VP launches open trade incubator for young entrepreneurs
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, launched on Wednesday the ''Youth Hubl", an initiative by the Federation Youth Authority which will be the largest open trade incubator in trade centres, markets, airports, cultural and tourist facilities in the state.
The launchpad initiative will provide free spaces with key services and facilities to support youth launch their own startup projects. Incentives also include guidance and mentorship, flexible modern designs and marketing and brand identity.
The launch ceremony was attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Mohammed bin Rashid Al Maktoum Knowledge Foundation,Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, and Shamma bint Suhail Faris Al Mazrui, Minister of State for Youth Affairs.
The initiative aims to support young entrepreneurs to launch their emerging trade projects amidst global market competitiveness in light of the Government of UAE's decision to foster and support starts up and accelerate their pace of growth in alignment with the world trends to establish business incubators and accelerators for entrepreneurs to easily establish their own businesses and ensure their success and growth.
The initiative will - in partnership with a group of strategic stakeholders - directly connect youth trade projects with clients in order to provide them opportunities to evaluate their products and performance.
The youth incubator will enable young entrepreneurs to access vibrant markets and trade centres to enter competition along with international trademarks. It will bear the cost of leasing spaces so as to reduce potential risks and challenges that young entrepreneurs may face and make them concentrate on investing in points of strength in their products and services, therefore sharpening their competiveness and improving performance of their companies without enduring financial risks or burdens.
The Youth Hub will allow young entrepreneurs in the age group of 18 to 35 years to launch new companies in six months that subject to renewal in the country's most profitable spaces. Towards that end, the Federal Youth Authority along with its partners will provide spaces in major shopping malls and trade centres including Yas Mall, Dubai International Airport, Dubai Mall, City Walk, Al Seef, Last Exit Al Qudra and Last Exit Mad X in Sheikh Zayed Road, Al Safa Art & Design Library, Union Museum, City Centre Mirdif, Sharjah Heart, Flag Park Ajman, Umm Al Qaiwain Mall, Manar Mall, Al Hamra Mall, City Centre Fujairah and all youth centres across the UAE.
The Federal Youth Authority has concluded strategic partnerships with a number of government and private entities to allocate spaces for young entrepreneurs. Those partners included departments of economic development, urban planning, culture and tourism, property developers, investors, chamber of commerce and industry and municipalities.
For any start up to enjoy free facilities and incentives, it should be the first of its kind in the country's market in term of concept and idea, has no branch in the state and well studied and planned.
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