Here’s how Dubai's incubators have been aiding start-ups for growth and expansion
Start-ups and small business have been taking the world by storm. Every country’s economy is trying to expand their start-up culture as they add more value to the nation’s GDP. Studies indicate that the UAE is the world's top hotspot for hundreds of start-ups followed by New Zealand, Singapore, Norway, Germany, Japan and Sweden. A recent report also indicated that start-ups and companies in the Middle East bagged $610.3 million in total funding from external investors, with 93 percent of them securing more than $1 million each.
Dubai SME, the agency of the Department of Economic Development (DED) has made it mandatory to provide boost to the start-ups by giving them the access to right knowledge and technology. Thus, several business incubators have come into the picture to assist small businesses and start-ups and create an ideal environment for them. Business incubators play a significant role in developing start-ups and small business. They provide start-ups with the much-needed administration, training and even office spaces in some cases.
The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes their members’ incubators by the following five incubator types: academic institutions; non-profit development corporations; for-profit property development ventures; venture capital firms, and combination of the above. Among the most common incubator services are:
- Help with business basics
- Networking activities
- Marketing assistance
- Market Research
- High-speed Internet access
- Help with accounting/financial management
- Access to bank loans, loan funds and guarantee programs
- Help with presentation skills
- Links to higher education resources
- Links to strategic partners
- Access to angel investors or venture capital
- Comprehensive business training programs
- Advisory boards and mentors
- Management team identification
- Help with business etiquette
- Technology commercialization assistance
- Help with regulatory compliance
- Intellectual property management
Business incubators ensure that they go that extra mile to create ample opportunities for the start-ups and small businesses to grow and increase their profit margins in a competitive space. They also provide assistance to these small-scale start-ups in a way that they can withstand the bigger players in the market. From technology to the service industry, business incubators have made a mark across industries which have eventually given the start-ups an opportunity to fight for their rightful place despite cut-throat competition. It is precisely because of these reasons that Dubai is considered as the best place to invest in the Middle East.
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