Dubai: Tecom Group seeks to stimulate the start-up landscape and strengthen Dubai’s role as the region’s innovation engine with the launch of its third business incubator in the in5 network.
The new in5 space, embedded within the thriving design community at Dubai Design District (d3), will act as a catalyst for supporting industry diversification.
“Today with in5, we have created an ecosystem which thrives on innovation and creative thinking. in5 was first launched as we recognised a gap in industry resources catering to the specific needs of entrepreneurs setting up their businesses in Dubai to create impact across our region,” Malek Al Malek, CEO of Tecom Business Parks, said in a statement on Sunday.
Having started off with technology, he said that in5 has evolved to supporting start-ups in the media sector and now with our entry into design.
“We will aid in setting a new benchmark in creativity in5’s innovation centres which will enable us to remain at the forefront of economic progress and Dubai’s future transformation into a destination for economic growth,” he said.
According to the 2015 Design MENA Outlook report commissioned by Dubai Design and Fashion Council and produced by Deloitte, the design industry in the region is expected to grow exponentially to reach $55 billion (Dh202 billion) by 2019.
The recent Mena Design Educational Outlook report also highlighted the need of at least 30,000 design graduates across key streams.
“In January, d3 will become the new home to the latest in5 initiative. As the region’s first destination dedicated to design we are continually looking for new ways to drive the growth of the design industry by nurturing local talent whilst allowing established brands to meet a new audience. The in5 is another way in which d3 is innovating, inspiring and creating.” stated Mohammad Saeed Al Shehi, COO of Dubai Design District.
The in5’s technology innovation centre has helped incubate 160 start-ups which have secured over Dh58 million in funding till date. In 2015, in5 established a multi-sector presence announcing the first of its kind media innovation centre in the UAE. The in5 media innovation centre will open in the first quarter of next year, giving entrepreneurs and content creators a new canvas for creativity in the digital world.
The in5 network of innovation centres is set to achieve tenfold growth by 2017, with planned expansion into new sectors and will continue to attract, nurture and build skill sets and talent in the UAE.