The Industrial Innovation Award (InnoAward) was first launched in February 2019 by the Ministry of Trade and Industry (MTI) and the German International Cooperation (GIZ Egypt) on behalf of the German Federal Ministry of Economic Cooperation and Development (BMZ) to recognize and support Egyptian industrial companies with implemented product or process innovations that have led to higher profits, cost savings, job creation or export promotion. The awards are not monetary but rather include recognition, encouragement, and support from MTI and GIZ.
The InnoAward aims at increasing awareness about innovative enterprises and innovations made in Egypt, benefiting businesses of different sizes and acting as role models for the industry. The InnoAward is one of eleven measures contributing to the objectives of the Industrial Innovation Strategy (IIS), including strengthening the innovation capability and performance of companies, particularly SMEs, and encouraging the private sector to deal with innovation-related topics.