Ministry of Economy Launches New Development Plan to Support Young Innovative Companies

The Ministry of Economy has launched a new plan to develop the National Programmer to Support Young Innovative Companies to stimulate national entrepreneurship and increase the number of projects in line with the country's innovation standards.

The plan, developed by the National Programme for Small and Medium Enterprises, SMEs, in the Ministry of Economy, was launched in cooperation with its partners, including 15 federal and local government bodies, academic institutions and representatives of the private sector.

Two main phases have been devised to facilitate the development of the programme. The first is the formation of an Innovation Management Committee, headed by Dr. Adib Al Afifi, Director of the National Programme for SMEs.

The committee will work to activate the services and initiatives provided by the National Programme to Support Young Innovative Companies and adopt mechanisms for the membership of innovative projects through its partners.

The second phase involves the establishment and launch of a unified and innovative e-platform that provides an advanced mechanism to accept the membership of projects and create a state-of-the-art database.

During a press conference held in Dubai in the presence of members of the Innovation Management Committee of the National Programme to Support Young Innovative Companies, Dr. Al Afifi said that the agreed development priorities during the next phase include updating the registration mechanisms at the programme site, identifying the services provided by the partners within the programme and establishing a mechanism for linking and exchanging information, developing a unified database that ensures the measurement of the innovation standard, developing an improved mechanism for registering members, integrating members into the programme who are registered with partners and granting them membership.

He explained that the cooperation between the partners to achieve this plan will include a number of integrated pathways, most notably the development of the innovation platform and the mechanism of accepting innovative members of start-ups; and will strengthen channels of direct and indirect financing, increase training programmes and capacity development, and provide more opportunities for member companies to participate in exhibitions and related events.

The ministerial decision issued last year by Sultan bin Saeed Al Mansoori, UAE Minister of Economy, to launch the National Programme to Support Young Innovative Companies identified innovative activities as those that include products and services of an innovative dimension, consistent with the National Strategy for Innovation and that add value to the knowledge economy.

The resolution also established the criteria for defining Young Innovative Companies, including that they should not be more than five years old, individual ownership should not be less than 50 percent of the company's capital, the definition of SMEs should apply according to the standard definition adopted by the UAE Cabinet, and they must be registered in accordance with the provisions of the Commercial Companies Law in the UAE.