EdVentures is the first EdTech company focused on corporate venture capital in the Middle East. They invest in EdTech startups in the education, culture and innovative learning solutions sectors. Their strategy to increase job opportunities for youth in Egypt, is realised through a project called EDVS. This project is designed to drive sustainable business growth and employment with a focus on digitalization, gender equality, and youth empowerment.
The Problem
Despite its significant impact on economy and people’s lives, the EdTech industry in Egypt remains underrated. The global competitiveness indicator issued by the World Economic Forum, ranked Egypt on the 93rd place in terms of quality of education in 2019. Furthermore, according to UNESCO, the public spending rate on education in Egypt’s 2020 draft budget represents only 2.5% of total country GDP.
Another challenge the field is facing, is the underrepresentation of women in different areas. There is lack of representation in leadership positions, with women occupying only 13% of them despite representing 75% of the educators. This gender gap extends to funding, with only around 4% going to scale-ups founded by women, whereas scale-ups with mixed teams receive almost 16%. Women in EdTech are also reporting difficulties in balancing career duties and family responsibilities, due to existing social norms and expectations.
The Solution
Through CFYE support, EDVS aims to address these challenges and unlock the potential of the EdTech sector. The objective is to improve learning outcomes and increase employability and socio-economic empowerment. The program comprises two phases:
- Pre-Acceleration Bootcamps for 30 edtech scale-ups every 2 months during the first year.
- Implementation phase involving investment and employment within 10 selected scale-ups, contingent on establishing a startup servicing venture studio.
During the two-year project, EDVS aims to create and enhance over 1000 individual jobs, while the venture studio provides essential business guidance and technical support for scaling. EDVS is also focused on alleviating the challenges that women in edtech face. The project is designed to support women and working mothers in edtech.
In sum, EDVS aims to alleviate unemployment levels in Egypt, specifically by increasing the support of women in Edtech, ultimately expediting economic development and impacting the country’s overall GDP. EDVS aims to build a sustainable and self-sustaining EdTech ecosystem which can innovate, adapt, and attract investment.
Additionality
The success of this project relies on collaboration with CFYE. Without CFYE, EdVentures could face a two-year delay in launching the venture studio, maintaining its focus on day-to-day services. However, with CFYE intervention, the project timeline will accelerate and give priority to women and youth, ensuring a more immediate and impactful contribution to youth employment.