By Saeid Alnofeli / Gulf News
What’s a better path to success? Being part of a group or going at it alone?
For many entrepreneurs, being part of a larger entity has helped get their businesses off the ground much more efficiently. Thus, an incubator can be the perfect step towards taking take your idea from the paper napkin to profit. Starting your own business can be exciting but also daunting, and you’ll probably come across unexpected challenges that you’ll need to navigate through to succeed.
The impressive start-up culture in the Middle East has led to the development of government organisations setting up numerous initiatives to support this rise in innovation. In recent years, the region has become home to over 5,500 start-ups, indicating an excitement for — and surge in — the innovation sector. From mobile apps for every aspect of your life, to services you didn’t know you needed, to life-changing products, entrepreneurs are brimming with ideas.
The urge to create and bring these ideas to life is ever-present, leading to competition across industries. Cue incubators to help entrepreneurs find an edge in this competitive market. An incubator is a programme that offers just-hatched start-ups the guidance and support to grow. Incubators help start-ups to be investor-ready, providing the knowledge and tools necessary to develop their products, enter the market, and start generating sales.
The UAE is, by many measures, the entrepreneurial and innovation capital of the region and as a result, home to a large and growing number of incubators that provide entrepreneurs with office space, business advice, and funding for their emerging start-ups. According to a report by Magnitt, the UAE leads in MENA as home to 42 per cent of its start-ups, followed by Egypt (12 per cent), Lebanon (9 per cent) and Jordan (8 per cent).