Abu Dhabi has expanded patent support services to foster innovation and support the emirate’s knowledge economy.
Under the new terms, SMEs, academic institutions and companies approved to operate in Abu Dhabi will be included in the program to promote innovation and the city’s diversification strategy. The move is expected to create jobs in the knowledge and innovation sector.
The Competitiveness Office of Abu Dhabi (COAD), which is part of the Abu Dhabi Department of Economic Development (ADDED), said financial support for all supported businesses will increase by 27% to 30% to provide inventors with support.
“The expansion of patent support services reflects ADDED’s commitment to supporting inventors and enhancing the innovation and entrepreneurship ecosystem,” said Hala Al Ameri, Executive Director of COAD.
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The move is part of the Abu Dhabi Innovation Initiative, which will be launched in 2022 to enhance the ability of innovators and entrepreneurs to transform innovative ideas into services and products, supporting a diversified, smart and sustainable economy.
.@AbuDhabiDEDThe Abu Dhabi Competitiveness Office has updated its patent support services to include micro, small and medium-sized companies, as well as academic institutions and businesses in Abu Dhabi, and increased financial support for all categories by up to 30%. pic.twitter.com/pKzmR8okaV
– Abu Dhabi Media Office (@admediaoffice) March 10, 2023
Since the launch of Innovate Abu Dhabi, COAD has been rolling out initiatives and programs that focus on talent and knowledge, funding, space and place, needs, culture and incentives as they are the key pillars of a rich innovation environment.
Abu Dhabi plans to expand patent support services to filings with entities related to the UAE and the World Intellectual Property Organization.
The number of patent service applications increased by 86% from 49 a year ago to 91 in 2022, while supported patent applications increased from 3 to 30 in 2021.
Innovation incubators provide a stimulating environment to support an idea or scientific invention and turn it into a business opportunity. COAD recently unveiled the Abu Dhabi Innovation Incubator Programme, which sets policies and regulations to ensure innovation incubators, invest in high-tech solutions and R&D, and support innovators at different stages of development.
Abu Dhabi supports innovation
Meanwhile, Abu Dhabi — home to some of the world’s largest sovereign wealth funds — has ramped up investment in the tech sector as part of a broader strategy to diversify its economy away from oil revenues.
The city is investing heavily to increase the contribution of digital innovation and advanced technology to overall economic growth. Mubadala-backed artificial intelligence firm G42 created a $10 billion tech fund in August to invest in cloud computing, clean tech and renewable energy, digital infrastructure, life sciences, new materials and fintech.
Abu Dhabi also launched a new $200 million fund last September to invest in early-stage startups, as the city deepens its push into the tech sector. The new fund, Further Ventures, is working with founders and providing “funding from seed to growth, product, engineering, design, regulatory support, and market access to teams looking to build enduring technology companies.”
Hub71 created the Hub71+ digital asset in February to fund Web3 startups and blockchain technology from the UAE capital. With over US$2 billion in capital, the tech hub’s dedicated Web3-specific ecosystem will strengthen the UAE’s digital economy strategy, which aims to double the digital economy’s contribution to non-oil GDP to more than 20% within 10 years.
Through this ecosystem, seed-to-unicorn-stage startups can scale globally, gaining access to programs, initiatives, and corporate, government, and investment partners.