The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance (MoF) to support innovation in the UAE, has selected 24 new innovative businesses into its Accelerator Programme.
One of the key initiatives of MBRIF, the Accelerator Programme aims to foster a culture of innovation and support the UAE’s thriving business ecosystem. It offers innovators the opportunity to validate their business plans, scale up operations, promote growth and gain access to new markets and potential investors that can help them shape their offerings in line with the market needs.
The new cohort, the largest to date, was selected from over 150 applications. 13 of the selected new members and businesses are headquartered in the UAE while 11 are internationally originated companies from across three continents, with most of them already having a presence in the UAE.
According to MBRIF, half of the new members of the program are at the growth stage, 25 percent market entry stage and 25 percent prototype stage. The new cohort program officially begins in September 2021.
“We are pleased to welcome the new cohort into our Accelerator Programme and look forward to supporting them in their entrepreneurial journey by equipping them with the tools they require to take their innovations to the next level. Today, the UAE is home to a melting pot of innovative businesses with entrepreneurs hailing from different backgrounds and diverse fields. This spells the need for reliable partners such as MBRIF to nurture innovations and entrepreneurship in the region and further accelerate the UAE’s knowledge-based economy.”
The cohort comprises innovators who are breaking new ground in critical sectors identified by the UAE’s National Innovation Strategy including, education, health, renewable and clean energy, technology, transportation and water.
Over the years, the MBRIF Accelerator programme has significantly contributed towards bolstering the innovation ecosystem in the UAE. Since its inception program has brought together 78 members from applications in 65 countries, from diverse sectors of the economy. The Accelerator places emphasis on nurturing and growing local entrepreneurs to advance innovation in the UAE.