Dubai Chamber of Commerce releases whitepaper highlighting the importance of research and data for a startup's success
A whitepaper published by Dubai’s Chamber of Commerce under the name ‘Validating a Startup Business Idea’ emphasized that UAE startups require improved access to open data which would provide them with the required knowledge, skills and tools to operate in a competitive global community.
Published in collaboration with global strategy consulting firm, Roland Berger, the whitepaper highlighted key findings of markets and businesses. These key findings include:
UAE startups face issues with market validation: In many instances, businesses launch their products without properly researching the market and without determining if their product are needed in the market or not. 46% of the surveyed entrepreneurs named the lack of availability of market data as one of their key issues.
Country’s position on the World Bank’s Open Data Index: According to the whitepaper, there is a direct correlation between the ease of doing business index and open data index of a country. The higher a country is on the Open Data Index, the more the country is considered to be startup friendly.
Deloitte Analytics: As mentioned in the paper, 49 countries now have more than 220 official or unofficial websites that provide open data to businesses. This information is available in a downloadable format and available to the public at national, local, city and district level. Canada, the US and the UK are leading countries who have such websites.
Along with issues highlighted by the findings, the paper also mentions some recommendations and best practices for businesses and startups.
The whitepaper suggests that training and education for startups should be provided at a basic level, and a wider number of datasets should be shared. Globally it has been studied that government data forms the core of business models of startups, apart from market validation and market data.
The paper also suggests that the existing data should be used by entrepreneurs to form a solid partnership between startups and government agencies.
‘Validating a Startup Business Idea’ is the third whitepaper conducted by the Dubai Chamber of Commerce as part of Dubai Startup Hub’s Entrepreneurship Advocacy series examining key issues faced by the UAE’s startup community, including banking and funding challenges. Dubai Startup was launched in 2016 by the Chamber of Commerce to facilitate startups and to encourage them to form new partnerships.