Registrations open for Mohammed Bin Rashid Innovation Fund's accelerator program cohort 5

MBRIF will support innovators and entrepreneurs operating in different sectors

  
Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance, and official representative of the MBRIF

Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance, and official representative of the MBRIF

  • Interested applicants can visit the MBRIF stand at Gitex Future Stars 2021, to learn more about the application process (Z6-400, Zabeel Hall 6, Dubai World Trade Centre) 

Dubai: The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, has announced that applications for its Innovation Accelerator program are now open for Cohort 5. Interested applicants can apply on the MBRIF website before 18 December 2021.

The announcement is in line with MBRIF’s ongoing efforts to build a robust business ecosystem and harness the innovative spirit of the UAE by attracting and developing firms with innovative competencies and new technologies.

Through the Accelerator Program, MBRIF will support innovators and entrepreneurs operating in different sectors including; technology, health, education, transportation, clean energy, water & space by helping them review their business model, outline their business strategy, collaborate with potential clients in different markets and support access to funding. Moreover, during the program, MBRIF will also host periodic networking opportunities with senior government executives, investors, and entrepreneurs for the cohort members.

Commenting on the new application cycle, Fatima Al Naqbi, Ministry of Finance representative at MBRIF, said: “The UAE is rapidly developing into a global hub for entrepreneurs and we are witnessing more and more talent emerge from this region. We are pleased to commence the application process for our Innovation Accelerator Cohort 5. By providing the innovator community with valuable access to resources, we seek to offer a quicker go-to-market pathway and enable them scale to the next level, both locally and internationally. We look forward to welcoming the talent coming in through our next cohort and to supporting their entrepreneurial journey in line with our vision.”

She added: “Last year many of our Innovation Accelerator program members were UAE-based businesses such as The North Ladder (Technology sector); Giisty (Education sector); Letswork (Technology sector) and Wahaj Solar (Clean Energy sector) among others.”

Since the inception of this program in December 2018, the Accelerator has brought together 78 members from diverse sectors of the economy and has placed emphasis on nurturing and growing local entrepreneurs to augment the domestic innovation base.

Many of MBRIF’s Innovation Accelerator members have already achieved notable success such as Hawa Water, the first locally produced bottled drinking water harvested from air. They were recently selected by Spinneys to distribute their water locally.  In addition, Ajar, a cloud-based property management and rent collection platform, Rizek, an on-demand services platform, and Sarwa, an online independent financial advisor, were listed on Forbes list of Middle East’s 50 most funded startups.

Over the years, the MBRIF Accelerator program has played a key role in shaping its members path and access to the UAE market. The Accelerator handholds the members through the value chain - from business model review to scale-up and  arms them with valuable insights from the industry ecosystem to enable them to shape their offerings in line with the demands of the local business landscape.

Interested innovative startups can visit the MBRIF stand at the upcoming Gitex Technology Week, from 17-20 October 2021 at the Dubai World Trade Center, to meet with the MBRIF team and discuss the application process (stand Z6-400, Zabeel Hall 6).

To apply, please visit: https://mbrif.cognistreamer.com 

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About the MBRIF:

The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.

The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.

Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/ 

For press enquiries, please contact:
Susan Shoury
APCO Worldwide
Email: sshoury@apcoworldwide.com 

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