DUBAI, 21st January, 2014 (WAM) -- Nine entrepreneurs from the first round of TURN8, the seed accelerator initiative launched by global marine terminal operator DP World and powered by Innovation 360, pitched their ideas to over 50 global investors recently in a bid to get commercial backing for their projects.
Investment companies such as Tecom Investments and STC Ventures, UK-based Venturebright and US-based Fenox Venture Capital as well as project mentors attended the event as the finalists took to the stage to highlight the commercial benefits of their ideas. The TURN8 Investor Demo Day startups come from the UAE, Egypt, Indonesia, Pakistan, Belarus and the Ukraine and offer a variety of solutions for consumers and businesses. They include a new kind of loyalty programme for merchants to offer their customers, an online stationery marketplace, an app that offers a cost-effective system to pick genuine products from fakes, a device for translating sign language into audible words and a social media management and communication platform for journalists, among others. The event signals the final stages of Round 1 of TURN8, the region?s only programme that offers cradle-to-commercialisation support for innovative start-ups from around the world. Over the past four months they have been working in Dubai receiving coaching and mentoring specific to their business plans and getting training on key business principles. Mohammed Sharaf, Group CEO, DP World, said: "This day is a milestone in the journey of the Round 1 TURN8 finalists. It underlines our commitment to supporting and encouraging innovative ideas and entrepreneurs from conception to market entry and we are proud that they have made it this far. The event reflects the success of DP World?s initiative, our partnership with Innovation 360, and our continuous focus on promoting innovation in our society." Yousif Al Mutawa, Chief Information Officer, DP World, said: "The teams have worked extremely hard to shape their ideas into investor-ready business propositions. Not only have they honed their skills as innovators who can now enter the marketplace, they have also learned the fundamentals of a successful business, from financials to marketing and operations. We are excited to introduce them to the investment community." Kamal Hassan, Founder and CEO, Innovation 360, said: "The success of these startups, and the current search for new teams in Round 2 of TURN8, demonstrates how innovation and entrepreneurship go hand-in-hand, and how enterprise and companies can support such initiatives to the benefit of all." DP World launched the TURN8 seed accelerator to encourage and promote innovation globally starting from Dubai. It is powered by i360accelerator, a 120-day incubation programme for early stage startups designed by leading innovation management consultancy, Innovation 360.Copyright Emirates News Agency (WAM) 2014.
