Dubai Silicon Oasis (DSO), the integrated free zone technology park, announced the launch of Silicon Oasis Founders (SOF), a technology incubation center wholly owned by Dubai Silicon Oasis Authority (DSOA).
SOF has been set up with a strategic commercial ambition and long-term vision to position itself as a leading incubator that supports high potential technology ventures in the seed phase.
SOF focuses on fostering local entrepreneurial talent in the information technology, internet, E-commerce technology and mobile.
The centre’s expertise will help emerging entrepreneurs refine their business proposals, execute plans and accelerate growth.
SOF will guide and assist new businesses through providing services such as business set-up support, workspace facilities, networking opportunities with other IT professionals, VCs and business consultancy as well as financial, technical and marketing mentorship.
Hans Christensen -Director of Silicon Oasis Founders at Dubai Silicon Oasis Authority- said “The incubation center has been set up in response to market indicators that businesses which have been through an incubator program 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 benefiting 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.”
SOF aims to support Dubai Silicon Oasis-based ventures in the seed phase that prefer co-investment from regional investors for business models in the mobile e-commerce, apps or internet technology space.
The center will additionally offer support to 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, as AMEinfo stated.
As part of the selection criteria, new ventures should be scalable with a capacity to generate a minimum turnover of Dhs20m.
To be mentioned that a wholly-owned entity of Dubai Government, Dubai Silicon Oasis operates as a free zone technology park for the semiconductor, microelectronic and other high technology-based companies looking to set up their regional headquarters and R&D facilities in the Middle East and Africa region.