Dubai, 10 September 2014: 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, under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince and Chairman of the Executive Council of Dubai.
To introduce 'Hamdan Innovation Incubator (H2I) 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 H2I 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 H2I 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. H2I 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-foot area in the Business Village in Deira, H2I will become the largest such hub for young and aspiring entrepreneurs in the region when it is officially launched in the last quarter of 2014. Youth and their start-ups will find it 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 start-ups. Innovative projects incubated in the centre will be patented and clients will have access to a high quality infrastructure.
His Excellency Sami Al Qamzi, Director General of DED and Deputy Chairman and Managing Director of DMI, said: "We are thankful to His Highness Sheikh Hamdan for his vision and drive that help us to come with critical initiatives that help our youth develop their skills. H2I 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 have made a remarkable addition to their entrepreneurship development efforts with H2I."
Abdul Baset Al Janahi, CEO of Dubai SME, said H2I marks a new beginning in youth development and innovation. "H2I will be an effective vehicle in channelling 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."
H2I will specifically look at helping the youth and start-up 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.
About Dubai SME:
Dubai SME, an agency of the Department of Economic Development (DED), Government of Dubai, aims to foster an entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative start-ups and groom promising SMEs. Dubai SME's vision is to make Dubai the centre for innovative SMEs to start, grow and expand their businesses, thus adding greater value to the economy of Dubai.
For further information, please contact:
Marketing & Communication Department
Department of Economic Development
Tel: (971 4) 361 3070
© Press Release 2014