The Ministry of Economy Launches The National Program for Supporting Young Innovative Companies
In the presence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economiy and H.E Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences, The Ministry of Economic Situation (MoE), in partnership with 15 government and private sector entities, introduced the National Program for Supporting Young Innovative Companies today (Monday) as part of its involvement in the Third Government Accelerators Cohort, to accelerate the National Schedule of the UAE Vision 2021.
These entities consist of Ministry of Finance, Telecom Regulatory Authority, Abu Dhabi Department of Economic and Development (Abu Dhabi DED), Emirates Development Bank, Mohammed Bin Rashid Innovation Fund, Khalifa Fund for Enterprise Development, Dubai SME, Ruwad Establishment, Sharjah Entrepreneurship Center (SHERAA), RAK SME, Umm Al Quwain Chamber, Khalifa University, United Arab Emirates University and University of Duba
The Ministry declared that it is completely outfitted to release the program, within the '100-Day' challenge campaign presented by the Federal government Accelerators. The support program aims to support young firms by motivating them to introduce and develop a culture of creativity, targeted at raising the UAE's position on the Global Innovation Index (GII).
The program seeks to take innovation to the following level by developing an unified structure for innovation and putting in place certain criteria based on nationwide innovation indications. This is based upon market analysis and estimation of signs such as production, intellectual property, and research and development (R&D).
The National Program of Supporting Young Innovative Companies is connected to 16 sub-indicators within GII, the most vital which are patents, high modern technology products, telecommunications, trademarks, credit, microfinance, financial backing purchases and threats and development in the business sector.
H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy said that the National Program for Supporting Young Innovative Firms represents a considerable advance for the nation in its mission to achieve the objectives of the National Agenda tailored in the direction of making the UAE among the leading 10 innovative nations by 2021.
H.E. Al Mansoori noted that there is a wealth of ability and creative thinking in the UAE, which the program will take advantage of, adding that the brand-new effort would link innovative business with the required government entity, to provide rewards, support and promotion of their product or services.
H.E. Saif Mohamed Al Hajeri Chairman of Abu Dhabi DED stated the program plays a substantial role in boosting the country's economy and offering the required stimulus to little and moderate firms. He added that the Abu Dhabi DED is eager to partner with the National Program via its affiliate 'Takamul', to give the essential experience to companies looking for the exact same and adding value to their innovation efforts.
H.E Younis Haji Al Khouri Undersecretary of the Ministry of Finance reiterated the ministry's support of the program and its importance in enhancing the UAE's position on GII.
H.E. Abdullah Sultan Alfan Alshamsi, Assistant Undersecretary at the Ministry of Economy and Head of the Executive Team of the Global Innovation Index said the program was developed together with the MOE and its companions, after an extensive evaluation of the structure of the GII and a detailed assessment of best international methods. It will certainly assist trendsetters equate their concepts right into reality, for the advantage of the economy.