The startup ecosystem is about to take a giant step forward. The new 2030 digital strategy, bringing new hopes for the entire sector, has already begun to stimulate the economic fabric. Moreover, employers have expressed their commitment through the launch of an offer dedicated to startups.
It’s time for change. The new 2030 digital strategy, which aims to give a boost to the digital economy, displays very ambitious objectives, particularly for the startup ecosystem to which particular attention is paid. And to follow this dynamic, private operators quickly got to work by launching an offer dedicated to startups, entitled “CGEM for Tech Founders”.
Private sector engagement
The objective is to participate in the emergence of this ecosystem by offering support to these entrepreneurs, in particular to facilitate administrative procedures for them through dedicated corridors established with national organizations. The offer will also allow them to take part in employer events to promote networking and access to the market. Obstacles that generally hinder entrepreneurs.
“We have always made our contribution through various initiatives and our strength of proposal. We intend to consolidate this commitment and launch new initiatives in the near future. It also proves undeniable to create a favorable environment that allows startups and mistakes to be financed, because only 10% manage to survive in the long term. Furthermore, in 2023, funding for startups domiciled in Morocco amounted to $17 million, which represents barely 0.5% of the continent’s funding. This shows that we still have a way to go,” underlines Chakib Alj, president of the employers’ association.
In her speech, the Minister of Digital Transition, Ghita Mezzour, highlighted the component relating to the emergence of the digital economy in the new digital strategy.
“It is important to digitize our economic fabric and the digital economy. The objective remains to increase the startup ecosystem and encourage its internationalization. We also want to create unicorns. To do this, an incentive framework adapted to digital technology, such as the employment bonus, with the aim of promoting future talents. Thus, the strategy aims to unlock the potential of startups. The challenge is to create more and facilitate financing mechanisms. The good news is that the trajectory is starting to take shape, since between 2022 and 2023, fundraising increased by 250%, which allowed Morocco to gain 11 places in Africa, at this level,” insists the minister. .
An initiative in progress
In the same perspective, Mohamed Benchaâboun, general director of the Mohammed VI Fund for Investment, indicated that support programs do exist, but they do not always meet the real needs of the ecosystem in terms of training, mentoring, speed and market access.
Remember that the Fund had created an initiative, in partnership with the supervisory ministry and the CDG, dedicated to supporting startups in order to support their growth both on the national and international market. To carry out this mission, a call for expressions of interest was launched last April to select management companies to create and manage startup funds.
Furthermore, to strengthen investor confidence, the Fund, the ministry and CDG will jointly invest in the selected funds. Better yet, a mechanism to cover first losses will be put in place. This will reduce the risk perceived by investors and facilitate the mobilization of capital.
As a result, Benchaâboun revealed that around fifteen management companies have already been selected. The aim is to make some 20 billion dirhams available to the market, of which 4.5 billion dirhams come from the Fund. The rest is mobilized from national and international investors.
However, in the same perspective, the Mohammed VI Fund for Investment intends to establish rigorous monitoring to evaluate performance and measure the impact of the funds. It is also a question of adjusting strategies accordingly.
“The initial envelope put by the three stakeholders, of 1.5 billion dirhams, is doubled by private contributions to reach a minimum of 3 billion dirhams. This initiative aims to triple the size of investments in startups over the next three years. The objective is to be part of a continuum to support startups at all stages of their development. Our ambition is to position Morocco as a true innovation platform,” explains Benchaâboun.
He also underlined that strong enthusiasm has been noted since the launch of this initiative and that the final results of the call for expressions of interest will be revealed shortly.
Ghita Mezzour
Minister of Digital Transition
“Thus, the strategy aims to unlock the potential of startups. The challenge is to create more and facilitate financing mechanisms. The good news is that the trajectory is starting to take shape since, between 2022 and 2023, fundraising increased by 250%, which allowed Morocco to gain 11 places in Africa, at this level.
Mohamed Benchaboun
CEO of the Mohammed VI Fund for Investment
“The Fund, the ministry and the CDG will jointly invest in the selected funds. Better yet, a mechanism to cover first losses will be put in place. This will reduce the risk perceived by investors and facilitate the mobilization of capital.”
Chakib Alj
President of the CGEM
“We have always made our contribution through various initiatives and our strength of proposal. We intend to consolidate this commitment and launch new initiatives in the near future. It also proves undeniable to create a favorable environment which makes it possible to finance startups and errors, because only 10% manage to survive in the long term.
Maryem Ouazzani / ECO Inspirations
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