Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, has announced the launch of the Hamdan Innovation Incubator, a complete support environment to stimulate and foster innovative entrepreneurial projects in the nation's youth, under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
To introduce the Hamdan Innovation Incubator (H2I) and its features to the public, Dubai SME has also set up a stand at the Star Atrium in Dubai Mall. Dubai Media Inc. (DMI) is the media partner of the stand, which will receive visitors from the 11th to 15th of September 2014.
Sheikh Hamdan, asserting the importance of the initiative, said that H2I is a critical step in line with the goal of Dubai to promote creativity and entrepreneurship and the role of young Emiratis in overall economic activity. He added that H2I would make a huge impact and stimulate a new movement towards sustainable growth and economic development.
Sheikh Hamdan also reaffirmed that Dubai would continue its ongoing focus and efforts in nurturing business and enabling youths to translate their business ideas into viable projects. H2I will allow the innovative and enterprising young professionals to articulate their concept and then incubate, launch and grow it into a competitive business.
Spread over a 20,000 square-foot area in the Business Village in Deira, H2I will become the largest such hub for young and aspiring entrepreneurs in the region when it is officially launched in the last quarter of 2014. Youths and their start-ups will find it a complete ecosystem where they will have all the support in terms of knowledge, guidance and all other forms of support for the uninterrupted evolution and growth of their business concepts.
Dubai SME will build a diverse partnership network with businesses, universities, technology companies and varied institutions in order to identify, encourage and support business initiatives and the early stage development of start-ups. Innovative projects incubated at the centre will be patented and clients will have access to a high quality infrastructure.
Sami Al Qamzi, Director General of DED and Deputy Chairman and Managing Director of DMI, said, "We are thankful to H.H. Sheikh Hamdan for his vision and drive that help us to come with critical initiatives that help our youth develop their skills. H2I is the result of a great deal of hard work, which DED and its agencies put together – developing the business community and creating opportunities. Dubai SME especially have made a remarkable addition to their entrepreneurship development efforts with H2I." Abdul Baset Al Janahi, CEO of Dubai SME, said H2I marks a new beginning in youth development and innovation. "H2I will be an effective vehicle in channelling youth creativity and building an entrepreneurial talent capital in Dubai. It reinforces Dubai SME's role as the chief engine and resource for entrepreneurial growth. We will work with higher education institutions to attract innovative youth talent and Dubai SME can even tailor our support to the specific needs of those institutions." H2I will specifically look at helping the youth and start-up firms navigate the challenge of early stage development with a suite of services that help identify and remove obstacles and bottlenecks and allow future entrepreneurs maintain their focus and move forward.