A New Episode of Shark Tank Egypt: Promising Investments and Decision-Making Riddled with Challenges
A new episode of Shark Tank Egypt aired yesterday in its second season, sponsored by the Ministry of Communications and Information Technology. The show aims to discover innovators, inventors, and entrepreneurs with creative business ideas and startups in various fields, offering them opportunities to initiate or expand their ventures. The panel of investors includes prominent figures in the entrepreneurial scene such as Ahmed El Sewedy, CEO of ELSEWEDY ELECTRIC, Ayman Abbas, Chairman of “Intro Holding Group,” Abdullah Salam, CEO of Nasr City for Housing and Development, Mohamed Farouk, Chairman of Mobica, Mohamed Ismail Mansour, Co-founder and Chairman of Infinity Group, Dina Gobran, CEO of Gobran Development Foundation, and entrepreneur and investor Ahmed Tarek Khalil.
Omar Abdelsalam presented a project called POV, offering a specialized product for mobile phone photography. The product includes a magnet attached to the phone and a belt for securing the phone to the user’s body during movement, enabling diverse shooting angles. The product achieved sales of one million Egyptian pounds within just three months and is manufactured in Egypt, and sold online. Abdelsalam expects the company’s sales to reach six million pounds in the coming year, seeking partners to support the company’s growth and provide necessary resources.
On the other hand, Ahmed Rehan, a specialized genetic analyst, presented his company’s idea. The company provides rare genetic analysis by examining DNA, and offering genetic-based reports to determine suitable dietary plans or exercises. The company garnered sales worth 800,000 pounds within a few months, also developing software for swift report generation. Rehan seeks funding to further develop software and expand into new markets, asking for 17 million pounds in exchange for a 13% stake in the company.
In another scene, Norhan Abaza, founder of Bar and Jar, requested 1.7 million Egyptian pounds for a 15% stake in the company. The company offers healthy food products, especially salads, achieving sales exceeding 600,000 pounds in the first year and expecting to rise to 1.6 million pounds in the second year. Abaza plans to utilize the investments in equipment purchase, raw materials, and team strengthening.
Mohamed Mansour offered 1.7 million pounds for a 30% stake, with the condition of full commitment to the company. Ahmed Tarek proposed the same value, while Abbas offered the same value along with assistance in manufacturing and distribution. El Sewedy offered 3 million pounds for a 50% stake, and Mansour adjusted his offer to 3.2 million pounds for a 51% stake. Finally, the three united in a joint offer of 3.5 million pounds for a 51% stake, which Norhan accepted.
