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New DIFC platform to empower 100,000 start-ups by 2029

Ignyte promises to be a core initiative under Dubai’s Digital Economy Strategy

Published: Thu 24 Oct 2024, 8:37 PM

Updated: Thu 24 Oct 2024, 9:22 PM

By
Issac John

Dubai is set to reinforce its status as a global magnet for startups with the launch of a new digital platform aimed at connecting entrepreneurs with 5,000 investors, mentors, and corporate partners.

Curated by Dubai International Financial Centre (DIFC), the platform, Ignyte, promises to be a core initiative under Dubai’s Digital Economy Strategy to support start-ups by providing a global growth ecosystem to foster global expansion and save start-ups collectively over $100 million through exclusive perks.

The UAE has the fastest-growing startup ecosystems in the Middle East and North Africa region. With over 5,600 new startups registered in the second quarter of 2024 alone, the UAE has cemented its position as the leading startup hub in the GCC region. This remarkable growth is attributed to the UAE’s attractive investment environment, flexible business policies, and innovation-driven legislation,

The first phase of the platform will be launched in Dubai in the fourth quarter of 2024, expanding to the UAE in the first quarter of 2026, and to the GCC in the second quarter of the same year.

The platform, which seeks to attract venture capitalists and investors, is designed to empower over 100,000 start-ups and entrepreneurs by 2029 in line with Dubai’s vision to become a leading global hub for entrepreneurship.

As part of Dubai’s ambition to become a global epicentre for entrepreneurship, the platform connects founders with a global network of investors, mentors, corporate organisations, and government entities, creating a comprehensive growth ecosystem.

To maximise the benefits for start-ups joining the platform, the platform aims to significantly expand its offerings by 2029 by attracting 5,000 venture capital firms (VCs) and investors, 5,000 vetted mentors and experts, over 500 corporate and government partners, and 5,000 exclusive perks. These perks will collectively help start-ups save more than $100 million.

Ignyte also offers exclusive benefits to help entrepreneurs turn their ideas into reality, and will provide opportunities for entrepreneurs to present their ideas to investors, build networks with global companies and investors, and gain access to exclusive competitions and resources such as AI models and data to drive innovation.

Ignyte offers start-ups opportunities to pitch them directly and receive investment matching.

Start-ups will also benefit from access to some 5,000 vetted mentors and industry experts, offering critical guidance to help navigate growth challenges.

Ignyte’s Leap marketplace offers start-ups exclusive perks and deals on services and software. Launch partners for the marketplace include Amazon Web Services (AWS), Dropbox, Github, Google Cloud, HP, HubSpot, Microsoft Azure, Mixpanel and Zendesk.

Ignyte also incorporates Challengex, a dedicated platform for coding competitions and challenges, and offering access to AI models and data.

The new start-up platform will also provide a bridge for start-ups to engage with some 500 corporate organisations and government entities, creating opportunities for collaboration and innovation.

Ignyte will both support a wide cross-section of startups across different locations and free zones, and provide a platform through which the government, startup programmes and investors can engage with Dubai-based startups regardless of their location or business focus. Since the platform is curated by DIFC, which is also developing the Dubai AI Campus, the community may naturally lean towards AI, web3 and fintech start-ups.