Business News
UAE’s Tawazun targets more support for start-ups
Abu Dhabi: Tawazun will be working hard to identify and support the most promising and innovative start-ups in 2020 according to its executive director for strategy Dr Yehya Al Marzouqi, as the group looks to bring commercially viable ideas to the market.
Speaking to Gulf News on the sidelines of the Technology Pioneers Summit in Abu Dhabi, Al Marzouqi said Tawazun was open to both local and international start-ups, particularly through its work with the Khalifa Innovation Centre.
“We want to bring the position of the Khalifa Innovation Centre forward so that entrepreneurs know that it is there, that there is a strong support system available in Abu Dhabi that is open to them if they have a good idea that they want to implement.
“When it comes to what we are looking for, biotech and advanced material science are high on our agenda as we are in manufacturing. We want to see technology being used for the good of mankind,” he added.
When it comes to what we are looking for, biotech and advanced material science are high on our agenda as we are in manufacturing. We want to see technology being used for the good of mankind.
“I wish we could open a laboratory tomorrow for 15 million people, to help address the coronavirus,” he said.
“The main thing obviously, when they come and pitch their idea to us, is that we look at whether it is commercially viable. If we see that the idea is good and can have a market impact, we grant them the Dh300,000 as seed funding for them to succeed,” he added.
Upstarting Enterprise
Al Marzouqi said he was in no doubt about the need of supporting upstarting enterprises, calling their impact on the economy bigger than most major conglomerates.
“The backbone of any economy are the small and medium enterprises (SMEs). In a knowledge-based economy, which is what we are trying to achieve, you need these bright ideas to flourish.
“If you look at Dubai the majority of jobs are created by SMEs and not the big companies, it’s the SMEs that are driving the job growth more than big conglomerates,” he added.
Al Marzouqi said his outlook was positive for the UAE’s SME scene in 2020 and beyond, highlighting how the UAE had overtaken Singapore in attracting talent.
“We should give ourselves a round applause for that, but, we should also not become complacent because others are working very hard and putting a lot of money to attract talent as well.
“So looking ahead 5-6 years down the road I think we are going to continue being the talk of the town. I see bank maturity going up when giving loans out to new businesses, they will start giving loans not just based on balance sheets but on revenue generation,” he added.