DUBAI NEXT: HELPING ENTREPRENEURS TAKE THE NEXT STEP!
The Crown Prince of Dubai, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, on the 19th of May 2021, launched what could potentially be a path to success for the hidden entrepreneurs, both young and old. Dubai Next, a digital crowdfunding platform, allows the community to support people with brilliant ideas in their goal to turn that idea into a reality.
Crowdfunding, an already popular form of community funding in the western world, is the use of public contributions in raising the required funds for a particular goal. In crowdfunding campaigns, the contributions from people are merely from goodwill and the donators need not be repaid for their funding. This makes it an ideal way for innovators, held back only by lack of funding, to bring their vision to fruition.
The platform launched by the Crown Prince of Dubai allows the entrepreneur to introduce to the public, through pictures, descriptions, videos and locations, their business ideas and enables anyone to support the campaign by contributing amounts from AED 100 upwards. It also allows the entrepreneur or the campaign manager to reward the supporters of the campaign for their kind hearted help, once the target is met. The contributors can choose either to be anonymous or to have their name visible to the public in the campaigns main page.
Once the campaign target is met, Dubai SME, a government entity established in 2002 to aid and assist small and medium enterprises, will be the authority issuing the license for the business. The Dubai Next platform is expected to be working with Dubai SME to aid the start-ups in getting their business setup. The platform also ensures that if a campaign does not meet its target, all amounts contributed will be returned to the contributors, thereby ensuring the public funds are available to support other campaigns which will be able to meet their target.
Dubai Next provides all the hidden innovators, entrepreneurs and dreamers a public platform through which they can start their entrepreneurial journey. This move is expected to increase the number of start-ups in Dubai, which is looking forward to becoming an international business destination. With moves such as this and the introduction of 100% expat owned companies, it is only a matter of when, rather than if, the worlds leading companies can say they have their roots in the UAE.