KHALEEJ TIMES, Wednesday, Aug 25, 2021 | Muharram 17, 1443
New businesses accepted into MBRIF accelerator program’s cohort
Emirates:
The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched
by the UAE Ministry of Finance to support innovation in the UAE, has announced
that 24 new innovative businesses have been accepted into its Accelerator
Program.
This program is in line with MBRIF’s commitment to foster a culture if
innovation and support the UAE’s thriving innovation ecosystem.
The Accelerator Program is one of MBRIF’s key initiatives that offers innovators
the opportunity to validate their business plans, scale up operations, promote
growth and gain access to new markets and potential investors that can help them
shape their offerings in line with the market needs.
Fatima Al Naqbi, Ministry of Finance representative of MBRIF, said: “We are
pleased to welcome the new cohort into our Accelerator Program and look forward
to supporting them in their entrepreneurial journey by equipping them with the
tools they require to take their innovations to the next level. Today, the UAE
is home to a melting pot of innovative businesses with entrepreneurs hailing
from different backgrounds and diverse fields. This spells the need for reliable
partners such as MBRIF to nurture innovations and entrepreneurship in the region
and further accelerate the UAE’s knowledge-based economy.”
The new cohort, the largest to date, was selected from over 150 applications. 13
of the selected new members and businesses are headquartered in the UAE while 11
are internationally originated companies from across three continents, with most
of them already having a presence in the UAE. Of the new members, 50 per cent
are at growth stage, 25 per cent market entry stage and 25 per cent prototype
stage. The new cohort program officially begins in September 2021.
The cohort comprises innovators who are breaking new ground in critical sectors
identified by the UAE’s National Innovation Strategy including: Education,
Health, Renewable and Clean Energy, Technology, Transportation and Water.
Over the years, the MBRIF Accelerator program has significantly contributed
towards bolstering the innovation ecosystem in the UAE. Since the inception of
the program in December 2018, the Accelerator has brought together 78 members
from applications in 65 countries, from diverse sectors of the economy such as
technology, health, education, transportation, clean energy, water & space among
others. The Accelerator places emphasis on nurturing and growing local
entrepreneurs to advance the innovation in the UAE.