News & Events
US Secretary of State Hillary Clinton Visits with Sawari Venture's Flat6labs
CAIRO, EGYPT - July 19th,2012 - US Secretary of State Hillary Clinton met with a number of young Egyptian entrepreneurs whose companies are currently being incubated by Flat6Labs, a start-up accelerator created and funded by Sawari Ventures. Modeled as an Entrepreneurship Lab' Flat6Labs assists and encourages entrepreneurs throughout a company's critical first steps; providing seed capital, physical hosting, and an interactive mentorship and educational experience.
At the event, Mr. Hany Al Sonbaty, Sawari Ventures' Co-Founder and Managing Partner, expressed his positive views concerning the region's potential for entrepreneurship. Addressing Secretary Clinton, Al Sonbaty explained that seeing the "tremendous grassroots activism" portrayed by many of the region's youth, he and Sawari Ventures' Founder, Mr. Ahmed El Alfi, decided to dedicate themselves to the creation of a vehicle that fosters and promotes the entrepreneurial ecosystem in Egypt and the Middle East, hence launching their own incubator, Flat6Labs. Al Sonbaty went on to say, "Sawari Ventures' goal is to establish 5 to 6 separate Flat6Labs facilities in Egypt and the Middle East over the coming 2 to 3 years."
Mr. Ramez Mohamed, CEO of Flat6Labs, briefed Secretary Clinton on Flat6Labs' achievements to date, with 18 funded companies over 3 cycles, 12 of which have already graduated, helping transform them from ideas into full-fledged businesses. Building on Sawari Ventures' and Flat6Labs' circle of networks and contacts in the industry, five of the graduated companies were able to secure a second round of financing after leaving Flat6Labs, while several others are in various stages of securing additional funding.
Secretary Clinton was very enthusiastic about the future of all the showcased companies, expressing great admiration for all the entrepreneurs that were brave enough to take the risk of making companies out of their "new ideas, new concepts, new services, new products and new ways of organizing."
Secretary Clinton's visit with the teams from Flat6Labs' latest cycle is a testament to both the great potential that entrepreneurship represents for the region as well as to Flat6Labs' efforts and achievements in the field.
Sawari Ventures and its partners remain committed to supporting entrepreneurial efforts in Egypt and MENA as a whole.