New facility launched to promote entrepreneurship and innovation

Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, announced the launch of the first certified free zone business incubator in Amity University Dubai. The new facility, launched under the the University Incubators programme of Dubai SME aimed to encourage innovation and entrepreneurship, will further contribute towards transforming national and private universities into free economic and creative zones as stated in the sixth article of the Fifty-Year Charter of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The ‘Ideas To Action’ at the Amity University draws on the long experience of Dubai SME in entrepreneurship development and its status as the authority for accrediting business incubators and accelerators in Dubai.

The accreditation programme is intended to regulate business incubators and accelerators invested in fourth generation technologies in the emirate and make sure that they provide the best tools for young entrepreneurs to implement their creative projects.

Sami Al Qamzi, Director General of Dubai Economy, said: “Business incubators accredited by Dubai SME reflect its strategy, specifically in developing the business environment in Dubai. Dubai SME seeks to provide an ideal platform that promotes entrepreneurship and embraces innovators and entrepreneurs with creative ideas, enabling them to transform their ideas into distinct projects that serve the sustainable development process. The accredited business incubators and accelerators enable to reach out to the largest segment of young entrepreneurs across various sectors and support the efforts to build a knowledge economy based on creativity and innovation, thus strengthening Dubai as a competitive economy, locally and regionally.”

The university-level incubators represent a qualitative initiative to develop the infrastructure in educational institutions to engage young talents and encourage them to think innovatively as well as enter the world of entrepreneurship at an early age. It provides them with early start-up support and directs them towards the most promising economic sectors in the UAE.

Abdul Baset Al Janahi, CEO of Dubai SME, commented: “We are pleased to witness the launch of the ‘Ideas To Action’ business incubator and welcome it as the first certified free zone business incubator in the Dubai Business Incubator Network (DBIN). Such incubators help create a promising generation of entrepreneurs and those interested in the SME sector. Dubai SME, in coordination with universities, will provide integrated mechanisms to empower the youth, help them develop their ideas and entrepreneurial talent, and support them to explore business opportunities, thus paving the way for varied and innovative start-up companies, which will undoubtedly add value to the GDP of Dubai and the UAE in general.”

Al Janahi added: “The partnerships we develop demonstrate our commitment to developing an integrated ecosystem that serves entrepreneurs and SME owners. It enables us to support the national agenda of building a new generation of innovators to shape and anticipate the future, create an environment that keeps pace with future, and encourage students to evolve into entrepreneurs instead of job seekers.”

Al Janahi emphasised the need to new opportunities for students to pursue entrepreneurship in non-conventional and fast-evolving sectors, such as artificial intelligence, space science, machine learning, robotics, digitalisation, biotechnology, and the Internet of Things (IoT), which are critical to achieving the vision of the UAE and economic growth in Dubai.

Dr. Vajahat Hussain, CEO, Amity Education ME, said: “With education at the core of UAE’s National Agenda for Vision 2021, our partnership with Dubai SME signifies our commitment to ensuring that students develop the key competencies required to succeed in any industry or when building a business. Creating unique opportunities for our students, while ensuring that they contribute to the country, society and humanity is our goal as an education provider. Dubai Future Foundation’s University Entrepreneurship Programme is also a unique and pivotal step towards inspiring a future generation of innovators and leaders.”