The Ministry of Economy yesterday launched a new plan to develop the national program to support modern and innovative startups, in cooperation with its partners in this program, represented by 15 federal and local government bodies, academic institutions and representatives of the private sector.

The Ministry, in a statement yesterday, that the plan, which is supervised by the National Program for Small and Medium Enterprises, affiliated to the Ministry of Economy, represents a new phase of work in the program to support modern and innovative startups, based on the integration of national efforts to develop policies and mechanisms in the country, to support and stimulate National entrepreneurship, increasing the number of projects in line with innovation standards, research and development activities and modern technology applications.

Program development

The plan consists of two main phases for the development of the program, the first is the formation of the Innovation Management Committee of the program, chaired by the Director of the National Program for Small and Medium Enterprises and SMEs, Dr. Adeeb Al-Afifi, and the membership of representatives of all partners in the program. Modern and innovative start-ups, and the adoption of membership mechanisms for innovative projects in the program through partners.

Electronic platform

The second phase includes the establishment and launch of a unified electronic platform for innovation, which provides an advanced mechanism to accept the membership of innovative projects, the creation of an innovative database that serves startups and enhance communication between them and the concerned authorities, as well as providing training plans, events and exhibitions to be included in a unified agenda on the innovation platform. Comprehensive joint support initiatives to transform innovative ideas into actual projects and increase the number of partners in the program.

Development axes

Dr. Adeeb Al-Afifi, during a press conference held in the presence of members of the Innovation Management Committee of the National Program to Support Modern and Innovative Startups, said that the new plan will represent an important shift in the activation of the program services, development and expansion, pointing out that the Innovation Management Committee will work according to a set of development axes Agreed upon during the next phase, including: updating the registration mechanisms at the program site, identifying the services provided by partners within the program, developing a mechanism for linking and sharing information, developing a unified database to ensure the measurement of innovation standard, and developing an improved registration mechanism Members and the integration of registered members with partners into the program database and granting them membership.

Al Afifi explained that the cooperation between the partners to achieve this plan will include a number of integrated pathways, most notably the development of the innovation platform and the mechanism of acceptance of innovative members of emerging companies, and strengthen channels of direct and indirect financing, and increase training programs and capacity development, and provide more opportunities for membership companies to participate In exhibitions and related events, holding motivational competitions, developing policies and procedures, building the database according to the best available techniques in this field, enhancing communication with the startup sector, supporting innovative projects and facilitating their work.

Common actors

Participants in the National Innovation and Innovative Startup Program include the Ministry of Finance, the Telecommunications Regulatory Authority, the Securities and Commodities Authority, the Abu Dhabi Department of Economic Development's Takamul Program, the Emirates Development Bank, the Mohammed bin Rashid Innovation Fund, the Khalifa Fund for Enterprise Development and the Mohammed Foundation. Bin Rashid SME Development, Ruwwad Foundation, Sheraa Center, Emirates University, Khalifa University of Science and Technology and Dubai University.

Establishing and launching a unified electronic platform that provides a mechanism for accepting membership of innovative projects.