ABU DHABI, 4th March, 2024 (WAM) -- The Ministry of Economy and "EWA Accelerator" launched the Investment Readiness Acceleration Programme designed to support the growth of women-led startups in the country.
The programme's main objectives are to facilitate the expansion of these companies into new economic sectors and equip women with the necessary skills to secure funding and investments and effectively connect with investors.
The programme was launched during a ceremony held at the Dubai Multi Commodities Centre (DMCC) in the presence of Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy. Representatives and leaders of various public and private sector organisations also attended the event.
The newly launched Investment Readiness Acceleration Programme falls under The Entrepreneurial Nation project, which the Ministry launched in 2021. It aims to promote gender equality and support women's participation in diverse economic sectors and activities by encouraging them to establish new entrepreneurial ventures that contribute to the country's sustainable economic development.
Al Saleh said, "The Ministry's latest programme, developed in collaboration with 'EWA Accelerator', marks a significant step forward in the country's efforts in this regard. The programme aims to offer funding opportunities to startups by women entrepreneurs in the UAE's markets, enabling them to explore new economic sectors such as technology, artificial intelligence, and advanced technology. Additionally, it will equip them with knowledge of cutting-edge solutions and tools to foster growth, innovation, and enhance their competitiveness at both regional and global levels. Ultimately, this program strengthens the UAE's position as a global hub for entrepreneurship."
Al Saleh also expressed his appreciation to the Dubai Multi Commodities Centre (DMCC), the Sharjah Entrepreneurship Centre (Sheraa), the Sharjah Research, Technology and Innovation Park (SRTIP), the Clean Energy Business Council (CEBC), and other organisations for their outstanding efforts and support in this undertaking.
Yulia Stark, President of EWA Accelerator, said, "Women play a crucial role in driving sustainable economic development. Our commitment lies in empowering women across various economic sectors. Our programme has adopted a bold vision to create opportunities and equip women with the necessary skills to establish new economy ventures. This will enhance their contribution to sustainable economic growth, both within the UAE and beyond."
The Ministry explained that the selection process for startups wishing to participate in the program is based on specific criteria. The focus is on startups in the fields of technology, sustainability, healthcare, and related sectors. Additionally, the selection will consider these startups' stage of development, their growth potential, and the compatibility of their products and services with market needs. The level of compatibility and integration within the participating teams will also be taken into account.
For her part, Daria Vasilieva, co-founder of the EWA Accelerator and founder and general partner of GETVISION, said, "Through this program, we have an ambitious vision to provide opportunities and capabilities for women to build new projects and enhance their role and contribution to sustainable economic growth, both within the UAE and abroad."
Furthermore, the Ministry highlighted that a committee of specialised experts will choose 15 startups during the programme's initial phase, which spans a period of three months. The selected companies will have the opportunity to attend a series of workshops and courses on entrepreneurship. They will also receive guidance on pitching business ideas to investors in a more effective manner. This support aims to generate enthusiasm among investors and provide startups with insights into the global market dynamics, helping them thrive and achieve sustainable growth.
The programme offers eligible projects an opportunity to secure funding that ranges from $100,000 to $500,000. This funding is provided by a group of investors to contribute to the growth of the startup ecosystem in the UAE.
The UAE has bagged top rankings in the region in the World Economic Forum's Global Gender Gap Report 2022. Additionally, the country was ranked first globally in the report's five sub-indicators, which include enrollment in primary education, enrollment in secondary education, enrollment in tertiary education, sex ratio at birth, and women in parliament.
EWA Accelerator's Programme was created by the European Women's Association (EWA) and GETVISION; it is a leading global hub for early-stage startups, cultivating excellence and innovation in its approach. With a strong focus on empowering women entrepreneurs, it stands as a hub for best practices in the startup ecosystem.