DUBAI, 21st February, 2024 (WAM) — TECOM Group’s incubator “in5” has reported remarkable growth in 2023, with funding raised by start-ups since its inception increasing by 25 percent during the year. This represents a testament to Dubai’s entrepreneurial credentials and robust investor confidence in the city’s pro-business environment.
Announced on the side-lines of the Step Conference 2024 held in Dubai on 21-22 February in strategic partnership with Dubai Internet City, the surge in funding, which reached AED 3 billion last year, is indicative of growing interest in the city’s homegrown enterprises, catalysed by government strategies to enhance Dubai’s position as a global innovation capital conducive to high potential enterprises.
“Start-ups are the inherent problem-solvers we need to unlock sustainable growth for our future generations,” said Majed Al Suwaidi, Senior Vice President at TECOM Group, on behalf of in5. “There is global stakeholder acknowledgement about the innovation, resilience, and creativity with which start-ups can disrupt and redefine the future economy, and in5’s recent track record reaffirms its vision to mitigate roadblocks for the world’s most enterprising futurists. As an essential pillar of entrepreneurship in the region, in5 will continue to nurture our cohort of entrepreneurs and strengthen the pathways towards fulfilling the goals of the Dubai Economic Agenda ‘D33’.”
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