His Highness Sheikh Mohammed inaugurates a ‘Youth Hub’ for young entrepreneurs
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai launched the ambitious trade incubator ‘Youth Hub’ for aspiring young entrepreneurs. The incubator is an initiative by the Federation Youth Authority, and bound to become the largest of its kind in airports, trading centers and cultural and tourist facilities in the state.
The initiative will provide free spaces with key services and facilities to support young entrepreneurs develop and launch their business ideas. The facility includes incentives such as guidance, mentorship, industrial knowledge sharing, marketing and branding education: all core essentials for the success of a startup.
The incubator partnered with a group of key strategic industrial stakeholders who will collaborate to provide young entrepreneurs with opportunities. These include connecting them with clients in order to enhance the outreach of their proposed products and increase the performance of the startup as a whole.
Additionally, the incubator will cover the space cost required for startups to operate, which will minimise the cost borne for young entrepreneurs, who can use the saved capital to enrich investment into their product and focus on delivering strong proof of concept market-oriented services and products.
The induction of startups in the incubator will help the participating entrepreneurs learn from the industrial knowledge offered by visiting faculty members, who will hail for a vast global business landscape, during the entirety of the programs. Moreover, simultaneously working with equally ambitious mindsets will positively influence the approach of the entrepreneurs, by focusing on sharpening their competitiveness to improve the performance of their product to match the hard work their peers are putting in.
The admission to the Youth Hub is restricted to young entrepreneurs who belong to the 18 to 35 age group. The programs will enable entrepreneurs to launch their companies within six months in the most profitable areas of Dubai. As part of its commitment to assist the young minds in every way possible, the Federal Youth Authority along with its partners will provide spaces to these startups in major shopping malls and trading centers including Yas Mall, Dubai International Airport, Dubai Mall and many other profitable zones.
The admission criteria dictate that startups come up with novel ideas for their products, present a proposal based on the detailed study of the market they will be targeting and above all prove the ‘Wow’ factor of their products/services.