Under the patronage of Dubai Crown Prince and Chairman of the Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al MAktoum, Dubai SME – the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector- has announced the launch of ‘Hamdan Innovation Incubator’, a complete support environment to stimulate and foster innovative entrepreneurial projects of the youth.
To introduce ‘Hamdan Innovation Incubator (Hi2) and its features to the public, Dubai SME has also set up a stand at the Star Atrium in Dubai Mall. Dubai Media Inc. (DMI) is the media partner of the stand, which will receive visitors from the 11th to 15th of September 2014.
Sheikh Hamdan, asserting the importance of the initiative, said that Hi2 is a critical step in line with the goal of Dubai to promote creativity and entrepreneurship and the role of the youth in overall economic activity. He added that Hi2 would make a huge impact and stimulate a new movement towards sustainable growth and economic development.
Sheikh Hamdan also reaffirmed that Dubai would continue its ongoing focus and efforts in nurturing business and enabling the youth to translate their business ideas into viable projects. Hi2 will allow innovative and enterprising youth to translate their business ideas into viable projects. Hi2 will allow innovative and enterprising youth to articulate their concept and then incubate, launch and grow it into a competitive business.
Spread over a 20,000 square feet area in the Business Village in Deira, Hi2 will become the largest such hub for young and aspiring entrepreneurs in the region when it is officially launch in the last quarter of 2014. Youth and their startups will find ti a complete ecosystem where they will have all the support in terms of knowledge, guidance and all other forms of support for the uninterrupted evolution and growth of their business concepts.
Dubai SME will build a diverse partnership network with businesses, universities, technology companies and varied institutions in order to identify, encourage and support business initiative and early stage development of startups. Innovative projects incubated in the center will be patented and clients will have access to a high quality infrastructure.
Director General of DED and Deputy Chairman and Managing Director of DMI Sami Al Qamzi said: “We are thankful to Sheikh Hamdan for his vision and drive that help us to come with critical initiatives that help our youth develop their skills. Hi2 is the result of a great deal of hard work, which DED and its agencies put together – developing the business community and creating opportunities. Dubai SME especially has made a remarkable addition to their entrepreneurship development efforts with Hi2.”
CEO of Dubai SME Abdul Baset Al Janahi said Hi2 marks a new beginning in youth development and innovation. “Hi2 will be an effective vehicle in channeling youth creativity and building an entrepreneurial talent capital in Dubai. It reinforces Dubai SME’s role as the chief engine and resource for entrepreneurial growth. We will work with higher education institutions to attract innovative youth talent and Dubai SME can even tailor our support to the specific needs of those institutions.”
Hi2 will specifically look at helping the youth and startup firms navigate the challenge of early stage development with a suite of services that help identify and remove obstacles and bottlenecks and allow future entrepreneurs maintain their focus and move forward.