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ABU DHABI – The Ministry of Economy, represented by Entrepreneur Nation, has launched a new initiative to attract small and medium enterprises (SMEs) to the UAE and help facilitate their growth and local and global expansion.
The program was launched in partnership with Flat6labs, a leading seed and early stage venture capital firm based in Abu Dhabi, through the signing of a memorandum of understanding in support of the “Flat6lab Ignite” program.
The programme will run from 28 August to 10 October and will award training courses, initial funding of AED 550,000 and other benefits to winners based on specific criteria.
The MoU was signed by Abdulla Al Saleh, Deputy Minister of Economy, UAE; Ryaan Sharif, General Manager of Flat6labs; in the presence of officials from both parties.
Al Saleh said: “The UAE places great emphasis on the entrepreneurship sector, which is a key pillar of our new economic model based on knowledge and innovation. Furthermore, it plays an important role in diversifying our national economy and enhancing its global competitiveness, in line with our Instructions from wise leadership, in line with the 50 Principles and the UAE Centennial Goals 2071.”
He explained that the new initiative underlines the UAE’s strategic approach to empowering the entrepreneurial sector, providing all the necessary prospects and tools for business development through flexible and innovative legislation and incentives. These efforts will help strengthen this vital sector in supporting GDP growth, strengthening the country’s innovation landscape and cementing the UAE’s position as a leading destination for entrepreneurs and start-ups globally.
He added that the Ministry of Economy is continuing its efforts to forge 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 the sector in the country in accordance with international best practice.
Under the terms of the MoU, companies enrolling in the National Entrepreneurship Program will receive several advantages and incentives. These include two golden tickets to a four-day training course at Flat6Labs headquarters in Abu Dhabi.
Training courses designed according to the Lean Startup methodology will provide participants with the assistance they need and ensure they understand the basics of entrepreneurship. Other incentives include access to initial funding of up to AED 550,000 and a four-month equity financing plan.
Flat6Labs will also cover all costs, including travel, accommodation and visa costs for award-winning companies from abroad to come to the UAE capital for training courses. These companies will also receive strategic mentoring, training sessions from startups, experts and academic partners to develop their entrepreneurial skills, as well as many other benefits and services offered by Flat6Labs partners.
Ryaan Sharif, General Manager, Flat6 Labs, UAE said: “We are proud to partner with the Ministry of Economy on this initiative, which will support the UAE’s journey to become a global entrepreneurial hub. This initiative will enable startups to compete locally and globally through the Flat6labs Ignite programme Marketplace to do business, with nearly 27 companies graduating from it since its inception, many of which have been successful.”
As for the criteria to be accepted into the program, startups must be registered as private companies and must have a minimum viable product with promising results in current use and future development, preferably revenue.
Additionally, one or more of the founding members of the project must remain in Abu Dhabi for the duration of the project and must demonstrate an urgent need for financing. Companies receiving financing under the scheme must be willing to relocate their headquarters to the UAE and invest in existing entities that own intellectual property rather than branches or subsidiaries. Several other standards have also been established to ensure the quality of investment and improve the performance of SMEs.
The Entrepreneurial Nation was launched by the Ministry of Economy in November 2021. It has three main programmes, SkillUp Academy, StartUp Programme and ScaleUp Platform, which aim to help upskill entrepreneurs and support entrepreneurial programme owners in the country and from around the world.
The programme helps them start their entrepreneurial journey in the business world on a solid foundation to ensure sustainable growth of their business activities and increase their access to opportunities on a regional and global scale. The initiative is made possible through a series of partnerships between the public and private sectors that support the programme’s goals.
Flat6Labs has made a significant contribution to increasing the level of innovation of start-ups in the region. Since its inception in 2011, it has also provided many opportunities for investors and entrepreneurs in the MENA region through a series of programs aimed at accelerating the growth of start-ups.
The Flat6labs Ignite programme is one of its leading programmes in the UAE and offers training by leading experts on the fundamentals of flexible mergers for startups. It has also partnered with ADQ, one of the largest holding companies in the Middle East and North Africa, on a seed funding program.
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