UAE TRA ICT Fund hosts start-up work shop for Khalifa Fund
Workshop aimed to help Khalifa Fund to identify technology start-ups
The UAE Telecommunications Regulatory Authority's ICT Fund has hosted a workshop for the UAE Khalifa Fund focused on technology-based start-ups.
The Khalifa Fund was established to develop local enterprises in Abu Dhabi, and the workshop aimed identifying the key characteristics of start-ups in the technology sector, such as low upfront capital requisition, the risk limitation to execution and the lower number of employees which makes them easier to scale.
The workshop also looked at the six stages that successfully identify if a project as a technology start-up or not, which are Discovery, Validation, Efficiency, Scale Profit Maximization and Renewal. Early stage start-ups are advised to setting appropriate milestones and timelines for each period to maximise investments and potential contributors in funding the project.
The workshop also differentiated between three technology start-ups, ‘The Automater', ‘The Integrator' and ‘The Challenger'. The first is a product that will automate results, whether search results online or social results such as social media platforms. The second has a semi-automated customer acquisition strategy that generates leads with marketing but typically needs inside sales representatives to close the deal. Finally, ‘The Challenger' is based around the ability of the product to conduct enterprise sales; these are usually high in revenue per customer and very profitable with a small number of customers.
Eng. Omar Mohammed Al Mahmoud, Acting CEO of ICT Fund said, "We are building the ICT sector in the United Arab Emirates slowly but steadily. We want to share the knowledge we have with our partners in order to boost the ICT sector and create national awareness about its essential existence in our daily lives." Al Mahmoud continued, "We want our youth to be more involved and interested in creating and coming up with new ideas within the ICT sector, which will benefit the whole community and further emphasize UAE's presence on the world map."