Innovation accelerator to be launched next week: Al Tayer

An innovation accelerator will be launched next week, bringing together innovation experts, best-in-class innovation practices and game-changing technology platforms, by facilitating access to skills and customers and providing funding, including share capital and convertible bonds and networking services, a top official said yesterday.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, told the Federal National Council, the Dh2 billion Mohammad Bin Rashid Innovation Fund will launch the accelerator so that guarantees are provided to help finance entrepreneurs in the creative sectors.

Al Tayer was speaking as Abdul Aziz Abdullah Al Za’abi, second deputy speaker of the House, put a question on measures taken to activate the fund — a federally-sponsored initiative conceived and sponsored by the Ministry of Finance to support local innovators in accessing affordable finance through the provision of a government-backed guarantee.

The minister said expatriates and foreigners, who meet certain conditions, can now apply to seek the fund’s support to their innovation projects.

Al Za’abi asked how much the fund has spent since its establishment. Al Tayer said the fund is not providing direct funding, but provides a guarantee as security to a financier, as an incentive to encourage the issuance of a loan and to reduce collateral required from the applicant.

“Projects must operate within industry sectors prioritised in the UAE’s National Innovation Strategy,” Al Tayer said.