In5 Innovation Center’s Location at Dubai Internet City to Enable Access to Tech Ecosystem
Dubai-UAE: 19 September, 2011 – Under the direction of His Highness Sheikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, the ‘Majid Bin Mohammed Innovation Center in5’ was launched today at a press conference at the Atlantis – The Palm, Dubai.
in5 is envisioned to promote entrepreneurship and technical innovation in the UAE. The center will focus on the five key objectives of accelerating the development of new start-ups, fostering entrepreneurships, driving technology innovation, contributing to shaping an ICT ecosystem and, most importantly, promoting Dubai as an ideal location for tech start-ups.
The press conference was panelled by select in5 board members including Malek Al Malek, Managing Director, Dubai Internet City, Mohammad Gawdat, Managing Director-SEEMEA, Google, Charbel Fakhoury, Vice President-Sales, Marketing and Service-Middle East and Africa Region, Microsoft Corporation, and Nassir Al Rafi, CEO, Emaar Malls Group.
Ahmad Julfar, Group CEO, Etisalat, will head the in5 board as Chairman. Providing guidance, industry insights and setting up long-term strategies for the innovation center, the board also includes Daniel A Rivetti, Associate Professor of Finance at the University of San Diego, as a member.
The in5’s ultimate objective is to support young entrepreneurs and technology innovators, in addition to driving the growth of the IT SME sector in the UAE and the region. It will also allow young innovators and talents to gain access to leading technology companies and draw value from their expertise and knowledge.
Speaking at the press conference, Malek Al Malek said: “in5 will facilitate emerging start-ups to work within an entrepreneurial environment and alongside other visionaries. With high quality and industry-specific infrastructure, mentoring and access to industry experts, we hope that this platform will allow emerging innovators to bring their ideas to fruition and deliver viable solutions to the marketplace. DIC has always been actively engaged with entrepreneurs and the founding of in5 will further complement our efforts in this direction.”
The ‘Majid Bin Mohammed Innovation Center in5’ encourages upcoming entrepreneurs to submit their business applications online on www.infive.ae/. An evaluation process will be conducted to shortlist applicants and select feasible submissions that meet the set criteria. The center will provide five key services to short-listed start-ups including seed funding, coaching, mentorship, training, networking, set up and logistics.
The in5 center is poised to drive the SME sector, which leads economic growth and job creation in the UAE today. In addition, the sector accounts for over 90 per cent of the private enterprises in Dubai. It is, therefore, a top priority that the SME landscape is provided with access to leading edge knowledge, technology, funding and markets, according to the SME development agency of the Department of Economic Development (DED) in Dubai.
About Dubai Internet City
Dubai Internet City (DIC), a member of TECOM Investments, was established in 2000. It is currently regarded the Middle East’s largest information and communications technology (ICT) cluster. Built as a strategic base for companies targeting emerging markets in several neighbouring regions, DIC’s core focus area extends from the Middle East to the Indian Subcontinent, and from Africa to the Commonwealth of Independent States (CIS), covering nearly three billion people with a GDP of over US$10 trillion. As a knowledge-oriented business model, DIC has created a dynamic international community of IT companies hosting business partners that include most of the Fortune 500 brands, as well as a number of small and medium enterprises and ventures. In 2009, 135 new companies joined the DIC cluster. For more information, please visit: www.dubaiinternetcity.com
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