Dubai Airport Free zone Takes Initiative to Promote Entrepreneurship
Since time immemorial, human beings have practiced the trade of Entrepreneurship. They were entrepreneurs before they were architects, engineers, accountants, or doctors. Entrepreneurship as a trait has survived through ages and entrepreneurs establish ventures that create economic prosperity for all. Studies indicate small and midsize businesses (SMBs) are backbone of nearly every regional economy in terms of gross domestic product (GDP) and employment. Small businesses are also most likely to lead us out of bad economic times because they are nimble and innovative.
In an effort to promote innovation and entrepreneurship, the Dubai Airport Free Zone launched Dubai Enterprise Center (DEC) a Business Incubation Center based on international best practices.
Business incubation is a business support process that nurtures the successful development of start-up companies by providing entrepreneurs with a range of targeted resources and services. A business incubator s main goal is to produce successful firms that will leave the program financially viable and freestanding.
DEC is a high quality, full service business incubation and provides a supportive, physical and intellectual environment for new business ventures that have a strong potential to grow into successful enterprises and contribute to the economic development of UAE.
In the past 14 years Dubai Airport Free Zone has contributed to the economy of UAE and served as a launch pad for many international companies. With this initiative, DEC endeavours to retain the intellectual capital of Dubai and continue to fuel the growth of Dubai through entrepreneurship.
Research shows that over 87 percent of small businesses that were launched through a business incubation centre were still in existence after the first five years. Thus, it is proven that working through a business incubation centre improves the chances of survival of a business through the first few critical years of a business.
Amna Lootah, Executive Director Finance of the Dubai Airport Free Zone and the Director of the DEC Project, says, “DEC provides a good opportunity for entrepreneurs to start a business with guidance and support from mentors, academicians and experts in running a start up business. We want some ‘star companies out of DEC businesses that are innovative and would become successful”.
Advantages of using the services of the Dubai Enterprise Centre include one point of contact for set up, operations and consultation, physical infrastructure and business set up, access to qualified mentoring, setting goals, milestones, business plan, evaluations, marketing, funding, and support in understanding legal jargon, and ongoing networking and training.
Advantages of being an entrepreneur is to make your own decisions and be your own boss, unleash your creativity and offer a product or service nobody has offered before, create jobs and contribute to the economy, and achieve financial independence. Fortunately, we have millions amongst us who have a passion for entrepreneurship, are eager to embark on their next venture to provide the solutions to the challenges; present and future.
One of the distinctive features of DEC is it being open to all industries and to both Emiratis and expatriates. The physical infrastructure includes a state of the art facility; access to a conference room, training room and other admin services. The entrepreneur is provided full support by a team of highly qualified and experienced professionals in almost all areas of business. There is an assigned mentor for the entrepreneur to help him or her move the venture forward smoothly.
In addition, DEC has partnered with Morison Menon to enhance its service offering to its entrepreneurs and applicants will receive both feedback and assistance in preparing a thorough and robust feasibility study for their business idea.
DEC is committed to promoting entrepreneurship in the UAE and supporting the intellectual resource to converge to entrepreneurship. Entrepreneurs who would like to have the opportunity, the environment, the encouragement and the support network to help them bring their ideas to life can now access the incubation centre.
DEC is located at Dubai Airport Free Zone, next to Terminal 2 and further details can be obtained from firstname.lastname@example.org