In cooperation with the business incubator “Flat 6 Labs” .. and under the umbrella of “The Home of Entrepreneurship”

“Al-Iqtisad” launches an initiative to attract international small companies

The ministry confirmed that the initiative comes as a confirmation of the state's strategic direction to empower the entrepreneurship sector.

Photography: Najeeb Mohamed

The Ministry of Economy, represented by the "Hometown of Entrepreneurship" program, launched a new initiative aimed at attracting small and medium-sized companies from all over the world to the UAE, promoting their growth, and expanding the umbrella of their businesses locally and globally.

The ministry stated, in a statement yesterday, that it launched the initiative in cooperation with the business incubator "Flat6labs" Abu Dhabi, a leader in the field of training and financing start-up companies in the Middle East and North Africa, through a memorandum of cooperation supporting the "Flat6labs Ignite" program launched by the business incubator. The registration window for participation in it is August 28, and extends to October 10 next.

She explained that the program provides a training course and the opportunity to obtain an initial financing of 920,000 dirhams, and many advantages for advanced companies through the "entrepreneurship home", according to specific criteria.

The memorandum was signed by the Undersecretary of the Ministry of Economy, Abdullah Al Saleh, and the General Manager of Flat6 Labs, Ryan Sharif, in the UAE, in the presence of a number of officials from both sides.

Al Saleh said, "The UAE has attached great importance to the entrepreneurship sector, as it is one of the main pillars supporting the new economic model based on knowledge and innovation that the state aspires to transform into, and because of the importance of its role in diversifying the sources of income of the national economy and enhancing its global competitiveness, in implementation of the leadership directives. The rationale in light of the objectives and principles of the fifty, and the determinants of the UAE Centennial 2071.

He added that this initiative comes as a confirmation of the strategic direction of the state to empower the entrepreneurship sector, and provide all the capabilities and tools for the growth and prosperity of their projects, through flexible legislation and innovative initiatives, which in turn will contribute to maximizing the contribution of this vital sector in supporting the country's GDP, in addition to that it will work on Enhancing the environment of innovation and creativity, and consolidating the UAE’s position as a first destination for entrepreneurs and emerging projects from all over the world.

For his part, Sharif said that the new initiative will support the UAE's march to become a global center for entrepreneurship, and will contribute to enabling emerging companies to compete in local and global markets, through the (Flat6labs Ignite) program, in which 27 companies have graduated since its launch, many of which have achieved success. different.”

With regard to the criteria for acceptance to participate in the program, the startup must be registered as a private company, and it must have a minimum viable product, with promising results for current use and future development, preferably with revenues, in addition to having a founding member One or more have been present in Abu Dhabi for a period not less than the duration of the program, and proof of an urgent need for funding.

The companies that receive funding must also transfer the headquarters to the UAE, and invest in existing entities with intellectual property, not a branch or subsidiary company, in addition to other criteria that guarantee the quality of investment and improve the performance of companies.

Startups wishing to join the program can participate via the following link: (https://theentrepreneurialnation.com/startup/?lang=en#IGNITE)

Advantages and incentives

According to the memorandum of cooperation signed between the Ministry of Economy and Flat6Labs, which allows joining the Flat6Labs Ignite program, advantages and incentives will be provided to advanced companies through the “Entrepreneurship Home” program, including the winners receiving two golden tickets to attend a four-day training course. At the company's headquarters in Abu Dhabi.

Flat6Labs will also bear all expenses, including travel, accommodation and visa costs for the winning companies from outside the country to participate in the training course, in addition to obtaining strategic guidance, and a training course with startups, experts and academic partners to develop the skills of entrepreneurs.

Abdullah Al Saleh:

"The initiative will consolidate the UAE's position as a first destination for entrepreneurs and emerging projects from all over the world."

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