Dubai Internet City (DIC) hopes to attract the region’s technological entrepreneurs to its site through the establishment of the Majid bin Mohammed Innovation Centre in5, an incubator that aims to promote entrepreneurship and technical innovation.
“Ten years ago we used to be a consumer market and imported technology. Since then we have been able to attract multinational companies and the industry has development from this community,” says Malek Sultan al-Malek, managing director of the DIC and Dubai Outsource Zone (DOZ).
Companies like the US’ Microsoft, HP and Qualcomm will be working with the entrepreneurs to help develop mobile applications, social media tools and commercial portals.
“We realised that there was an important need to create a centre for entrepreneurs to foster their talent and commercialise their ideas. Many of the multinationals already have entrepreneurial strategies so we’re engaging with them to integrate their strategies with what we want to do,” says Al-Malek.
The centre provides seed investment, mentoring and coaching, training, logistical services and networking. It will also provide legal services and advice.
“We estimate each company will get $15,000 to $20,000 for each idea. There is no problem in funding, there is no limit,” says Al-Malek.
Unlike other such initiatives in the UAE, In5 will have a more regional focus rather than a local bias.