Dubai is currently riding the crest of a new knowledge-based economy. The many reforms ushered in, such as the Golden Visa scheme and the creation of a digital infrastructure, has endeared Dubai to young millennials.
To further the ease of doing business for those who wish to set up or do business in Dubai, the Dubai Chamber of Digital Economy is now making amendments to the existing laws and economic policies to give a fillip to the emirate’s digital business infrastructure.
It is at such a time that the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), one of the agencies of the Department of Economy and Tourism (DET) in Dubai, has announced the launch of Concept ＋. It is a new business incubator focusing on digital technology and supporting young people to develop their creative ideas into successful projects.
“We are here to help young entrepreneurs set up all kinds of businesses in Dubai, whether small, medium or any other type of business idea you have,” says Mohammed Al Mansoori, founder, Concept + Incubator Centre. The idea is to encourage millennial entrepreneurs to reach their creative potential.
With its connectivity to all global business hotspots and safe, cosmopolitan environment, Dubai is already considered one of the best places to build a business. A thriving innovation culture further enhances the Emirates’s status as an investment-friendly destination, making it one of the ideal locations to start and grow your business globally.
“Concept + is located in Dubai. Our main focus will be to work with all types of SMEs, local or from outside. We would love to work with anyone who has a great idea and help them set up a business and thrive in the UAE market and globally,” says Al Mansoori. Those who become a part of this incubator can also avail of marketing consultancy and support services, including specialised services such as test-marketing products and access to stores to sell their wares.
Usually, the hardest part about an idea in incubation is scaling it up and building it into a viable business. So, from the knowledge of the regional market to global trends, finances, paperwork to official procedures, one must know how to establish a business from the ground up. And this is where entrepreneurs and start-up owners can find expert help with Concept +. Once an entrepreneur joins the fold, they will be handheld through all the early-stage challenges and provided with customised services such as feasibility studies, manpower and training, and co-working spaces until they become self-sustainable.
Dubai SME has always promoted innovation and leadership across sectors, helping many young millennials turn their ideas into successful businesses. Adds Al Mansoori, “We want to start writing new success stories with new businesses. We can guide you through the steps of starting your enterprise. We also have internationally networked strategic alliances to provide all services that a fledgeling company would require to thrive within the UAE and global markets in-house.”
Also, Concept + is part of Dubai Business Incubator Network, which provides various services that help entrepreneurs run businesses within budgets. The network also motivates the private sector to invest in small companies and start-ups. Thanks to this robust financial ecosystem, Dubai is now poised to be a global start-up hub. Recently, the Crown Prince of Dubai announced a $100.73 million Venture Capital Fund, making Dubai more attractive for start-up businesses. Financial experts believe this will further boost many unicorn dreams, and bring young talent looking to establish and expand their global business to Dubai.
So, how can entrepreneurs benefit from this, specifically?
It can make things as easy as possible by supporting your business and helping you accelerate growth. Small enterprises that are cash-strapped can benefit from Concept + support. They can help your business’s digital transformation, expansion, and reach. Also, since the Dubai DED has already launched a new set of government reforms for sustainable economic development in Dubai, small businesses can make inroads into government initiatives that are aimed at bringing in global resources. This innovative concept is designed to inspire many to rethink and readapt their dreams and plans in the post-Covid world by motivating and guiding them to focus more on resilient sectors that have managed to survive the pandemic and march into the future.
Disclaimer: This article is a part of featured content series on Business in Dubai