Ministry of Economy launches initiative to attract SMEs to the UAE
The Ministry of Economy, represented by The Entrepreneurial Nation, in collaboration with seed and early-stage venture capital firm Flat6labs has launched a new initiative to attract small and medium enterprises (SMEs) to the UAE.
The two organizations have signed a memorandum of understanding (MoU) to support the ‘Flat6lab Ignite’ program, which will be held from August 28–October 10, and will award a training session, initial funding of 550,000 dirhams, and other benefits offered by The Entrepreneurial Nation to the winners, based on specific criteria.
Under the terms of the MoU, several advantages and incentives will be available to companies that sign up for The Entrepreneurial Nation program. These include two golden tickets for the winners to attend a four-day training session at the Flat6Labs headquarters in Abu Dhabi.
As for the criteria for acceptance to the program, the startup must be registered as a private company and have a minimum viable product, with promising results for current use and future development, preferably with revenues.
In addition, one or more founding members of the venture must remain in Abu Dhabi through the duration of the program and must prove the urgent need for financing. The companies that receive financing under the program must be willing to move their headquarters to the UAE and invest in existing entities with intellectual property, not a branch or subsidiary company. Several other criteria have also been set to ensure the quality of investments and improve the performance of SMEs.