Accelerator, to be Launched by Masdar Institute and BP, Will Help Fledgling UAE Innovators to Bring Their Ideas to Market

Abu Dhabi-UAE: 21 January, 2015

Masdar Institute of Science and Technology, an independent, research-driven graduate-level university focused on advanced energy and sustainable technologies, and global energy giant BP today announced plans for the launch of a technology innovation accelerator focused on emerging energy, water and other sustainable technologies.

The new BP and Masdar Institute Technology Accelerator will support the creation of start-up companies through sponsoring technical research, providing commercial input, and supplying mentoring and business plan support. The accelerator will also work with local stakeholders in the development of technology incubators and seed funds to extend the innovation ecosystem and substantially increase the chances of success for new companies.

"By developing this technology innovation accelerator with BP, we will provide UAE innovators with opportunities to realize the full potential of their ideas, directly in line with the UAE National Innovation Strategy," said Dr. Fred Moavenzadeh, President, Masdar Institute.  "As an institution based on sustainable research, we focus on engaging the right stakeholders for the benefit of the wider regional and global community. We thank the country's leadership for their support that continues to enable us to seek productive collaborations, relevant to the future of the UAE and the world."

BP Ventures will play a key role in connecting local start-ups with global investors and potential acquirers. A Round Table discussion of the new technology innovation accelerator among UAE innovation stakeholders was held at the World Future Energy Summit 2015.

Mr. AbdulKarim AlMazmi, BP's General Manager and Chief Representative in Abu Dhabi, said, "As an organization that revolves around technology innovation, BP is delighted to further expand the collaboration with Masdar Institute in support of the UAE National Innovation Strategy. This concept is specially tailored to suit the requirements of the youth in the UAE and the region. We hope the agreement demonstrates our commitment to developing local capability as a key theme for BP in the UAE."

The programs included in the accelerator were developed in part by benchmarking against other notably successful business accelerators and global corporate and sovereign innovation accelerators. It will be specially designed to contribute significantly to the strategic vision of the UAE's National Innovation Strategy and to the needs of the UAE innovation ecosystem, while building on the strengths of Masdar Institute, BP and other UAE innovation stakeholders.

Masdar Institute and BP have been strengthening their partnership since signing a collaboration agreement in 2014. A UAE national student, Saeed Al Nofeli from the Engineering Systems and Management Department, and Eanna R. Farrell from the Water and Environmental Engineering Department, were recently declared the BP Innovation Scholars for 2014.

Dr. Bruce W. Ferguson, Professor of Practice and head of the Masdar Institute Center for Innovation and Entrepreneurship (iInnovation), said, "We foresee our collaboration gaining further strength in the months ahead. iInnovation will be working closely with BP to ensure that the new accelerator meets the needs of Masdar Institute and of other UAE innovation stakeholders. Moreover, there are other collaborations being proposed in the coming months. This will bring overall benefits to the community, especially the innovation ecosystem."

BP Ventures will be mentoring and linking local ecosystems.

Dr. Issam Dairanieh, Managing Director, BP Ventures, said, "BP is bringing its demonstrated skills in nucleating and developing entrepreneurship to the UAE. BP Ventures will continue to be involved in designing programs, training and mentoring local talent as well as assist in connecting the local ecosystems with others in the US and the UK."

-Ends-

About BP in Abu Dhabi
BP is a global energy company and has been working in the UAE since the 1930s. Today its interests include shareholdings in the Abu Dhabi Marine Operating Company (BP share 14.67%), the Abu Dhabi Gas Liquefaction Company (10%), the Natural Gas Shipping Company (10%) and Bunduq Company Limited (3%). BP is one of the biggest investors in Abu Dhabi's oil and gas sector and brings global expertise in giant oil fields to help maximize value for Abu Dhabi. BP also supports several community projects in Abu Dhabi, focusing on education and enterprise. With respect to innovation and entrepreneurship, BP brings extensive experience in supporting innovative energy technologies through its work in the UK and India and has a long track record in early stage investing through its corporate venture capital team.

For more information, contact:
Name: Reem Mohammed
Manager - Communications and External Affairs, BP Abu Dhabi
Email: Reem.Mohammed@bp.com
Phone: +971 2 493 5565
Follow BP in the Middle East on Facebook (www.Facebook.com/BPMiddleEast) and Twitter (www.twitter.com/BP_MiddleEast)

About Masdar Institute
Masdar Institute of Science and Technology (Masdar Institute) was established by the government of Abu Dhabi as a not-for-profit, private graduate university to develop indigenous R&D capacity in Abu Dhabi addressing issues of importance to the region.

In collaboration with the Massachusetts Institute of Technology (MIT), Masdar Institute has developed an academic and research platform that articulates its mission and vision according to critical energy and sustainability challenges.

An important characteristic of Masdar Institute is its focus on complex real-world problems that require a multidisciplinary approach for the development of solutions from an integrated technology, systems and policy perspective. This multi-interdisciplinary and integrated approach is supported by the structure of its academic programs and by the emphasis placed on engaging external partners from industry, government, and other academic institutions in collaborative activities.

Serving as a key pillar of innovation and human capital, Masdar Institute remains fundamental to Masdar's core objectives of developing Abu Dhabi's knowledge economy and finding solutions to humanity's toughest challenges such as climate change.

Masdar Institute integrates theory and practice to incubate a culture of innovation and entrepreneurship, working to develop the critical thinkers and leaders of tomorrow.  With its world-class faculty and top-tier students, the Institute is committed to finding solutions to the challenges of clean energy and climate change through education and research.

Masdar Institute offers degrees in:

●      MSc Engineering Systems and Management

●      MSc Computing and Information Science

●      MSc Materials Science and Engineering

●      MSc Mechanical Engineering

●      MSc Water and Environmental Engineering

●      MSc Microsystems Engineering

●      MSc Electrical Power Engineering

●      MSc Chemical Engineering

●      MSc Sustainable Critical Infrastructure

●      PhD in Interdisciplinary Engineering

Please visit our website www.masdar.ac.ae/

For more information contact:
Name: Shaima Al Jarman
Director - Marketing & Communications
Public Affairs Department
Email: saljarman@masdar.ac.ae
Phone: +971 02 8109365

© Press Release 2015