In line with its efforts to support the UAE National Innovation Strategy, H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has launched the Mohammed bin Rashid Innovation Fund Accelerator.
The Ministry of Finance announced the launch of the Innovation Accelerator as a public-private partnership to support local and international innovators in a pioneering move aimed at enhancing the growth potential of innovative businesses that would shape the future of the UAE’s economy. The fund aims to identify and support the best innovators in the UAE. It will do so by supporting innovative local businesses and provide them the necessary tools to grow both on a national and international level. Additionally, the Innovation Accelerator also aims to support inventive projects that contribute to the national economy, by attracting leading innovators from around the world by helping them establish their businesses within the country, and providing with all the benefit offered by government as well as private sector entities.
H.H. Sheikh Hamdan bin Rashid explained: “The UAE has been at the forefront of this year’s Global Innovation Index (GII) in the Arab World, and this spurs us on to continue to support innovation as a key driver of the economy, that, under an inspirational leadership looks towards a stable and ambitious future. The initiative aims to explore the future, keep abreast of the latest developments and support innovative talents that seek to establish companies that contribute to the betterment of the UAE by achieving the objectives of the UAE Vision 2071.”
H.H. also noted that the introduction of the Innovation Accelerator is an opportunity to build a nation-wide culture of innovation that is aimed at attracting the best talent from the world’s leading universities and ultimately creating a tangible positive impact on the UAE’s economy. He emphasised that the programme’s unique member-centric design and services have a singular focus on innovator excellence, through an unparalleled access to an ecosystem of coaches, thought leaders, and industry experts.
“Our vision is to make the Innovation Accelerator a pioneering platform to nurture innovation. We invite innovative companies to take advantage of this platform as it works in conjunction with the necessary guarantees, developed through the fund, to arm innovators with the right knowledge and skills, complement the fund’s financial support as well as mitigate risks. The eligibility criteria include the innovative nature of the business, its corporate leadership, its alignment with the UAE’s national innovation strategy within key sectors, the social impact of its Emiratisation agenda, and its Emirati talent support,” he concluded.