Crown Prince of Dubai launches digital crowdfunding initiative to boost entrepreneurship
Dubai Crown Prince and Chairman of The Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum on Wednesday launched Dubai Next - a new digital crowdfunding platform that will support entrepreneurs and startups.
Crowdfunding is the use of small amounts of capital from individuals to finance new business ventures. With the use of digital technologies, aspiring entrepreneurs can now present their ideas and projects to a larger segment of the community locally and globally, and obtain direct financing or support in marketing the idea.
Sheikh Hamdan commented “The Dubai Next platform will contribute to stimulating positive competition and encouraging youth to put forward ideas as well as obtain community support through crowdfunding. It will also empower a generation that is capable of succeeding in a competitive commercial environment, thus reinforcing the fundamental role of SMEs in economic development so that the UAE can continue to stand as a model for youth empowerment.”
He added that the UAE continues to give increasing attention to the sector through initiatives and programmes launched to support entrepreneurship in the city.
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