The UAE government has worked hard to help Dubai startups for the last two years. This is evident by the various startup funds and programmes that have been put in place. These programs give many startups the money they need to grow and succeed.
All About MBR Innovation & Grant Programme for Innovation
Below are the two popular innovations the government supports for funding startups. They are:
MBR Innovation Fund
The Mohammed bin Rashid Al Maktoum Fund for Innovation, worth 2 billion AED, was launched to assist UAE residents and companies with innovative technological solutions, products, services, and processes. The fund gives money to startups to help them set up the first stage of their projects and register them as intellectual property.
Innovation Impact Grant Programme
The Expo Live Innovation Impact Grant Programme funds innovative “Connecting Minds, Creating the Future” ideas. The grant programme is intended to support innovations that can positively impact the region. Depending on how mature and scalable the ideas are, it will award up to AED 367,310 (US$100,000). Opportunity, mobility, and sustainability will drive funding.
A Brief on SME Dubai & DIFC Fintech Fund
Dubai SME provides various services to help small businesses in Dubai, including funding, advisory support, and incubatory services. Throughout starting a business in Dubai, the Intelaq program helps startups and Emiratis with business licensing, training, financial, legal, marketing, technical, and support services.
HI2 can support both hardware and software. The hardware side of things takes up 20,000 square feet, enough space to fit over 60 companies. The software has an intellectual infrastructure which is home to 500 Dubai SME companies. HI2 also has a multimedia lab, 3D printers, services for business development, and a lab for making prototypes of products and ideas.
The Dubai International Financial Centre (DIFC) has launched an AED 367 million (US$100 million) Fintech Fund to encourage growth in the region’s fintech sector. The fund will target financial services startups with innovative products or solutions and promote regional innovation and investment.
Information on DTEC (Dubai Technology Entrepreneurship Center)
DTEC is a Dubai Silicon Oasis Authority initiative that provides businesses access to technology, innovation, and ideas resources. This includes coworking space, accelerator programmes, networking events, funding opportunities, visa processing, etc. DTEC aims to help businesses grow and succeed in the tech industry.
DTEC invests in early-stage technology companies in the MENA region that help traditional industries. Consumer internet, enterprise services, digital media, cloud computing, commerce, travel and leisure, EdTech, and mobile are all areas of focus for the fund.
Endnote
Thus, the UAE government is transforming its country into a testbed to offer possibilities for emerging technologies focusing on startups.
MSMEBlog offers insights into the Govt. Schemes available for MSMEs. Learn more about government MSME schemes by visiting https://www.msmeblog.com/.
