Morocco Unveils Ambitious 'Startup Funds' Blueprint to Supercharge Innovation
Morocco has taken a significant step towards bolstering its startup ecosystem with the introduction of the innovative 'Startup Funds' initiative by the Mohammed VI Investment Fund (FM6I). This pioneering move aims to fuel innovation and provide crucial support for emerging enterprises, marking a milestone in Morocco's drive to cultivate a dynamic startup culture with global impact.
The initiative, announced in Rabat, signals a strategic shift towards empowering startups through robust financial backing and conducive business environments. Spearheaded by the FM6I, the call to establish specialized funds tailored to the needs of startups has been extended to management companies worldwide.
With submissions open until July 1, 2024, the initiative invites proposals from adept fund managers capable of mobilizing capital both domestically and internationally. Collaborating with the Ministry of Digital Transition and Administrative Reform and the esteemed Caisse de Dépôt et Gestion (CDG), the initiative aims to reinforce Morocco's entrepreneurial landscape by providing solid financial support.
Mohamed Benchaaboun, leading the Mohammed VI Fund for Investment, has earmarked approximately 1.5 billion dirhams from public funds to fuel the growth of high-potential startups. This commitment underscores Morocco's dedication to fostering innovation and economic development.
In a testament to its inclusive approach, the initiative welcomes both local and foreign startups with significant ties to Morocco, emphasizing the country's commitment to global economic integration and cooperation.
The selection process for fund managers will prioritize expertise, proven track records in managing similar funds, and the ability to attract investments while upholding responsible investment practices.
A memorandum of understanding, signed in Rabat, solidifies the collaborative efforts between government entities and financial institutions in advancing startup finance. Ghita Mezzour, Minister Delegate for Digital Transition and Administrative Reform, and Fouzi Lekjaa, Minister Delegate to the Minister of Economy and Finance, have played instrumental roles in driving this partnership forward, showcasing Morocco's dedication to transforming its startup ecosystem.
As Morocco embarks on this ambitious journey, the 'Startup Funds' initiative led by FM6I holds the promise of nurturing the country's entrepreneurial talent, transcending borders, and fostering growth across diverse sectors.