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New incubator formed at Dubai Silicon Oasis

Silicon Oasis Founders incubator will look to support developing ICT businesses

The SOF incubator will focus on businesses in the ICT sector.
The SOF incubator will focus on businesses in the ICT sector.

Dubai Silicon Oasis Authority has announced a new technology incubator, to focus on helping companies in the web and ICT sector to develop.

The Silicon Oasis Founders (SOF) incubator says it is looking for high potential technology ventures in areas such as IT, internet, ecommerce technology and mobile.

SOF will provide assistance in areas like business set-up support, workspace facilities, networking opportunities with other IT professionals, VCs and business consultancy as well as financial, technical and marketing mentorship.

The incubator will mainly focus on existing ventures in Dubai Silicon Oasis that are in the seed phase and looking for co-investment, along with technologies that need short incubation time from 3 to 12 months, and low investment or to support existing business models in the market; which posses the potential for further growth. Target companies will also need to show scalability, and the potential to generate a turnover of at least AED 20 million ($5.4m).

Hans Christensen, director of Silicon Oasis Founders at Dubai Silicon Oasis Authority, said: "The incubation centre has been set up in response to market indicators that businesses which have been through an incubator programme are far more likely to succeed in the long term. We believe that our holistic incubation approach is especially well suited to achieve this and is needed by the market.

"We are confident that Silicon Oasis Founders' services will improve entrepreneurs' chances of receiving venture capital, lower risk of personal liability and provide them with the emotional benefit of working in a team, in addition to benefitting from the know-how of seasoned business persons. We look forward to helping aspiring entrepreneurs in the region set up high-potential ventures and achieve success," he added.