Dubai’s Status as a Global Innovation Hub Strengthened by Growth in Funding at the ‘in5’ Business Incubator in 2023
In 2023, the in5 business incubator, a part of the TECOM Group, saw a notable increase in economic growth as its startups managed to raise a total of 3 billion Emirati dirhams in funding, marking a 25% rise. This achievement underscores Dubai’s standing as a preferred global investment hub and a magnet for innovators worldwide.
The impressive results were announced during the “STEP 2024” conference in Dubai, organized in collaboration with Dubai Internet City. The event highlighted the growing interest in startups and their creators, a trend bolstered by government initiatives aimed at solidifying Dubai’s status as a global leader in fostering new ideas and providing a conducive environment for startup growth.
Majid Al Suwaidi, the Senior Vice President of TECOM Group, underscored the pivotal role of startups in driving economic growth and sustainable development. He emphasized how these companies offer innovative solutions to existing challenges and help shape the future economy. Al Suwaidi also reiterated the group’s commitment to offering essential support to entrepreneurs worldwide, facilitating their global expansion through Dubai within the framework of Dubai’s economic agenda, “D33.”
Catering to specialized sectors like technology, media, design, and sciences, in5 provides a comprehensive support system that contributes to local, regional, and global economic development. Since its inception, in5 has successfully nurtured nearly 900 startups, solidifying its position as a premier incubator for innovation and entrepreneurship.
Notably, in5 Technology, situated in Dubai Internet City, saw a 13% uptick in active startups last year, bringing the total number of companies to 270. During its participation in the “STEP 2024” conference, in5 showcased ten of its most pioneering startups spanning fields such as cloud solutions for business management, e-learning platforms, real estate technology, and sustainable platforms for oil and gas procurement.
Moreover, in5 expanded its global reach by hosting startups from Luxembourg and Poland, forging strategic partnerships with commercial and investment entities from these countries.
Furthermore, in5 collaborated with “Dubai Holding” on the “Innovate for Tomorrow” challenge, aimed at addressing sustainability issues in the UAE. This initiative provides a platform for innovators to present their solutions, with winners receiving valuable prizes, financial backing, and the chance to execute a pilot project with “Dubai Holding,” paving the way for tangible applications of sustainable innovations.
