the valuable insights and guidance they received through The Baobab Network’s exceptional accelerator program, which not only influenced their direction but also provided a clear roadmap for scaling and achieving new heights.

Trivia Answer: Username and Password

Passkeys are an authentication technology that logs a user into a website without using a username and password.

Instead, passkeys log a person in using their already-authenticated personal device and a pair of cryptographic keys. Since passkeys use the same fingerprint, facial scan, or PIN the user unlocks their device with, they make logging into a website faster, easier, and more secure.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now