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New Islamic start-up incubator launched in Dubai
MAGNiTT News gulfbusiness.com - 2 years ago - Mon, Feb 26, 2018, 12:00 PM
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By Gulf Business Staff Writer / Gulf Business - Image Credit: Gulf Business
SOURCE: Gulf Business - New Islamic start-up incubator launched in Dubai
Dubai Airport Freezone Authority (DAFZA) has partnered with Dubai Islamic Economy Development Centre and venture firm Technolera to launch a new start-up incubator focussed on ethical practices in the Islamic and halal industries.
Goodforce Labs is being launched as part of the UAE’s Innovation Month and will seek to help Islamic small and medium enterprises to reach $50m in annual revenues and a “measurable social impact”.
It will help start-ups to start, manage and develop their businesses into social impact driven companies while providing support in areas including design, marketing, operations management and technology.
DAFZA said there are more than 2,500 companies in the ethical Islamic lifestyle market but many struggle to grow and survive.
“This incubator will be pivotal in supporting Islamic industries, developing the Halal sector, and spreading the Islamic lifestyle which encompasses culture, arts, and family tourism around the world,” said DAFZA assistant director general Nassar Al Madani.
Start-ups that have signed up to the incubator so far include handicraft e-commerce platform Growmada, cloud-based charitable endowment manager Waqf 2.0, disciplined entertainment product specialist Zileej and modest women’s clothing firm Rabia Z.