(MENAFN - Khaleej Times) A UAE startup company is among the 15 finalists that pitched ideas to international investors with the aim of securing up to one billion rubles in investment at the Global Manufacturing and Industrialisation Summit (GMIS), which was inaugurated by Russian President Vladimir Putin on Tuesday in Yekaterinburg, Russia.
The Concept, a UAE company, was shortlisted from one hundred startups that were invited to participate in the "Billion Ruble Pitch" session aimed to create a platform for accelerated growth, investment attraction and scaling industrial development projects to new markets around the world.
In his key note speech, Putin told delegates his country was open for broad and equal cooperation as the world grapples with grave challenges related to climate change.
Addressing an audience of more than 2,500 government officials, business leaders, scientists and non-for-profit entities, the Russian president highlighted the hope that technology, which has changed the core principles of production, will save the planet from man's footprint is an illusion. "If nothing is done, technology will not allay but aggravate the ecological challenges as by the mid-2020s 30 per cent of global energy output will be consumed by communication devices and data storage and processing systems," said Putin.
He urged that the digital and technological revolution and the Internet of Things must not be allowed to drive the world into a resource and environmental dead-end, but at the same time human progress should not be stopped in its tracks. The solution is to develop new technologies and devices that are more efficient and less resource intensive, he said.
He said such uber-scientific manufacturing solutions must strike a balance between the biological and the techno sphere and include nature-inspired technologies. Putin indicated that Russia was willing to share its scientific infrastructure for joint research on nature-inspired technologies.
The three-day GMIS 2019 is a joint initiative by the UAE Ministry of Energy and Industry and the United Nations Industrial Development Organisation (Unido).
At the "Billion Ruble Pitch" session, selected startups showcased a variety of solutions based on advanced technologies, including robotics; advanced smart batteries for vehicles; energy monitoring software; fire safety solutions, and the use of sustainable materials in traditional manufacturing, among others.
At the end of the pitching process, an "acceleration zone" was held where the finalists could discuss their projects with investors in greater detail, with a view to securing investment in their projects. Previous projects have succeeded in attracting investment of up to one billion rubles.
Badr Al Olama, head of the organising committee for the GMIS, said the Fourth Industrial Revolution (4iR) is a key part of today's global manufacturing industry. "In order for it to have a robust and prosperous future, we must invest both time and effort in the future generation of leaders and innovators. The 15 industrial innovation start-up companies that pitched at GMIS 2019 are proof of the exciting talent pipeline in the industry that will shape its future in the years to come."
The finalists included eight Russian and seven international startups from various countries, also including Holland, South Africa and Brazil.
Global Maker Challenge winners
The Mohammed bin Rashid Initiative for Global Prosperity - the Global Prosperity Initiative - an initiative of the GMIS - on Wednesday revealed the four winners of its Global Maker Challenge.
The four winners and 12 runners-up each received a signed certificate of accomplishment from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Each of the four winners were awarded $100,000, while the runners-up were given $10,000 each.
India's A2P Energy Solution and GARV, Canada's Rumie Initiative and Africa's TruTrade were the winners.
Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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