The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has launched a business incubator to support start-ups focusing on digital technology.
The incubator, called Concept +, will provide extensive support ― from attracting innovative ideas in emerging technologies to incubating them into commercially viable projects and guiding them through early-stage challenges ― Dubai SME, part of the Department of Economy and Tourism, said on Tuesday.
Support will be offered across feasibility studies, legal and development consultancy, training and employment, co-working spaces, as well as access to investors, service providers and partners, until the project reaches the maturity to sustain growth.
Start-ups in the new incubator will also receive marketing consultancy, including specialised spaces to test products, and access to online as well as physical stores.
“As a critical partner and chief engine driving commercial activity in Dubai, the private sector should continue to strengthen its role in overall economic development," said Abdul Al Janahi, chief executive of Dubai SME.
"Particularly in developing small and medium enterprises, the public and private sectors need to be aligned in unlocking opportunities for innovative enterprise through facilitating access to new markets and financing."
In Dubai, SMEs account for 95 per cent of companies and employ 42 per cent of the workforce, comprising 40 per cent of the emirate’s economy, government statistics show.
Dubai SME has launched several specialised incubators to support the growth of the start-up ecosystem. Last year, it introduced a business incubator, Ztartup, to cater to SMEs operating in the fields of healthcare technology, including digital media, augmented and virtual reality, digital emergency and safety technology.
In June last year, it also teamed up with the American University in Dubai to set up a business incubator to encourage innovation and entrepreneurship among students.
“The government is developing systems and frameworks to promote start-ups and alternative financing options, like crowdfunding," Mr Al Janahi said.
"Creating new business opportunities and directing entrepreneurial talent to emerging sectors are particularly important as the UAE seeks to build a prosperous future for its young generations through investing in humans as well as in advanced science and technology,” he added.
Concept + is the latest addition to the Dubai Business Incubator Network, which is certified by Dubai SME.
"We strive to nurture creative minds and build a community that is passionate about a brighter future, and our competent team can help them to navigate the challenges of entrepreneurship. We believe that co-creation is the secret recipe for success," Mohammed Al Mansoori, founder of Concept +, said.
