Emirati Startup Challenge 2018 in Dubai, provided a platform to share high-tech solutions to modern challenges. The nationwide challenge saw young entrepreneurs and students presenting their concepts and high-flying ideas in front of experts, who would select the winner and who would then be mentored by a senior leader from the industry. This was part of the celebrations of year of Zayed, and aims to “empower Emirati youth with an entrepreneurial drive and prepare them to successfully contribute to the UAE’s startup ecosystem.”
Entrepreneurship thrives in UAE, and how! There are many entrepreneurs dominating the start-up scene. The Dubai Future Foundation's (DFF) mandate is clear : it wants to make Dubai the hub for exponential technologies that will shape the course of humanity over the next century, guided by a mission to imagine, design and create the future by facilitating partnerships between forward-thinking entrepreneurs and the government. Today, the city is a clear-cut example of how it churns out entrepreneurs every moment.
The government has adapted and reinvited itself to the continuous market and technological changes, in a dynamic and savvy manner. But it is not just the government, it is also the common people who have sought to establish UAE as a hub of enterprise. People are highly educated; leaders are committed to development and diversifying sources of economic growth and opportunity; there is access to capital from domestic and international markets, plus attitudes toward business are positive. Also, the UAE’s excellent location at the crossroad of continents provides many advantages to create an ecosystem for entrepreneurial success.
New report says that in the Middle East and North Africa, digital start-ups attracted $650m in funding in 2017, with 76% based in the UAE. This is a number which can get anyone to beam with pride!
"Greater transparency across processes and regulations along with innovation and emphasis on sustainable business growth have significantly improved investor confidence in the emirate. The emirate is also pioneering digital innovations in the region as part of a national initiative,” the crown prince said.
Forbes has come up with a list of 50 top entreprenurs in UAE, and all of them are doing very well for themselves.
Of the top 50 most promising startups, 28 have raised a minimum of $1 million for a total of at least $160 million from venture firms, corporate venture arms and angel investors. At the head of the list is on-demand car service Careem, which represents more than 40% of that total amount. Private equity firm Abraaj Group led its $60 million series C round this past November.
Thirty-two startups have raised money from angel investors (excluding friends and family).
Launched on 3 April, 2018, the Emirati Startup Challenge is a nationwide competition aimed at empowering Emirati youth with an entrepreneurial drive and preparing them to successfully contribute to the UAE’s startup ecosystem. The competition invited Emirati students from universities across the UAE to submit innovative technology or social entrepreneurial startup ideas for the Challenge.
Eighteen Emirati entrepreneurs shared their business plans in front of a judging panel and a large audience to win money and a chance to work with a local business mentor.
The winner was Mr Khalid Al Awar, 22, who quit his job to pursue his ideas, and won first prize in the startup challenge for developing Mabany, an integrated online system that eases communication between tenants and facility management companies.
Mabany is a cloud-based management software that connects facility managers with tenants through a friendly user experience. Through Mabany’s mobile application, a tenant can submit a request to the facility management company stating their preferred time and even attach photos. The company receives the tenant request on their dashboard and assigns the job to one of their technicians.
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