Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, has announced the commencement of the application period for the eighth cohort of its renowned Innovation Accelerator (IA) program. The registration window for companies to apply is now open, until mid January, 2024.
In alignment with the National Innovation Strategy, the IA program stands as a testament to MBRIF’s commitment to fostering innovation and collaboration within the UAE. The program is designed to offer world-class services and coaching to founders, accelerating their businesses, enhancing capabilities, and creating substantial value. MBRIF will extend its mentorship to visionaries and entrepreneurs across priority sectors including: technology, health, education, transportation, renewable energy, water, and space.
Commenting on this announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, expressed, ” As MBRIF launches Cohort 8, we renew our commitment to fostering a thriving entrepreneurial ecosystem. The IA program stands as a testament to our dedication in providing tailored resources, expert mentorship, meaningful connections, and access to investors. By nurturing local talent and attracting global innovators, we aim not only to shape the future of the national economy but to position the UAE as a beacon for entrepreneurship, driving sustained growth and innovation in the region.”
Beyond comprehensive assistance, the IA program provides cohort members with an exclusive avenue to connect with potential investors, industry experts, and accomplished entrepreneurs in the region. This opens doors to valuable perspectives, broader networking opportunities, and the establishment of strategic alliances.
Al Naqbi added, “The MBRIF IA program consistently draws hundreds of applications annually, underlining the increasing interest in our initiative. Recently, we introduced Cohort 7, selecting 22 new members from a pool of over 230 applicants from 41 countries. This represents a significant milestone in our mission to further solidify MBRIF as a beacon for innovation on the international stage.”
The opening of the Cohort 8 application window allows innovators and entrepreneurs from across the globe to join the ranks of more than 130 innovative businesses from 24 countries that have taken a part in the IA program. Several success stories have emerged from the program alumni, including Verofax, a platform for asset tracking management and sustainable lifecycle tracing which was featured on the famous Beban platform; Desolenator, developer of innovative solar thermal desalination technology which was crowned the official champion of the SuperNova challenge at GITEX North Star, and Sarwa, one of the prominent online independent financial advisors in the UAE[أل1] .
Over the years, the MBRIF IA program has played a pivotal role in shaping the success of its members and facilitating access to the UAE market. By assisting members throughout the value chain and providing insights from the industry ecosystem, the program has proven instrumental in leveraging the demand of the local and regional business landscape.
For more information and to apply for Cohort 8 of the MBRIF Accelerator program, please visit https://mbrif.cognistreamer.com/
About the MBRIF:
The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.
The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.
Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/
