The new cycle of the program in September 2021
Acceptance of 24 innovative companies within the accelerator of the "Mohammed bin Rashid Innovation Fund"
Fatima Al-Naqbi: “Supporting entrepreneurial companies by providing them with the tools they need to advance their innovations towards new horizons.”
The Mohammed bin Rashid Innovation Fund, the initiative launched by the Ministry of Finance to support innovation in the country, has announced the acceptance of 24 new innovative companies in the accelerator program, and the new cycle of the program is scheduled to start in September 2021.
The accelerator program is one of the fund's main initiatives, as it provides innovators with the opportunity to implement business plans, expand operations, benefit from the expertise of specialists, promote growth, access markets and potential investors, and help them present their offerings in line with market needs.
According to a statement issued yesterday, the new group of companies is the largest in the program, and it was chosen after reviewing the applications of more than 150 companies, and 13 of the innovative companies are headquartered in the UAE, while the other 11 innovative companies operate from headquarters spread over Three continents, with commercial presence mostly in the UAE.
At the business level, 50% of the companies are in the growth stage, while 25% of them have reached the stage of entering the market, compared to 25% of them are in the stage of developing the prototype.
Leadership Support
Fatima Al-Naqbi, Chief Innovation Officer, representative of the Ministry of Finance in the Mohammed bin Rashid Innovation Fund, welcomed the new group of innovative companies in the accelerator program, to support its entrepreneurial journey, by providing them with the tools they need to advance their innovations to new heights.
She added: "The UAE has now become a major hub where innovative businesses meet with entrepreneurs from diverse fields and backgrounds, and this dictates the need to cooperate with trustworthy partners, such as the (Mohammed bin Rashid Fund for Innovation), to promote innovation and entrepreneurship in the region, and advance the wheel of innovation and entrepreneurship in the region. The knowledge-based economy in the UAE.
major sectors
The statement pointed out the diversity of the work areas of the 24 new companies, to include key sectors identified by the national innovation strategy, including education, health, renewable energy, technology, water, and transportation.
He explained that the accelerator program of the Mohammed bin Rashid Fund for Innovation has contributed, over the past years, to a significant enhancement of the innovation system in the UAE.
Since the launch of the program in December 2018, the accelerator has attracted 78 innovative companies from 65 countries active in various economic sectors, such as technology, healthcare, education, transportation, clean energy, water and space. The accelerator focuses on nurturing and developing local entrepreneurs, with the aim of consolidating the ecosystem innovation in the state.
• The headquarters of 13 innovative companies are located in the UAE, and the other 11 are spread over three continents.
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