Dubai SME launches ‘Concept +’ business incubator

The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), one of the agencies of the Department of Economy and Tourism (DET) in Dubai, has announced the launch of ‘Concept +,’ a new business incubator focusing on digital technology and supporting young people to develop their creative ideas into successful projects.

From attracting innovative ideas in emerging technologies and sectors to incubating them into commercially viable projects and guiding them through early-stage challenges, Concept + will provide a full range of support, including feasibility studies, legal and development consultancy, training and employment, co-working spaces, as well as access to investors, service providers, and partners, till the project attains the maturity to sustain growth.

The latest addition to the Dubai Business Incubator Network (DBIN) of business incubators and accelerators certified by Dubai SME, Concept + seeks to encourage young entrepreneurs unleash their creativity and reach their full potential. Tenants in the incubator will also receive marketing consultancy and support, including specialised spaces within the incubator to test-market products, and access to online as well as physical stores.

Welcoming Concept + to DBIN, Abdul Baset Al Janahi, CEO of Dubai SME praised the role of specialized business incubators and the private sector in supporting the economy and developing a new system that meets the needs of the next phase of entrepreneurship

“As a critical partner and chief engine driving commercial activity in Dubai, the private sector should continue to strengthen its role in overall economic development. Particularly in developing small and medium enterprises, the public and private sectors need to be aligned in unlocking opportunities for innovative enterprise through facilitating access to new markets and financing,” said Al Janahi.

“The government is developing systems and frameworks to promote start-ups and alternative financing options, like crowdfunding. Creating new business opportunities and directing entrepreneurial talent to emerging sectors are particularly important as the UAE seeks to build a prosperous future for its young generations through investing in humans as well as in advanced science and technology,” Al Janahi added

Referring to the contribution of start-ups to the gross domestic product and job creation in Dubai Al Janahi said these companies have gained global prominence during the past decade on the back of a number of prominent acquisitions, thus further consolidating Dubai's position as a hub for innovation and knowledge in the region.