The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, announced that 24 new innovative businesses have been accepted into its Accelerator Program. This program is in line with MBRIF’s commitment to foster a culture if innovation and support the UAE’s thriving innovation ecosystem.
The Accelerator Program is one of MBRIF’s key initiatives that offers innovators the opportunity to validate their business plans, scale up operations, promote growth and gain access to new markets and potential investors that can help them shape their offerings in line with the market needs.
Commenting on the announcement, Fatima Al Naqbi, Ministry of Finance representative of MBRIF, said: “We are pleased to welcome the new cohort into our Accelerator Program and look forward to supporting them in their entrepreneurial journey by equipping them with the tools they require to take their innovations to the next level. Today, the UAE is home to a melting pot of innovative businesses with entrepreneurs hailing from different backgrounds and diverse fields. This spells the need for reliable partners such as MBRIF to nurture innovations and entrepreneurship in the region and further accelerate the UAE’s knowledge-based economy.”
The new cohort, the largest to date, was selected from over 150 applications. 13 of the selected new members and businesses are headquartered in the UAE while 11 are internationally originated companies from across three continents, with most of them already having a presence in the UAE. Of the new members, 50% are at growth stage, 25% market entry stage and 25% prototype stage. The new cohort program officially begins in September 2021.
The cohort comprises innovators who are breaking new ground in critical sectors identified by the UAE’s National Innovation Strategy including; Education, Health, Renewable and Clean Energy, Technology, Transportation and Water.
The new members include:
- I Hear You: A bi-directional digital platform that converts text/speech to sign language
- CogniSigns: An innovative digital screening solution for autism and giftedness
- Ennoventure: A novel connected packaging technology offering digital anti-counterfeit solution with the capability to encrypt any information
- Hayi: hyperlocal social network for neighbor hoods that provides neighbors with an exclusive platform to connect, share information and befriend those in close proximity
- SpiderSilk: A cybersecurity technology company specializing in attack surface management and threat detection
- The Fitting Room: A bespoke digital fashion marketplace that connects shoppers to designers for a next level fashion experience
- Works: A no-code platform that helps users develop enterprise-grade software applications
- Dal Global: A digital platform for charity that connects donors and beneficiaries with the aim of breaking the cycle of poverty and encourages resources reuse and circular economy
- Kanari AI: An artificial intelligence powered Arabic multi-dialectal speech solutions provider
- InfraLytiks: A machine learning, automation and artificial intelligence company that offers solutions focused on making data more meaningful
- Direct Debit: An automated payment platform that facilitates the payment of utility bills, school fees, loan repayments, and more
- Propy: A blockchain powered Real Estate solution
- Opteam: An AI driven complete platform that aims to optimising the lifecycle of assets and infrastructure
- Xsite Health Global: A mobile health clinics provider
- Activ: A sports venues booking and networking platform
- DC Medical: An early diagnostic tool for premature births
- Count’d: A personalised lifestyle app designed to help people meet their health goals
- FortyGuard: A comprehensive urban cooling solution
- ECOLOO: An award-winning biological waste treatment solution
- CupMena: An Agri-tech that grows natural products from coffee ground waste
- CamCom: An artificial intelligence powered platform for quality assurance
- Trident Trackway: A manufacturer of modular products using recycled plastic waste
- Hawa Water: A company that uses atmospheric water generation technology to convert air into filtered and mineralized drinking water in 100% recyclable glass bottles
- Krispr: A smart farming solution
Over the years, the MBRIF Accelerator program has significantly contributed towards bolstering the innovation ecosystem in the UAE. Since the inception of the program in December 2018, the Accelerator has brought together 78 members from applications in 65 countries, from diverse sectors of the economy such as technology, health, education, transportation, clean energy, water & space among others. The Accelerator places emphasis on nurturing and growing local entrepreneurs to advance the innovation in the UAE.
