For securing the necessitated funding back up requirement for a Start-up Businesses, Dubai has introduced out on Wednesday a complete Digitalized Crowdfunding podium for enabling sustenance for the entrepreneurs and their firms.
The Podium ‘Dubai Next’ empowers out the younger, and fresh innovative and thought focussed fresher start-ups as well as innovators from diverse nationalities within Dubai for securing the funding for launching their initiatives.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, on Wednesday, commenced ‘Dubai Next’ – the latest digital crowdfunding podium for secondary entrepreneurs and start-ups.
The original initiative will subsidize to “stimulating positive competition and encouraging youth to put forward innovative ideas as well as obtain community support through crowdfunding”, Sheikh Hamdan said in a statement.
“It will also empower a generation that is capable of innovating to succeed in a competitive commercial environment, thus reinforcing the fundamental role of SMEs in economic development so that the UAE can continue to stand as a model for youth empowerment,” he added.
The Dubai Crown Prince stated in a statement that; “The ‘Dubai Next’ platform will contribute to stimulating positive competition and encouraging youth to put forward innovative ideas as well as obtain community support through crowdfunding. It will also empower a generation that is capable of innovating to succeed in a competitive commercial environment, thus reinforcing the fundamental role of SMEs in economic development so that the UAE can continue to stand as a model for youth empowerment.”
Crowdfunding – a type of an alternative finance – denotes to the practice of backing a project or venture by cultivating smaller amounts of capital from a huge group of public, typically via the cyberspace.
Dubai, the business as well as the exchange hub of the Middle East, is home to a quantity of global tech start-ups that have been preferred to as a base for their headquarters out of the emirate due to its business-friendly directive.
Messaging app Telegram, advertising technology firm Media.net, Wrappup, the originator of an AI-based output app attained by US tech firm Voicera, and Emerging Markets Property Group – the parent commercial behind the Bayut and Dubizzle portals are all created out of Dubai.
Dubai Next will additionally provision the start-ups and permit youth and innovators in the emirate to secure the essential funding to unveiling their projects.
It will permit students and innovators to pitch before potential investors and permit emerging enterprises to nurture, develop and unveiling latest merchandizes in the market.
Sheikh Hamdan, also added that; the SME sector is a crucial pillar for the national economy and the “UAE continues to give increasing attention to the sector through initiatives and programmes launched to support entrepreneurship in the city.”
Dubai has an ideal atmosphere for a supportive innovative ideas and creativities, specifically projects by Emiratis. The latest platform will confirm that at least 50 percent of the funding obligatory is attained via crowdfunding.
As per the statement issued by the Dubai Media Office, “Crowdfunding is the use of small amounts of capital from individuals to finance a new business venture. With the use of digital technologies, aspiring entrepreneurs can now present their ideas and projects to a larger segment of the community locally and globally, and obtain direct financing or support in marketing the idea.”
Sheikh Hamdan commended the Mohammed Bin Rashid Establishment for SME Development (Dubai SME), the agency of Dubai Economy directed to progress the SME sector, for its role in firming up the UAE’s status as a foremost pioneer in endorsing entrepreneurship.
Trade is an essential constituent of the national economy and part of the social and cultural heritage of the UAE, Sheikh Hamdan stated, noting that the UAE has always been keen to offer youth with incentives to unveiling their own businesses as an alternative to working in conventional jobs
Chief executive of Dubai SME, Abdul Basit Al Janahi, stated that; the ‘Dubai Next’ platform is fully aligned with the Dubai SME’s mission to create platforms that promote entrepreneurship. “The launch of the initiative reflects the Government of Dubai’s keenness to provide innovative solutions to the challenges facing creators and innovators and highlight their capabilities in various sectors as well as provide them with community support, guidance and follow-up support in line with the UAE’s strategic goals for sustainable growth and promoting knowledge and technologies.”
Since its unveiling in 2002, Dubai SME has sustained to offer vibrant sustenance and guidance to SMEs and emerging firms, while also familiarizing youth to entrepreneurial prospects, new trends and tools in order to generate a successful enterprise. The promotion of the initiative is also part of numerous efforts taken to sustenance the progress of SMEs. A series of economic incentives and policies were familiarized in the preceding few months that advanced many start-ups.
Sami Al Qamzi, director general of Dubai Economy, stated that Dubai remains to endorse entrepreneurship, hold innovators and inventive entrepreneurs and provide them with all forms of support.
“Dubai has enabled entrepreneurs to implement their vision and transform their ideas into distinct projects that support sustainable development and efforts to build a knowledge economy. The city’s ongoing efforts will contribute to enhancing the emirate’s position locally and regionally and enable it to reach the largest segment of young entrepreneurs in diverse sectors,” Al Qamzi said.
The platform offers the perfect optimal prospect for students and innovators to present their projects to budding investors and sponsors. It empowers emerging enterprises to cultivate, expand and launch new merchandizes.
Dubai SME offers up a package of incentives for those who wants to have financing on ‘Dubai Next.’ The package includes incubating the idea in the Hamdan Innovation Incubator (HI2) or in one of the 14 certified incubators in Dubai.