The Ministry of Economy, represented by The Entrepreneurial Nation, launched a new initiative to attract Small and Medium Enterprises (SMEs) to the UAE and help promote their growth and local and global expansion.
The initiative has been launched in collaboration with Flat6labs, a leading seed and early stage venture capital firm based in Abu Dhabi, through the signing of a MoU to support the ‘Flat6lab Ignite’ program. “registration started on August 28th and ends in October 10th and will provide a 4-day Bootcamp and an opportunity to pitch for seed funding of up to USD 250 000 (AED 920,000) along with a 4-month Funding Programme” and other benefits offered by The Entrepreneurial Nation to the winners, based on specific criteria.
H.E. Abdulla Al Saleh, Undersecretary at the UAE Ministry of Economy said “The UAE attaches great significance to the entrepreneurial sector and it is a key pillar of our new economic model based on knowledge and innovation. Moreover, it plays an important role in the diversification of our national economy and promoting its global competitiveness, in line with the directives of our wise leadership and in line with the Principles of the 50 and the UAE Centennial 2071 goals.”
H.E. explained that the new initiative emphasizes the UAE’s strategic approach to empowering the entrepreneurial sector, by offering all the necessary prospects and tools for the growth of businesses through flexible and innovative legislation and incentives. These efforts are set to contribute to enhancing the participation of this vital sector in supporting GDP growth, strengthening the national innovation landscape, and consolidating the UAE’s position as a leading destination for entrepreneurs and startups from all over the world. He added that the Ministry of Economy is continuing its efforts to establish partnerships with leading local and global entities that can contribute to the development of the UAE’s entrepreneurial sector. This will help ensure a highly supportive environment for this sector in the country in line with international best practices.
Under the terms of the MoU signed by the Ministry and Flat6Labs, which allows joining the Flat6Labs Ignite program, several advantages and incentives will be available to companies that get selected. These include two golden tickets for the winners to attend a four-day training session at the Flat6Labs headquarters in Abu Dhabi. The training session, which has been designed according to the Lean Startup approach, will provide the participants with the required assistance and ensure that they know the basics of entrepreneurship. Other incentives include the opportunity to obtain initial funding of up to AED 550,000 and a four-month financing against shares program.
Flat6Labs will also bear all expenses, including travel, accommodation, and visa costs for the winning companies from outside the country to come and participate in the training session in the UAE capital. These companies will also get strategic guidance, a training course with startups, experts, and academic partners to develop their entrepreneurial skills, and many other advantages and services provided by Flat6Labs’ partners.
Ryaan Sharif, General Manager of Flat6 Labs in the UAE, said “We are proud to partner with the UAE Ministry of Economy for this initiative, which will support the UAE’s journey to become a global hub for entrepreneurship. The initiative will enable startups to compete in local and global markets through Flat6labs Ignite program, from which nearly 27 companies have graduated since its launch, and many of them have achieved success. We call on startups eager for success to apply for this golden opportunity.”
As for the criteria for acceptance to the program, the startup must be registered as a private company, and it must have a minimum viable product, with promising results for current use and future development, preferably with revenues. In addition, one or more founding members of the venture must remain in Abu Dhabi through the duration of the program, and must prove the urgent need for financing. The companies that receive financing under the program must be willing to move their headquarters to the UAE and invest in existing entities with intellectual property, not a branch or subsidiary company. Several other criteria have also been set to ensure the quality of investments and improve the performance of SMEs. Startups wishing to join the program can sign up by visiting the following link: https://theentrepreneurialnation.com/startup/?lang=en#IGNITE
