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The collaboration will leverage Omada’s relationships with more than 450 regional retailers through its e-commerce platform.
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Dubai Next attracts 398 contributors, approves 62 campaigns
Abdul Baset Al Janahi, CEO of Dubai SME.
Dubai Next — launched in May 2021 and managed by Dubai SME — is attracting innovators and has already enabled eight startup concepts raise the required funds.
Dubai Next, the digital crowdfunding platform that has attracted many young innovators and start-up ideas, is anticipating an increase in fund-seekers and contributors following the country approving a federal system for such platforms recently.
Dubai Next — launched in May 2021 and managed by Dubai SME — is attracting innovators and has already enabled eight startup concepts raise the required funds.
“Crowdfunding has had a significant impact in ushering in a new generation of entrepreneurs in the UAE. It provides an alternate financing option, and an ideal opportunity to turn startup ideas into viable projects. Students aged 12 and above can create campaigns on Dubai Next and the campaigns seen so far are diverse and innovative,” said Abdul Baset Al Janahi, CEO of Dubai SME.
Crowdfunding involves small amounts sourced towards financing of a single commercial venture. Anyone with an innovative idea or project can create a campaign on Dubai Next and seek funds from contributors. The not-for-profit platform is open to people of all nationalities.
“The Dubai Next experience confirms that crowdfunding can motivate our growing youth population to pursue entrepreneurship, thus ushering in a new generation of entrepreneurs and eventually positioning Dubai as the global hub of innovative enterprise,” Al Janahi said.
Currently, Dubai Next has 398 contributors and 62 campaigns approved and running, while the total number of campaigns registered till date is 1,570. Between the first three months and now, the campaigns have increased by 50 per cent, while contributors have increased by 60 per cent.
“Crowdfunding provides access to funding for a large segment of the society, particularly the younger generation, and facilitates financing amongst entrepreneurs and their family as well as friends and the wider community. Ideas submitted on Dubai Next go through a viability testing before it moves to the funding stage, thus minimising future risks. Campaign owners are also supported by Dubai SME in marketing their idea among the target contributor groups,” said Saeed Matar Al Marri, Deputy CEO of Dubai SME. — business@khaleejtimes.com
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