29 April, 2020
Startups and Entrepreneurs are the future: Dubai Future Foundation
The Dubai Future Foundation, along with the Dubai Future Council for Entrepreneurship and Innovation Ecosystem recently released the 5th report on the future of innovation and entrepreneurship.
Small startups make up nearly 50 percent of all companies registered in Dubai and together represent approximately 47 percent of the UAE’s annual GDP. According to the 2019 MENA Venture Investment Report, the largest share of inward venture funding in MENA was attracted in the UAE, which accounted for 60 percent of the total, followed by Egypt and Saudi Arabia with 14 percent and 9 percent respectively.
In this context, the startup and entrepreneur ecosystem is being carefully studied and properly managed from an economic perspective, in order to rebuild and organically grow for the future, especially after the COVID-19 pandemic.
The Dubai Future Foundation report is titled ‘Life After COVID-19: Innovation and Entrepreneurship’ and is a part of a series of reports, that aim to highlight all the issues and challenges that Dubai would face, once the COVID-19 pandemic subsides, with possible solutions on how to tackle them.
The challenges are presented at both the national and global level. Key take-outs from the report are that startups and entrepreneurs need to be empowered, and digital economic activities need to be promoted in order to rebuild and sustain the economy. The report also details the mechanisms that can be put in place to reduce the effect of the pandemic on startups, such as providing motivational packages and incentives to support economic development and sustenance.
UAE remains well prepared for the economic effects of the pandemic, and companies are looking for alternative and innovative ways to raise funds, such as through online tools, the report added.