Egyptian start-up Baramoda wins top prize at regional competition

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Winners announcement: C3 Social Impact Accelerator Program 2021 – powered by HSBC

·         Screened from a pool of 1000+ applicants, 24 entrepreneurs have completed their blended learning journey with three months of training and one-on-one expert sessions, board meeting simulations and pitch competition.

·         The program has received tremendous support from partners HSBC, Bain & Company, and al Tamimi & Company as well as the support of over 100 experts and investors from across the world.

Todd Wilcox, HSBC Egypt Deputy Chairman and CEO

The third edition of the C3 Social Impact Accelerator Program – powered by HSBC, concluded on Thursday July 1, with the three winners announced by Stephen Moss, Regional CEO of HSBC Middle East, North Africa and Turkey.

Egypt’s Baramoda came first, with the UAE’s The Zola Collective in second, and EduPloyment in third – also from the UAE.

“We’re delighted to help extend the C3 Social Impact Accelerator to Egypt entrepreneurs and to provide them with the opportunity to set up and grow.  SMEs and startups remain one of the biggest priorities for HSBC in Egypt. We constantly strive to help new businesses get off to a good start and contribute to a more diverse and sustainable economy” said Todd Wilcox, HSBC Egypt Deputy Chairman and CEO. 

The three winners have received equity-free cash prizes courtesy of HSBC, pro bono consulting support from Bain & Co, and pro bono legal support from Al Tamimi & Company, in addition to a complimentary license to the DMCC – the world’s leading free zone1.

The winners will also benefit from Amazon Web Services (AWS) promotional credits as part of the AWS Activate programme, and receive support from FH Insights – a corporate training company that will help them align their company values with their mission.

This year the program attracted more than one thousand applications, with 42 entrepreneurs from eight countries across the MENAT region – covering 17 UN Sustainable Development Goals (SDGs) – shortlisted to join the semi-finalist training sessions.

The shortlist was then cut to 24 finalists, of whom 45% are female entrepreneurs, to continue their journey and participate in board meeting simulations and the final pitch competition.

The new interactive format of the online program, developed by C3 in partnership with data analytics experts and learning technology providers, allowed the entrepreneurs to maximize their learning outcomes and effectively implement all the learnings acquired over the course of the three-month program.

Sabrin Rahman, HSBC’s Managing Director – Head of Sustainability EMEA, said: “I couldn’t be prouder of how the programme has evolved year-on-year. Scaling up these social businesses also means scaling their impact, which means we are able to begin tackling some of the most critical issues in our communities. Collaboration and partnerships across all sectors are key if we want to create long-term solutions for the region, by the region, which is why we value our partnership with C3.”

The program underlined the remarkable cooperation between different ecosystem players in their mission to support C3 entrepreneurs.

“This year the support from our network has been incredible: more than 160 experts from blue-chip companies and more than 30 international and regional VCs have participated in the board meeting simulations, and 20+ distinguished judges have helped us with the very difficult task of selecting the winners. Moreover, we have observed a phenomenal spirit of collaboration among the finalists: it is heartwarming to witness emerging partnerships between business leaders that are intentional about creating positive change in our communities!” highlighted Medea Nocentini, C3 co-founder.

All the C3 entrepreneurs will continue to receive support from C3 and different partners and experts as part of the efforts towards building a collaborative ecosystem.

About HSBC Bank Egypt S.A.E:

HSBC Bank Egypt S.A.E. was established in 1982 as Hongkong Egyptian Bank S.A.E. and adopted its present name in April 2001 following an increase in shareholding by the HSBC Group from 40% to 94.5%. HSBC Bank Egypt S.A.E. is one of the largest multinational banks operating in Egypt, providing a comprehensive range of banking and related financial services through a network of more than 62 branches and outlets in prominent cities in Egypt.