Tuesday 01, May 2018 by Jessica Combes

UAE MoE launches programme to support innovative companies

 

The programme is in line with the Government Accelerators initiative, in partnership with government and private entities

The National Programme for Supporting Young Innovative Companies was launched as part of its participation in the third Government Accelerators Cohort, to accelerate the National Agenda of the UAE Vision 2021, in the presence of HE Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy and HE Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences, The Ministry of Economy (MoE), in partnership with 15 government and private sector entities.

These entities include Ministry of Finance, Telecommunications Regulatory Authority, Securities and Commodities Authority, Abu Dhabi Department of Economic and Development (Abu Dhabi DED), Emirates Development Bank, Mohammed Bin Rashid Innovation Fund, Khalifa Fund for Enterprise Development, Dubai SME, Ruwad Establishment, Sharjah Entrepreneurship Center (SHERAA), RAK SME, Umm Al Quwain Chamber, Khalifa University, United Arab Emirates University and University of Dubai. 

The Ministry declared that it is fully equipped to launch the programme, within the ‘100-Day’ challenge initiative posed by the Government Accelerators. The support programme aims to nurture young companies by encouraging them to innovate and build up a culture of creativity, aimed at raising the UAE’s position on the Global Innovation Index (GII).

The programme seeks to take innovation to the next level by establishing a unified framework for innovation and putting in place specific standards in accordance with national innovation indicators. This is based on market analysis and calculation of indicators such as production, intellectual property, and research and development (R&D).  

The National Programme of Supporting Young Innovative Companies is linked to 16 sub-indicators within GII, the most important of which are patents, high technology products, telecommunications, trademarks, credit, microfinance, venture capital transactions and risks and development in the business sector. 

Al Mansoori said that the National Programme for Supporting Young Innovative Companies represents a significant step forward for the country in its quest to achieve the objectives of the National Agenda geared towards making the UAE among the top 10 innovative countries by 2021, adding that there is an abundance of talent and creativity in the UAE, which the programme will tap into, adding that the new initiative would link innovative companies with the required government entity, to provide incentives, support and promotion of their products and services.

 

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