Saturday 25 June 2022 - 8:41:14 am

DIFC launches first global venture 'Studio Launchpad'


DUBAI, 7th April, 2022 (WAM) -- Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, the world’s first venture studio platform exclusively focused on ubiquitous finance and digital asset technologies.

The initiative is a key part of DIFC’s efforts to achieve the goals of its 2030 strategy by attracting the best minds and companies from around the world to Dubai by providing them with all the necessary support to develop, test and launch new start-ups, scale-ups and corporate ventures on an unprecedented scale, time to market and quality.

The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists. Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios. The effort builds upon DIFC’s unique ecosystem to enable collaboration and co-creation between venture studios, corporations, entrepreneurs, investors and academic partners from around the world.

With this initiative, Dubai will become the leading hub for venture building in MEASA and join cities like San Francisco, New York, Berlin and Paris. Over the next 5 years, over 20 studios will setup in the DIFC and are expected to launch over 200 new ventures of which over 100 will be scale-ups and 10 will gain unicorn status. Together they will create over 8,000 innovation jobs in Dubai and attract over AED 2 billion in venture capital.

Essa Kazim, Governor of DIFC, said, "Launching the first global venture Studio Launchpad is a core pillar of our vision to put DIFC at the centre of the digital transformation of the financial sector in the UAE and globally, reflecting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai."

He added, "We see great potential to leverage the venture studio model to accelerate creation of scale-ups and unicorns from Dubai that will contribute over-proportionally to new job creation and economic development. DIFC is building an ecosystem from the ground-up that will support studios and founders with everything they need to be successful and reimagine virtually every aspect of the financial services value chain to help realise Dubai’s ambitions for the digital era."

The Studio Launchpad streamlines the company-formation process and fast-tracks the development of new companies that will underpin DIFC’s quickly developing "Ubiquitous Finance" ecosystem. The Launchpad also supports fundraising and scaling of new ventures by providing resident venture studio operators with access to a global network of potential customers, entrepreneurs, investors, and subject-matter experts, all underpinned by a progressive regulatory environment and world-class infrastructure.

Part of the Launchpad offering will be a first-of-its-kind Research Living Lab which will drive thought leadership and hands-on research in this fast-evolving space with the aim to open new opportunities and produce data and insights that can inform how to shape existing and future business models, laws, and regulations.

DIFC has broken ground on a new 150,000+ sq. ft. purpose-built facility that will house the Studio Launchpad team who will work alongside corporate sponsors, investors, and the new ventures they co-create. Every aspect of the design encourages the kind of spontaneous interactions that build community, create partnerships and drive innovation.

The "Ubiquitous Finance" innovation ecosystem and Studio Launchpad was developed by DIFC in partnership with Dubai-based venture studio Enhance Ventures and Silicon Foundry, a leading Silicon Valley-based innovation advisory group.

WAM/Amjad Saleh/Tariq alfaham