(MENAFNEditorial) As the UAE continues its diversification from an oil and gas-based economy to a more knowledge-based economy, Abu Dhabi University's Innovation and Entrepreneurship Center "ADU Enterprise" has entered a synergy with Khalifa Fund for Enterprise Development to launch the nation's first "Khalifa Fund for Technopreneur Projects Competition". The goal of the competition is to integrate Technology into Entrepreneurship, so that technopreneurs can learn how to transform a technical idea into the final prototype ready for the market.
Entries to the competition from interested entrepreneurs are accepted until 26 February 2014. Shortlisted candidates will attend valuable workshops on how to accelerate the process between the technical idea and a market-ready product. The three most exceptional candidates will be selected as winners to receive seed funding from Khalifa Fund for Enterprise Development if they meet the Fund's condition, as well as valuable one-to-one mentoring in business and technical expertise from one of the region's leading centers of entrepreneurial excellence, "ADU Enterprise". The Centre will also provide the winners with access to the University's resources, advanced infrastructure, in-depth technical support, highly experienced faculty and extensive networking opportunities to perfect their skills.
Detailing the rationale behind the competition, Abu Dhabi University's Chancellor Dr. Nabil Ibrahim said: "One of the UAE's greatest assets along with oil and gas is the intellectual wealth of the nation's people. Unfortunately, many aspiring entrepreneurs are discouraged by the misconception that starting a technology-based business is too costly and is only for giant corporates. However, through this competition, we're hoping to prove that intellectual wealth is the gateway to financial wealth, and not the other way round. Khalifa Fund for Enterprise Development is the ideal partner in our joint venture, as their remarkable track in shaping the SME landscape and supporting young entrepreneurs mirrors our own impressive track record on the innovation frontier, which was reflected by ADU's most recent achievement in winning the title of "Best Supporting University for Entrepreneurship" in the UAE and the Arab World during the Mohammed Bin Rashid Award for Young Business Leaders in its 8th cycle. The award is a testament to the University's leadership stature in supporting the advancement of entrepreneurship in the UAE, and coincides with the University's 10th anniversary celebrations."
On his part, H. E. Ibrahim Ahmed Al Mansoori the Chief Operation Officer of Khalifa Fund for Enterprise Development said: "Khalifa Fund is very keen to support and encourage the Emirates to come up with creative ideas in the technology sector. The Fund gives special interest to the valuable projects, which help in conveying the technology to the local market. We are aiming to make the Emiratis entrepreneurs able to participate in supporting the local economy and to empower the knowledge economy. Launching Khalifa Fund for Technopreneur Projects Competition will contribute in encouraging the entrepreneurs to innovate and being creative in the modern technology sector. We hope the winning, success and benefit for all participants".
Echoing these sentiments, Rima Shaban, Manager of ADU's Innovation & Entrepreneurship Center added: "The missing support in the entrepreneurial programs in the UAE and the arab world lies in the prototype development phase, very few programs offer support during this early stage of enterprise creation. Through this competition ADU with the support of the Khalifa Fund for enterprise Development aim to support entrepreneurs, with technology and knowledge based ideas, to develop their prototype and the business model, and to funnel them for further support from the Khalifa Fund for Enterprise Development. ADU Enterprise, offers support for all entrepreneurs in the UAE community through training course and many other entrepreneurial activities organized by the Center on a regular basis"
To be eligible to enter the competition, individuals or groups applying must have a technology-based idea that they wish to convert into a feasible business and 50% of any group should be Emirati, and candidates must be based in Abu Dhabi or surrounding areas.
Interested candidates can register or get more details on www.technopreneurae.com
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