Finalists of the 2nd “Khalifa Fund Techno-preneurship Competition” to conclude training at ADU on 7th November

15 finalists’ projects who were shortlisted and selected to attend and benefit from the training sessions of the second phase of the “Khalifa Fund Techno-preneurship Competition” will conclude their training next Saturday (7^th of November). Organized by “ADU Enterprise” Abu Dhabi University’s Innovation and Entrepreneurship Centre in strategic collaboration with “Khalifa Fund for Enterprise Development”, in its second year, the competition that was launched in May succeeded in attracting around 65 applications that were shortlisted to the 15 finalists by a committee of experts. With the finale set on the 25^th of November, the top three winning teams will receive seed funding, in addition to incubation at “ADU Enterprise” to develop their project prototype and a suitable business model. Additionally, they will have the opportunity to launch their own companies with the support of Khalifa Fund for Enterprise Development in accordance with the rules and regulations applicable to the Fund.

Chancellor of Abu Dhabi University, Dr. Nabil Ibrahim expressed the University’s keenness to witness the results of this unique competition that has attracted entrepreneurs who have combined innovation and technology. “The competition is also part of a series of initiatives that ADU has launched to translate the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, on dubbing 2015 as the “Year of Innovation”. It also coincides with the directives of H.H Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to celebrate “UAE Innovation Week” from 22^nd to 28^th of November”, added Dr. Ibrahim.

He pointed out the University’s pride in its collaboration with “Khalifa Fund for Enterprise Development” in launching this competition, as it aims to encourage aspiring entrepreneurs to integrate technology with entrepreneurship, and transform technical ideas into actual products or services that serve the community and support the UAE’s move into a knowledge-based economy that fosters creativity and innovation.

On his part, Abdullah Saeed Al Darmaki, CEO of Khalifa Fund for Enterprise Development expressed the Fund’s keenness in supporting and developing projects that add value, especially in the technology sector. Al Darmaki stressed the importance of encouraging Emirati entrepreneurs to adopt creative and innovative ideas, in order to contribute to the national economy and strengthen the UAE’s transformation into a knowledge-based entrepreneurs to innovate and excel in developing projects based on modern techniques and technology. “It was part of a series of initiatives that the Fund implemented aimed at encouraging young people to embrace creativity and innovation as an essential part of the implementation of their projects. During the past three years, the Fund had succeeded in launching “Ibtikari”, an innovative program that met monumental success and achieved many goals in our quest to promote a culture of creativity and innovation. The Fund will support any of the competition’s winning ideas that are compatible with its rules and regulations”, concluded Al Darmaki.

Engineer Rima Shaban, Manager of the Innovation and Entrepreneurship Centre “ADU Enterprise” said: “We are happy to see this number of innovative project ideas working to start ventures in technology, from our experience last year; we are focusing more on enabling candidates with the capacity and knowledge to seek support opportunities wherever they can find it. Additionally, we’re also encouraging them to innovate in the business model as well as in the product design. Last year we had very enthusiastic entrepreneurs who passed this program and they are working on launching their ventures soon. We hope this year we will have quality entrepreneurs with their innovative ideas that will get support and join the technology market soon.”