Startups and corporates: Match made at Dubai Startup Hub
Startups and corporates are often seen belonging to different business circles, when in fact they should be engaging more with each other for mutual benefit and growth.
The strengths and weaknesses of corporates and startups are often complementary, like in any good marriage. While startups have the market agility and ability to test out technologies or different ways of working, the corporates have either a need for the technology to be used on a large scale that will significantly impact its bottom line, or has the network effect and fiscal ability to help the startup scale, while adding to their business portfolios.
The truth is startups and corporates need to work more together, but often these different business circles do not meet. Dubai Startup Hub is set to change this with its new and revamped Market Access programme.
The new programme offers a one-year membership to corporate entities, allowing them to find and engage the right startups for their businesses. On the other hand, the programme also benefits startup entrepreneurs not only by connecting them to corporates that will help them grow and scale, but also by offering them training opportunities.
It will also provide corporate partners the “ability to list multiple challenges on the Market Access interactive and smart online portal where they can also communicate and collaborate with startups,” as per the statement.
The redesigned Market Access programme has already signed up Sanofi, Mediclinic, Sumitomo Corporation, Accenture, Dubai South, Emirates Post Group and Emirates NBD, amongst others.
“In the next phase of the programme, the corporate participants will list a series of existing challenges on the Market Access online portal, giving startups the chance to submit their solutions online and pitch their business concepts to potential business partners.”
The programme has grown in popularity over the years, having received more than 500 applications from corporates and startups since its inception. Moreover, leading corporates in the UAE have renewed their participation in the programme, which is a positive sign of the startups and programmes benefitting their companies and providing a return on investment.
The Dubai Startup Hub has been keep on strengthening business ties. It is currently running a 10-week networking series where corporates and startups can interact and connect with each other.
Fostering better business relations and bringing entities closer in the field is of primary importance for the growth of the entire ecosystem as well as the economy, and Dubai Startup Hub, which is an initiative of the Dubai Chamber of Commerce and Industry is certainly playing an important role in this sphere.