Through 78 funding campaigns
700 supporters fund 14 innovative projects for Dubai Next in 15 months
Dubai Next supports creative and ambitious ideas of different nationalities.
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Abdul Baset Al Janahi: "(Dubai Next) is evidence of the Dubai government's keenness to provide innovative solutions to the challenges facing innovators."
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The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development reported that the number of supporters of the "Dubai Next" initiative, which was launched by the Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises, reached 700, noting that the initiative was able to finance 14 projects since its inception in May 2021 until the end of last August.
Dubai Next is the first official digital crowdfunding platform based on community support for young people and people with creative and ambitious ideas of various nationalities, and operates in Dubai, by the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development.
The Foundation explained to "Emirates Today" that the initiative enables individuals and startups in Dubai to create financing campaigns with the aim of requesting support to transform their ideas and ambitions into reality, with the direct support of community contributors from individuals, private companies and government agencies.
She added that the "Mohammed bin Rashid Fund to Support Youth Projects" provides support for financing innovative projects submitted by Emiratis on the platform that have a future feature, provided that they meet 50% of the required funding value from community funding.
The Foundation revealed that the financing campaigns launched by Dubai Next have reached 78 campaigns so far, as the platform works through these campaigns to enable emerging projects to increase their opportunities for development by expanding the scope of markets or introducing new products, and finding the perfect option for owners of ideas to present their projects. To provide an innovative crowdfunding solution.
The Foundation indicated that the concept of crowdfunding is based on attracting a group of small-sized capital from the community to participate in the financing of a single commercial project.
She stated that this type of funding is characterized by easy access to a large segment of society and entrepreneurs through social networks and crowdfunding sites.
She pointed out that this financing appeared in Dubai in its early stages as financing operations between family and friends, but the technological development opened the way for the expansion of this concept by giving the opportunity for owners of ideas to present their projects to a larger segment of society, whether locally or globally, quite easily, to obtain direct financing. Or support in marketing the idea, as well as highlighting the final product and presenting it to the market.
Abdul Baset Al Janahi, Executive Director of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, said that the Dubai Next platform is evidence of the Dubai government's keenness to provide innovative solutions to the challenges facing creative people and help them highlight their capabilities in various sectors.
He stressed the Foundation's commitment to providing and making available innovative financing solutions for small and medium enterprises, in line with the directives of the wise leadership on the need to provide the appropriate environment to specifically support the idea of citizens, noting that the Mohammed bin Rashid Fund to Support Youth Projects provides support for financing innovative projects.
care and attention
The SME sector is one of the pillars of the national economy in the UAE.
In Dubai, it receives all the attention and care by launching initiatives, projects, programs and ideas that support entrepreneurship and encourage innovative and creative ideas to launch from its land towards a promising future.
Dubai Next is the first official digital crowdfunding platform based on community support for youth.
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