Saturday, September 29, 2012
Commercialisation of Innovative Ideas to Gain Enhanced Thrust at 60-Day Programme for Emerging Entrepreneurs
Dubai, United Arab Emirates - Saturday, September 29th 2012 [ME NewsWire]
Incubation of ideas and supporting young entrepreneurs is the way forward for economic and regional growth. As an engine that drives the creation of a knowledge-economy, Dubai Internet City prioritises its responsibility to promote entrepreneurialism at the grassroots level and keenly seeks opportunities to support this mandate, said Majed Al Suwaidi, Director Business Development, Dubai Internet City and Dubai Outsource Zone.
Al Suwaidi’s comments come ahead of Dubai Internet City’s support to i360accelerator, a 60-day programme that aims to bridge the gap between innovative ideas and commercialisation in the MENA region through helping creative people overcome obstacles in doing business. The programme is organised by i360hub, a regional framework and infrastructure established by global consulting group Innovation 360.
Al Suwaidi added: “Our support for the platforms such as i360hub comes as part of our broader vision to bolster the creation of an inventive and entrepreneurial ecosystem and facilitate emerging entrepreneurs in the Middle East and North Africa region. We are confident that i360hub will provide the right thrust and enabling environment for potential business persons to bring their creative ideas to fruition.”
Scheduled to commence in November in Dubai, i360accelerator will offer training on business and innovation to new entrepreneurs. As part of the format, participants will be mentored to form successful teams for the purpose of conceptualising and running a viable enterprise. In addition to serving as a creative platform to meet and work together, the programme will provide participants with access to an IT and product design lab led by coding and design experts. Furthermore, the accelerator will award a sum of AED70,000 in seed funding to the winning idea.
For corporates, i360acceleratoris set to open doors to innovative ideas, technology and IP that can be incorporated into the company’s offerings. They will also have the opportunity to assign internal teams or ‘intraprenuers’ to the accelerator for developing IP or innovation projects.
Dubai Internet City will provide the infrastructure for participants as part of its support to the programme. It will also steer a preliminary segment themed ‘Digital Technology’. In the run up to the November event, i360hub and Dubai Internet City will additionally host several i360hub idea marathon events, or ‘Innov-a-thons’, where i360accelerator hopefuls will pitch their ideas for a chance to receive on-the-spot funding and a place in the accelerator.
Kamal Hassan, Founder of Innovation 360, said: “Building a robust ecosystem for innovation and entrepreneurship requires the dedicated efforts of many people. Our partnership with Dubai Internet City highlights how complimentary organizations can work together to build an ecosystem that facilitates the success of regional start-ups and SMEs.”
To apply for the i360accelerator programme,contestants are required to register at http://i360accelerator.eventbrite.com/ Registrants can then attend the local i360hub Innov-a-thon to pitch their idea, form a brainstorming team, and submit a final pitch for AED3,500 start-up prize. Innov-a-thon attendees will then nominate the best ideas to the i360accelerator. All nominees will be carefully reviewed and selected by the i360accelerator team and early stage investors.
About Dubai Internet City
Dubai Internet City (DIC), a member of TECOM Investments, was established in 2000. It is currently regarded the Middle East's largest information and communications technology (ICT) cluster. Built as a strategic base for companies targeting emerging markets in several neighbouring regions, DIC’s core focus area extends from the Middle East to the Indian Subcontinent, and from Africa to the Commonwealth of Independent States (CIS), covering nearly three billion people with a GDP of over US$10 trillion. As a knowledge-oriented business model, DIC has created a dynamic international community of IT companies hosting business partners that include most of the Fortune 500 brands, as well as a number of small and medium enterprises and ventures. In 2009, 135 new companies joined the DIC cluster. For more information, please visit: www.dubaiinternetcity.com
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