Dubai startups gain access to funding support, fintech tools and over AED 10,000 (US$2,700) in business savings through Mastercard’s new Founder Lab initiative to accelerate innovation and growth.
MasterCard has developed an innovative program which is focused on boosting the growth of startup ventures in Dubai through provision of financial assistance, technology and special benefits to founders. The project has been implemented with the help of key partners from the ecosystem and is intended to enhance Dubai’s image as one of the leading innovation centers in the world.
Through this initiative, the startup companies are eligible for getting more than AED 10,000 (USD 2,700) worth of savings for the businesses, along with a variety of other resources which can be helpful for scaling up of operations for the budding companies. The participants shall have access to discounts on various business-related resources which reduce their cost of operations.
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Improving access to finance and investment networks is one of the key aspects of the program. MasterCard hopes to link up the entrepreneurs with sources of finance while mentoring them and giving them advice on how to grow their businesses and network with industry leaders. The program is designed to help entrepreneurs solve some of the problems they face.
The program also equips founders with the digital payment systems and cybersecurity services from MasterCard that will allow startups to create a secure financial process system. With the use of advanced payment systems and digital commerce services, participating companies will find it easier to increase their customer base.
This launch comes at a time when Dubai is executing its plan of encouraging entrepreneurship as well as creating a knowledge-based economy. Over the past few years, Dubai has launched several programs aimed at attracting startups, venture capital companies and technology firms.
Mastercard pointed out that start-ups have a key part to play in the development of economic diversification, technology and employment opportunities. Through empowering entrepreneurs with the use of finance, partnerships and industry know-how, Mastercard seeks to aid emerging start-ups to overcome their growth hurdles and compete more efficiently in local and global markets.
Aside from monetary assistance, the programme promotes collaboration between entrepreneurs, investors, and corporate participants. The founders will get to attend networking activities, educational workshops, and mentorship programs concerning business strategy, product development, market entry, and innovation.
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It will also add to the aspirations of the UAE to be an international hub for financial technology. As the demand for digital finance services increases, it is likely that programs to enhance startup capabilities will play a role in ensuring the economic competitiveness of the nation in the future.
Through this entrepreneur-oriented program, Mastercard has once again reiterated its dedication to aiding small and startup firms in the region. Through this program that provides them with funding opportunities, cost savings, payment technologies, and mentoring services, Mastercard hopes to empower entrepreneurs in Dubai to grow their businesses in the rapidly developing digital economy of the UAE.