As the startup culture in the UAE continues to expand, business incubators play an important role in supporting small businesses and start-ups, including creating the ideal environment for them, venture capital (VC) and incubator workshops.
VCs and incubators, which provide financial support to the sector, are doing more to help start-ups and SMEs grow, become profitable and fend off competition from larger market players, noted a seminar organized by the Dubai Chamber of Digital Economy, one of the three chambers in Dubai. Operates under the Chamber of Commerce.
The event brings together leading entrepreneurs, venture capitalists and senior executives. The event is the third in the Chamber’s series of interactive seminars to explore the role of various economic sectors and digital industries in Dubai’s digital economy.
Prominent role
Ahmad Bin Byat, Vice-Chairman, Dubai Chamber of Digital Economy, said: “The Chamber plays an important role in attracting members and key stakeholders from across the digital industry to ensure that we jointly identify challenges and opportunities to promote real developments that benefit the digital economy. Environment. The growth of the digital economy and the role of advanced technology in society.
“Dubai and the UAE have taken bold, swift steps to provide frameworks, legislation and guidelines in many areas of the emerging digital economy. Our Digital Industry Seminar Series allows for two-way feedback, helping us ensure we are working on behalf of our business community and Empowering our members to express their concerns, challenges and exciting plans for the future.”
The workshop discussed the challenges facing venture capital firms and incubators, and how the Dubai Digital Economy Chamber and industry leaders can ensure that government policies, initiatives and strategies promote innovation and business-friendliness in this important sector.
growth area
Attendees discussed areas of growth, the best ways to help each other and maintain positive growth in the industry, with a deeper focus on regulation, funding, talent and infrastructure as part of an ecosystem of venture capital and incubators.
Bin Byat added: “Dubai is known for its support for entrepreneurs and SMEs in all areas of innovation, technology and the digital economy. At the Dubai Digital Economy Chamber, we believe that this important part of our business community needs solid, Reliable and trustworthy funding. Funding new projects and providing business incubators is essential for the development of start-ups and SMEs, which is key to Dubai’s digital transformation agenda.”
According to a recent study published by the Dubai Digital Economy Chamber, Dubai is home to 39% of fast-growing startups in the MENA region. The emirate also attracted 57% of the total funding received by these start-ups, estimated at $5.2 billion. — trade arab news agency