Egypt’s start-up focused RiseUp Summit kicked off its first ever digital edition on Thursday, with much of the discussion focused on how small and medium-sized enterprises (SMEs) and start-ups are dealing with the new normal created by the coronavirus pandemic.

The three-day digital summit is being held under the slogan “RiseUp from Home: Got Grit.” 

Co-founder and CEO of RiseUp, Abdelhameed Sharara, said that the past few months were unexpected, and that RiseUp from Home is a direct response to the current situation.  

“Although COVID-19 has been a challenge that has really affected and tested businesses, we witnessed inspirational success stories that emerged out of this crisis. Start-ups never stagnated; in fact, they have pivoted, changed their business models and accelerated their digital transformation to a leaner business model,” Sharara said. 
 
RiseUp is about connection, and this special virtual edition is geared towards helping thousands of passionate entrepreneurs connect peer-to-peer with founders, investors, talents, and international experts from all over the world, according to Sharara. 

Speaking about the SME sector, start-ups and how Egypt’s banking system can provide the required finances in light of the ongoing crisis, the vice chairman of Banque Misr, Akef El-Maghraby, told attendees that the COVID-19 crisis has had significant effects. 

However, Banque Misr is ready to provide these small businesses with all required assistance, he said, including fundraising, know-how solutions and technical advice, and to provide them with ideas about how to scale up their businesses. 

Financing extended by the bank to SMEs has surged to EGP 36 billion, he said, up from EGP 2.5 billion, adding that Banque Misr aims to boost SMEs by providing them with financial and non-financial services­. 

The bank is planning to launch a digital mobile app through which SMEs and start-ups can apply for the finances they need without having to visit a branch, he also said. 

Moreover, El-Maghraby said that the bank is in talks with the Central Bank of Egypt (CBE) to inaugurate its first digital bank, which will offer its services without depending on employees, as is the case in a traditional bank model, adding that this kind of bank is expected to replace the traditional model soon. 

During a session that touched on start-ups and the health care system in Africa, co-founder and CEO of Helium Health platform, Adegoke Olubusi, said that African countries are in need of data in order to drive the insights that enable them to have an impact on the health care sector, amid the challenges the continent faces. 

For this reason, Helium Health is working on gathering data and information related to the sector. It also offers medical record digitalisation services to hospitals. 

“Paper-based records have dominated African health care. They have been linked to a myriad of issues from medical errors, inefficient health care delivery to poor disease surveillance, and poor health outcomes; thus, Helium Health platform helps building Africa's health care infrastructure, and the data we collect has managed to transform health care and save lives,” he added. 

Asked about the challenges that the coronavirus pandemic has caused and how it has affected the health care systems in Africa, Olubusi said that Africa is deficient in medical supplies, which has been obvious during the crisis.