LyRise

The Problem

Egypt’s tech industry is currently suffering from over 25% of youth unemployment. A significant mismatch exists with over 3 million unfulfilled AI jobs in North America & Europe, while Egypt has thousands of AI talent struggling to find suitable roles. Acquiring AI talent is also time-consuming and expensive. Presently, the process is inefficient and costly for North American and European companies, expending $30,000 and over 2 months to secure a single AI Engineer or Data Scientist. Additionally, the nature of AI jobs presents a challenge for remote work, due to concerns of data security and legal considerations.

Another issue for youth unemployment in Egypt’s tech industry is a 16% gender discrepancy. The percentage of females working in tech related jobs is only 23% while more than 50% of ICT graduates are females.

The Solution

LyRise’s objectives, achievable through CFYE’s funding, consultation, and EMEA network, aim to address these challenges through three ways: 

1. Develop AI technology facilitating automatic job-talent matching through an improved recommender system. This system is anonymous, thus giving job seekers the same opportunity despite gender. This aims to create over 740 job opportunities in Egypt, of which 50% are for women.
2. Develop a go-to-market strategy & technology to automate the sourcing and vetting of AI talents within the market. 
3. Construct technology that enables companies to efficiently shortlist, interview, hire, and collaborate with AI talents remotely, ensuring security and efficiency. 

Ultimately, the goal is to establish an AI-powered marketplace, effectively bridging the gap between talent supply and demand.