Accelerator set up to support innovators in UAE

dubai - The initiative aims to support innovative talents

The UAE's continuous drive to create an ecosystem where small and medium-sized enterprises (SMEs) can flourish will draw young entrepreneurs looking to bring their innovative ideas to life, experts said at the launch of the Mohammed Bin Rashid Innovation Fund Accelerator.

Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, launched the Mohammed Bin Rashid Innovation Fund Accelerator (MBRIFA) on Monday in the presence of Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, as well as several officials from the UAE government.

The Ministry of Finance announced the launch of the Innovation Accelerator as a public-private partnership to support local and international innovators in a move aimed at enhancing the growth potential of businesses that would shape the future of the UAE's economy. The move is also in line with its efforts to support the UAE National Innovation Strategy.

"The UAE has been at the forefront of this year's Global Innovation Index in the Arab world and this spurs us to continue to support innovation as a key driver of the economy. The initiative aims to explore the future, keep abreast of the latest developments and support innovative talents that seek to establish companies that contribute to the betterment of the UAE by achieving the objectives of the UAE Vision 2071," said Sheikh Hamdan.

The fund aims to identify and support the best innovators in the UAE by providing them with the necessary tools to grow, both on a national and international level. Additionally, the Innovation Accelerator also aims to support inventive projects that contribute to the national economy, by attracting leading innovators from around the world and helping them establish their businesses within the country.

"We know there is a lot of support for entrepreneurs and SMEs today as they contribute around 70 per cent of the non-oil GDP and employ over 80 per cent of the workforce," said Alex Collins, managing director of MBRIFA. "We know, however, that they still face challenges such as accessing finance and in commercialising their innovations. What we want to do is ensure that we can tap into those SMEs that have hit a barrier in their growth and then help them overcome it."

"What we do see is that there is huge appetite among entrepreneurs," he added. "If you look at the level of social media penetration in this part of the world and other demographics, you will know that as an entrepreneur, this is where you want to be starting a digital business. The UAE is making a big effort to make it as easy as possible for entrepreneurs to set up their business. The good thing about the UAE is that you have a lot of competition ranging from the freezones to government initiatives that make it an attractive destination for people looking to start their business. You can access initiatives that cost you nothing."

He further noted that the ecosystem for SMEs in the country is evolving, with more of a focus on the type of support that SMEs need. "Workshops that allow entrepreneurs to access a business coach are good, but this doesn't make much of a sustainable difference. What we are focusing on with this programme is providing a coaching relationship over at least a 12-month period to really make an impact in that business and provide real tangible skills that SMEs can use to drive their own impact. It's not sustainable if you have someone telling you what to do all the time; you need support to the point where they can conduct the business themselves."

- rohma@khaleejtimes.com