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In order to enhance the role of business incubators to achieve the goals of sustainable economic development in Abu Dhabi
Department of Economic Development (DED) Abu Dhabi organized the fourth meeting for the council of Technology and Innovation Pioneers today in the Global Market headquarter, aiming to enhance the role of business incubators to achieve the goals of sustainable economic development in Abu Dhabi, by reinforcing cooperative work among all relevant authorities.
The meeting was attended by H.E. Ahmad Al Sayegh, the Chairman of Abu Dhabi Global Market ADGM, and H.E. Khalifa Bin Salem Almansouri, Acting Undersecretary of the DED in addition to representatives of the Global Market, DED, ADNOC, SEHA, MUBADALA, Etihad Airways, Khalifa Fund, Media Zone Authority, the United Arab Emirates University, Emkan Finance, and IBM company.
H.E. Ahmad Al Sayegh, the Chairman of Abu Dhabi Global Market in the opening remarks mentioned that innovation is a key factor in the development of the business sector as a catalyst for growth and sustainability for all economic sectors.
Moreover, Al Sayegh emphasized that ADGM as a global financial center with innovation as a strategic priority is keen to support innovations within a comprehensive legal and ecosystem framework, in collaboration and coordination with banks and finance advisors to achieve secure electronic registrations for pioneering projects.
He added that ADGM tends towards supporting efforts to provide additional materials for innovators so as to accomplish success for their inventions, making Abu Dhabi a trade and financial center at the regional & international levels. In this framework, he praised efforts exerted by the DED in Abu Dhabi to reinforce the role of innovation in the local market of Abu Dhabi.
On his part, H.E. Khalifa Bin Salem Almansouri, Acting Undersecretary of the DED in the opening remarks of the fourth meeting for the Council of Technology and Innovation Pioneers (TIP), expressed gratitude to ADGM for embracing the agenda of the fifth meeting for the Council of TIP. Besides, he welcomed the presence of ADGM within the main partners of Technology and Innovation Pioneers TIP platform.
H.E. the Acting Undersecretary of the DED stressed the significant impact of business incubators in the reinforcement of business in Abu Dhabi. By enabling the sectors to communicate with specialized incubators that are linked with universities, research centers or prior sectors, which will represent a pull factor for the emirate, and a genuine empowerment to see the outputs of knowledge economy on the ground.
On his part, Mr. Salim Bin Shbeib, the Innovation & small-medium Enterprises Advisor at the DED provided a presentation in the meeting in which he explained the definition of incubators, and the decision of the DED regarding the licensing of business incubators, goals of establishing, and mechanisms of registration for business incubators. As well, he defined (Innovator) permit will be organized and issued by incubators so as to empower it to attract competences to build the innovation system.
Bin Shbeib also explained that business incubators activity is practiced by a natural person through a variety of expertise, qualifications and intellectual property acquired as a result of studies and recognized academic or professional disciplines. Noting that regulating of licenses and activities of innovation incubators, and the issuance of (innovative) permit in Abu Dhabi aim to empower the attraction of innovators to work through innovation incubators.
In his presentation, he mentioned that the owner or representative of the innovation incubator had to commit providing the resources required for professional activity in the incubator. In addition to cover registration expenses of intellectual property in case of successful innovator. He/she will also undertake arranging public campaigns & product marketing campaigns, and building links between corporations from both the public and private sectors with innovators, aiming to facilitate their integration within business environment and increasing their productivity.
In regard to issuing the innovator permit by the DED, Bin Shbeib added that any individual of graduates and academics in Abu Dhabi or undergraduate is entitled to issue the permit for two valid years. The authorized will practice his/her professional activity starting from the business incubators and the permit may be extended for further years two years after its expiry, if the activity is agricultural or pertaining to agriculture. Also, it may be extended for one year for other kinds of activities.
At the fourth meeting for the council of TIP, the interventions of the participants were made available to clarify their interest in establishing business incubators under the conditions the criteria set by the TIP platform of the DED. According to with the laws & regulations for licensing economic activities at the level of Abu Dhabi, while a number of participatory projects have been reviewed, which support the system and mechanism of linking it to the TIP platform.
Within the meeting, a set of challenges have been addressed in order to be prioritized within the empowering, high lightening it and scheduling of incubators, in preparation for the presentation and creating appropriate findings and solutions. Noting that one of the most important objectives of the Council is to involve all relevant actors in the process of developing innovation system and the establishing business incubators, by creating actionable short-term solutions that enable them to follow and monitor long-term objectives.
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