The Dubai government launched ‘Dubai Next,’ an integrated digital platform that allows youth and innovators from diverse nationalities in Dubai to secure the required funding to launch their projects.
The platform is operated by government agency Dubai SME as a non-profit and uses the model similar to Kickstarter, the pioneering U.S.-based crowdfunding platform for creative projects.
According to its website, all business ideas are eligible to apply for crowdfunding except for activities that are not Shariah-compliant, and, following all-or-nothing policy, individuals and start-ups can collect only when 100% of the funding goal is reached.
Dubai Next assesses and must approve of proposed campaigns before they can start raising funds on the platform. Campaign owners on Dubai’s platform need only pay a 5% service fee if their projects are successfully funded.
Dubai Next is also a reward-based platform, which means that campaign owners must offer contributors something in return for their backing.
For example, Emirati game design company Floof and Friends, currently behind one of eight active campaigns on Dubai Next, is offering backers a reusable tote bag for a minimum contribution of 100 dirhams.
The platform does not mention the minimum and maximum size of campaigns. As a gauge, the current smallest campaign is for 3,500 dirhams and the biggest is for 760,000 dirhams ($207,000), that will go to Innovation Floor, a company affiliated to Dubai SME, to develop its UAE Mission to Mars 3D game/simulator.
As part of its remit to support small enterprises in the emirate, Dubai SME will provide support to launch and grow the businesses behind the campaigns.
A statement on the Dubai government media office website explains that the package of incentives includes incubating the idea in the Hamdan Innovator Incubator or in one of the 14 certified incubators in the emirate.
However, you won’t be able to back campaigns if you’re not based in the UAE. Campaign backers must be based in the country and use the Smart Dubai payment gateway to make their contributions.
Source Salaam Gateway