Three Ways Expo 2020 Is Promoting Start-ups
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Three Ways Expo 2020 Is Promoting Start-ups
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By Syeda Saniya Fatima, Analyst, Botho Emerging Markets Group
November 22, 2021
Dubai has long recognized the importance of startups as agents of innovation and catalysts to economic growth and development. As such, the country has facilitated the growth of startups and small and medium enterprises (SMEs) through capital investment and the provision of necessary enabling environments in the form of incubators, accelerators, and other such programs. In Dubai alone, SMEs make up nearly 95 percent of all companies, employing 42 percent of the workforce and contributing to around 40 percent to Dubai's GDP.
At Expo 2020, there are various programs both by the Expo organizers and the participating pavilions to promote entrepreneurs. Here are three opportunities for startups to expand their reach at Expo 2020:
Expo Live Funds Innovation
The Expo Live initiative is dedicated to identifying problem-solving innovations across the globe while also encouraging innovative ideas among UAE youth. The initiative not only provides impact grants to innovators from across the world, but also encourages university students who have shown potential in solving global and UAE-centric problems by offering them research grants. This funding provides up to USD 100,000 for impact innovators and AED 50,000 (~USD 13,613) for students. Moreover, the program also offers networking exposure as entrepreneurs can showcase their innovation stories and products at The Good Place by Expo Live Pavilion, thus supporting the innovators with funding and allowing them a crack at sustainable business growth. This opportunity enables innovators to tap into an expected 25 million visitors at the pavilion and engage with potential customers, investors, relevant policymakers, and other stakeholders.
Mentoring Startups Through Scale2Dubai
District 2020, which oversees Expo Dubai’s development and future operations, is set to support startups from emerging markets through its Scale2Dubai initiative. This MEASA-focused initiative, backed by Dubai SME and the Mohammed Bin Rashid Innovation Fund, will offer select startups various forms of support, including free working space for two years, subsidised urban living, Dubai Chamber networking sessions, and strategic mentoring to scale into and outside of Dubai. These incentives will allow innovators to enter the UAE market and partake in Dubai’s transformation into a smart city as the program focuses on the four core smart industries of smart cities: smart logistics, smart mobility, smart city infrastructure and industry 4.0. Moreover, the program will also offer investor match-making, providing an accelerator-esque support system to the startups and helping them grow sustainably beyond their District 2020 journeys.
Providing a Platform for Global Startups Under One Roof
Beyond Expo 2020 organizers’ initiatives, the participating pavilions have various programs that promote problem-solving and innovation. Many of these programs are driven by Expo’s themes of sustainability, opportunity, and connectivity, and pavilions encourage startups to think beyond addressing market gaps and create social impact. The Dutch pavilion, for example, is set to host the ‘Get in the Ring’ global startup competition that will bring in contestants that aim to tackle water, energy, and food challenges. This competition will not only highlight sustainability-driven innovation at Expo 2020 Dubai, but it will also invite selected participants to present their solutions to the world's largest investors, corporations, and governments. This exposure will offer them an unparalleled opportunity to partner with the who’s who of their respective sectors while tackling the region’s most pressing issues.
The initiatives at Expo 2020 have a common theme of providing startups with access to funding, mentorships, and potential investors and partners. In addition, they showcase the UAE government’s commitment to engaging the SME sector at large and startups in specific in their journey towards sustainability and a knowledge-driven smart economy. With these programs, Expo 2020 is a significant opportunity for entrepreneurs, particularly those looking to scale to Dubai, to accelerate their startups, connect to prospective investors and customers, and expand their reach.
Syeda Saniya Fatima is an Analyst at Botho Emerging Markets Group
For more information, contact Saniya here.