CONNECTING YOU TO OPPORTUNITY
Are you looking for funding or a mentor for your startup business in the United Arab Emirates? Have you considered joining a startup incubator or accelerator?
With so many programmes available in the United Arab Emirates, you may be wondering what the purpose of incubators is. What services do they provide to entrepreneurs like you, and would joining one benefit you?
Aside from financial assistance, the UAE’s startup incubators provide invaluable assistance to entrepreneurs in product development, sales, and marketing. This post will explain the business incubator concept and show you how to determine whether one is suited for your company. We also cover in this article:
• What is a startup incubator?
• What is a startup accelerator?
• Benefits of joining a startup incubator in Dubai
• List of startup incubators in Dubai and the UAE
• Why start your business with Creative Zone?
Startup incubators are collaborative programmes designed to help small businesses start and grow. In most cases, they help entrepreneurs and single proprietors by providing office space, coaching, training, and connections to investors. These resources allow the founders to focus on developing the business concept and fine-tuning the business while operating at a lower cost in the early stages of business incubation. Many incubators are created and run by governments, startup organisations, or other successful entrepreneurs.
Compared to accelerators, incubators have a more flexible structure tailored to meet your company’s specific requirements. These programmes are like ‘residences’, but they also have educational programmes and help from mentors. In some cases, you may remain in an incubator as long as needed to build a viable firm.
Startup accelerators are most suited for early-stage businesses with a ‘minimum viable product’ (MVP) rather than companies in the early stages of customer development or attempting to determine their product-market fit. With an accelerator, startups get the education, resources, and help they need to speed up what would have been a slow growth process into a few months of progress.
Because hundreds of businesses apply for accelerator programmes, the acceptance rate is low since there is a limited quantity of funding, physical space, and mentoring time. Additionally, accelerators frequently take equity from the startup as part of the programme placement.
An incubator is like a university for your company. In addition to free or low-cost workspace, it may help you find investors and provide loan funding. Some of the benefits of startup incubators include assisting early-stage firms in establishing business strategies, testing products for market fit, and connecting with other entrepreneurs.
• Opportunities to Build Relationships: Your company’s long-term and short-term success may depend on your network of contacts. Often, incubators have programmes to link startups with industry leaders and experts by organising networking events, training, and keynote speeches.
• Mentoring and Leadership Experience: Incubators foster healthy relationships with industry experts and mentors, allowing budding entrepreneurs to learn from them.
• Affordable Workspace: Startups need to be careful with their money, and spending a lot on the workspace can be a concern. Incubators offer co-working space administrative help, Flexi desks, and a variety of other amenities at very affordable prices.
• Funding: Incubators team up with venture capitalist firms, angel investors, and large companies to help provide funding for startups that show potential to become successful quickly.
• Business and Legal Advice: Some startup incubators in Dubai provide business and legal help to small company owners and entrepreneurs. It aids in making sound decisions, formulating plans, and putting those plans into action within the bounds of the law. This helps with corporate development, strategic planning, and more.
Here’s a list of startup incubators in Dubai and the UAE if you want to locate a co-founder, develop your MVP, acquire funding, or both.
1. Faster Capital: Faster Capital is a Dubai-based business incubator and accelerator. They have two startup programmes: Idea to Product and Grow your Startup. The former is an incubation programme where founders can get help building their MVP and figuring out how to make money. While the latter is an accelerator programme that helps firms grow by investing in marketing, product design, and sales & business development. The investing strategy of Faster Capital is unique as they offer to cover up to 50% of the expenses of either developing an MVP or growing the business.
2. Intelak: Intelak is a top startup centre in the UAE that focuses on the aviation, travel, and tourism industries. They have an early-stage incubator and a late-stage accelerator. Emirates, Microsoft, and Accenture are some of the companies that help fund both of their programmes. Entrepreneurs who join their incubator programme can get a seed investment of AED 50,000. In contrast, the accelerator programme provides no investment and lasts eight weeks.
3. Hub71: The government of Abu Dhabi set up Hub71 to help technology businesses in the emirate by recruiting top venture capital firms and investors. They hope to encourage the growth of technology businesses in the emirate. To help the next generation of tech innovators and startups grow up in the Middle East, Hub71 works with significant business stakeholders, including Abu Dhabi Global Market (ADGM), Mubadala Investment Company and other important industry players.
4. TURN8: With offices in Dubai, Denver, and San Francisco, TURN8 is an international venture capital firm. Among the industries they work in are smart cities, AI, health tech, fintech and transportation and logistics, SaaS, and IoT, to name a few. Successive candidates to their incubator programme may be eligible for investment from TURN8’s venture capital fund and investor network and receive mentoring.
5. Area 2071: Area 2071 encourages worldwide talents to establish and build their businesses in the United Arab Emirates. Companies wishing to establish a presence in Area 2071 must first get clearance from the Dubai Future Foundation Program. Those approved will get a three-year business licence to operate inside Area 2071 and the Dubai Development Authority (DDA).
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Today, we have grown into an ecosystem that helps businesses start up, maintain, and expand their offerings. Additionally, we provide value-added services in a variety of areas, including:
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