Tech entrepreneurs in the UAE have a growing number of sources they can turn to for financial and advisory support. These are some of their options:
Peer support
More incubators are rolling out in the Middle East and North Africa, modelled after programmes such as Y Combinator in the United States and VeloCity in Canada. Over time, some say, hubs like Dubai could become innovative centres much like certain cities in North America. “Being close to tech hubs can gain access to bright minds and [teachings] from people who have had similar experiences,” says Stephen Lake, the co-founder of Thalmic Labs, a Canadian-based tech company that cycled through both Y Combinator and VeloCity. TiE Dubai, meanwhile, is a membership group that focuses on networking, educating and mentoring among entrepreneurs in the UAE. “We do this through events and access to our network,” says P K Gulati, a TiE global trustee.
Internal contests
Some companies offer incentives to spur so-called intrapreneurship and internal innovation. L’Oréal, for example, has launched the Beauty Shaker Awards and other internal contests to find new business ideas from its employees. “Ten years ago, if you had a great idea and you wanted to start it on your own you had nowhere to go unless you quit your job or went to competitors,” says Sam Cheow,the vice president for start-up development at L’Oréal USA. “I think it’s incredibly clever to turn that opportunity into something else bigger for employees and the business itself.”
External competitions
Contests held by organisations such as the MIT Enterprise Forum and Global Innovation through Science and Technology offer much-needed funds, and they also open access to other support for early-stage entrepreneurs. “These kind of initiatives help entrepreneurs like me through providing a comprehensive network of innovative peers that allow us to see market problems and solutions from other perspectives,” says Mo Shahin, the co-founder and chief technology officer at AdvanTag. “It also provide us with great mentors and [an] advisory board.”
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