Dubai SMEs Business Incubation Centre Achieves Major Milestones In Leading Entrepreneurial Growth
The Business Incubation Centre (BIC) at Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, has had remarkable success in promoting entrepreneurship and has graduated over 100 projects into solid businesses during the past three years.
More than half of the entrepreneurial start-ups that the BIC supported between the first half of 2010 and the same period in 2013 are spread over the commercial, professional and service sectors in the UAE. The remaining firms belong to the healthcare, food & beverages and other sectors.
Dubai SME launched BIC, a first-of-its-kind initiative in the region, in 2002 as a strategic component of the entrepreneurial development ecosystem it has sought to create since inception. BIC has well-developed programmes and a professional team of experts supporting entrepreneurs overcome hurdles and translate their entrepreneurial ideas into real business projects.
“The Business Incubation Centre serves as a complete hub for local entrepreneurs, helping them express and develop their business ideas, turn them into projects and navigate through the challenges of early stage development. We are proud of its success in qualifying over 100 entrepreneurs during the last three years,” commented Abdul Baset Al Janahi, CEO of Dubai SME.
Al Janahi said that most of the BIC-supported start-ups were conceived and launched within 18-24 months, which demonstrates the impact of the strategies adopted by Dubai SME in encouraging entrepreneurship and providing a platform for entrepreneurs to test-bed their ideas.
“The Business Incubation Centre represents a suite of services that inspires entrepreneurial talent and helps entrepreneurs maintain focus as they move through the various stages of establishing a viable business. Entrepreneurs supported by the Business Incubation Centre have easy access to a vast network of experts and mentors who assist them at each stage,” added Al Janahi.
Business assistance available for aspiring entrepreneurs at the Business Incubation Centre spans basic planning, access to infrastructure, financial and accounting management, business development strategies and human resource management. Entrepreneurs get exposure to marketing techniques, pricing strategies and best practices that enable them to grow their business sustainably.
“A major advantage of being part of the Business Incubation Centre is the choice of being a resident or off-site entrepreneur. Entrepreneurs can choose to operate from the Business Incubation Centre premises at the Business Village equipped with advanced information and communications technology connectivity and accessibility,” said Al Janahi.
BIC also provides excellent opportunities for networking and capability development to its clients in addition to a corporate address, conference and meeting rooms, administrative support and reception services.
Emirate: Dubai
Date: Sep 10, 2013
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