According to Algeria’s local startup incubator, Innoest Company, 19 creative projects in the Algerian province of of Tébessa have received the startup label in multiple fields. The Delegate Ministry in Charge of the Knowledge Economy and Startups gave the startups the label, which would allow them to begin the effective execution of their initiatives and contribute to the dynamic development of the North African country, according to Fathi Gasmi, the manager of this incubator.
Here Is What You Need To Know
- The innovative initiatives in question are related to transportation, logistics, tourism, agri-food, new agriculture, and aquaculture activities, and the Tébessa incubator is in the lead due to the vast number of startups that have received labels.
- In terms of funding for innovative projects on a national level Gasmi stated that his incubator received 455 unique projects through its website, which launched in March 2021, and that his team reviewed and approved 30 of them, which are currently being watched by the Innoest Compagny team, with 19 of them winning the startup label.
- The remaining projects are in the feasibility study stage, when they will be evaluated for feasibility, performance, job creation, and socioeconomic impact using the same methodology.
- Gasmi stated that the Tébessa startup incubator has signed various agreements with important industries as well as educational and training institutions in order to encourage the creation and monitoring of start-ups in order to generate income and jobs. He also emphasized the incubator’s work in terms of restoring oxygen generators in hospitals in Tébessa and nearby provinces as part of the fight against the Covid-19 pandemic.
- He gave an update on the design of the first prototype of an Algerian oxygen generator, which will be deployed soon.
- It’s worth noting that the province of Tébessa has set aside 140 acres for the formation and gradual development of 28 mini-activity zones in all of the province’s communities to accommodate innovative initiatives.
Startup Label In Algeria
Algeria’s recent decree creating a national committee for the labelling of startups, incubators and innovative projects is a big game changer. As a result of the decree, from 2021, labelled startups in the north African country will pay zero tax on their corporate profits, VAT and professional services.
The country has also, recently launched a national fund for startups.
startup labels Algeria startup labels Algeria
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer