The rapid economic development in UAE has provided Dubai Startup Incubators business climate and avenues to start afresh. Several initiatives are set to foster entrepreneurship and offer varied resources.
What is startup incubation?
To put it in simple words startup incubation implies offering resources to start a business. It majorly includes expanding organically, handling finances, getting clients, preparing for marketing activities, start a corporation, concept into practice, cultivating innovation and technology, and many more allied activities for initiating a startup.
Stages of Startup incubation
The stages of Dubai startup incubation can be categorized in four stages namely:
The Dubai startup incubators assess and analyze the profitability and feasibility of the proposal. A transparent plan is required to be prepared for identifying ideas and requirements, the geographies, the human resource, and how everything can be manifested into practice.
When starting any business in Dubai, the first step before launching is to establish a trade license. For acquiring the license, an appropriate legal framework about the startup operations is to be formulated. The Dubai Startup incubators assist in following guidance in this stage:
- Setting up the startup
- Office space options
- Bank account opening
- PRO Services
- Bookkeeping and accounting services
- Marketing consultancy
- Regulatory compliances
Once the business is set up, then the incubators are responsible to arrange for appropriate operational support. This includes training employees, developing lead generation, building brand awareness, and putting in efforts for acquiring quantifiable revenue. This support can be acquired through getting following services:
- Accessing guarantee programs, loan funds, bank loans
- Resources for higher education
- Linking strategic partners
- Identifying mentors and advisory boards
- Identifying management team.
This is the last and most important phase of startup incubation. It involves acquiring funds, expanding business, and growing service or product lines. The actual working and performance of the startup are initiated in this stage. Therefore the management has to be vigilant, updated, and enormous hard work is required. The incubators on the other hand have to be more focused.
It poses an immense challenge to start a business from scratch and establishing it. However, taking into consideration that the world is landing up in UAE, especially Dubai for venturing business, Dubai startup incubators have an immense role to play. Startup incubators offer a variety of services such as the introduction of new technology especially for the development of the product, business creation advice, and consultancy, required entrepreneurial workspace, and many more.