(MENAFN- Khaleej Times) Published: Thu 4 May 2023, 12:24 PM The world of tech has a new champion, and he's not from Silicon Valley.
Indian social entrepreneur Pratik Gauri, founder of 5ire, the world's first blockchain company focused on sustainability, has chosen the UAE as the base for his billion-dollar unicorn company. At the age of 31, Gauri has set his headquarters in Dubai, stating that "it ticks all the right boxes."
"I went to about 50 countries to see where it made the most sense to base our operations. The UAE came out on top of the heap," said the man widely known as the creator of the fifth industrial revolution.
Dubai's strategic location and its educated, collaborative, and well-funded ecosystem make it an ideal base for the company's operations, Gauri said.
"There are three types of capital that I look for when basing a company," he explained. "The first is human capital. The people in the UAE are educated about web3, and the awareness is very high. The second is relationship capital. The relationship orbit that the UAE, especially Dubai, offers is close to none. People are willing to help and collaborate. The third is financial capital, of which the UAE has no dearth."
Gauri's startup 5ire (pronounced Fire) is not just any blockchain ecosystem; it merges sustainability, technology, and innovation to usher in the 5th Industrial Revolution (5IR) and accelerate the implementation of the United Nations 2030 Agenda for Sustainable Development. With $100 million in Series A funding from the UK-based conglomerate SRAM & MRAM, 5ire became a billion-dollar unicorn in just 11 months, making it the fastest in India.
"We want to shift the paradigm from 'for-profit' to 'for-benefit' economy through 5ireChain," says Gauri, who holds an MBA from the Indian Institute of Foreign Trade and a Certificate in Strategic Management from the University of Chicago.
Pratik Gauri with former US President Barrack Obama at the Business Leaders Lunch in Melbourne, Australia in March 2023 The idea of the company was born out of a casual chat over tea at a roadside restaurant in Gurgaon, India, with Gauri's long-time entrepreneur friend Prateek Dwivedi. "Both of us had made enough money,” said Gauri“Prior to 5ire, I had founded eight companies while Prateek had also launched several businesses. We decided to do something different. I have always believed that service of humanity and social good can work hand-in-hand with business. When I met Prateek, I found that we were on the same page. We laid out our plans on a tissue paper, which I still have.”
"Prateek Dwivedi, the co-founder of the company, spoke highly of the UAE Government, saying, 'Truth be told, many governments claim to be progressive, but the UAE government truly embodies progressiveness in its handling of everything, making processes easy and having the resources to back it up. The way they have handled the pandemic and transformed Dubai into a global hub is truly impressive. It serves as a model for governments worldwide on how to effectively interact with entrepreneurs. I am excited to be here for the long haul'."
In 2023, 5ire announced partnerships with Abu Dhabi University to democratise access to information and technologies, as well as with NITI Aayog, India's apex public policy think tank.
Gauri is often called the 'Mark Zuckerberg of India' and has been invited to speak about his work at prestigious forums around the world, including the World Economic Forum in Davos, the Skoll World Forum in Oxford, the Nobel Peace Prize Forum in Oslo, and the United Nations in New York. His dream is to make a positive impact on the lives of over a billion people, and he believes that Dubai's strategic location and dynamic ecosystem will enable him to achieve this goal.
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