Dubai has shown impeccable growth in the commerce and trade industry on a global scale with its advanced approach to implementing the latest technology in their system. Many startup companies in Dubai have launched recently and benefit from the flexible systematic structure of running businesses without worrying about any indirect tax. Dubai has been one of the fastest-growing digitized cities in the world, and this is the reason why the UAE Government has announced to support new companies and startups with AED 1 billion. With such a lucrative prospect, many companies have now opted for ways to start their business in Dubai. However, according to the company ordinance act, if a foreign company wants to initiate their business in UAE then, they must find a local sponsor for registration or should have an Emirati partner comprising 51% of their share. Even though the foreigner gets 49% of the share, the strong protection rule set by the government has helped many foreign companies to apply here successfully. Apart from the potential growth on a global platform, Dubai now also provides training, guidance, and investment to young inspiring newbie startups with new business incubation centers in Dubai to thrive their way in the market.
What is the Business Incubation Center?
A Business Incubation center comes when you have a thrilling concept but does not have the means to practically implement them in the market. Business incubation is an organization that guides startups by supplying them with the right services. They train them for business operations and act as a catalyst to speed up the procedure of business development. However, do not confuse them with the other academic or non-profit institutions because the incubation corporations are profit based and even invest in ventures for better output.
The incubation differs from research centers or technology institutions in terms of formation. At incubation, the startups are trained and guided whereas, the research and academic institutions carry big projects based on extensive strong experience and trained backgrounds funded by big corporates, enterprises, universities, and even government as well. Thus, many technology based startups have approached incubators to execute their ideas with proper vision. However, joining incubation for a full-fledged struggle is not a piece of cake. The business needs to be mentally prepared for associating its startup with the advanced tedious process attained through any incubation.
Now the question arises on how to identify if one newbie business requires business incubation. This takes us to a few tips which can help to find out the need for any instruction or supervision.
- Identify your Weaknesses and Opportunities
Do not abruptly jump to any conclusions without fully evaluating the consequences or outcomes. Look for prime factors such as instructors, services supplied, technology equipment provided, location and curriculum, etc.
- Socialise During the Training
Learn the knowledge with other ventures and develop the path after sharing a lifetime experience with valuable training. Most importantly, discuss the procedures with fellow startups and bond over technical development for future opportunities.
- Train your Team
Build a strong effective team through the lucrative opportunity of learning under a specialized mentorship. If the employees are fresh in the market, then getting training under an expert would be beneficial for them as well.
Benefits of Global Business Incubator Services
The incubation allows the exchange of entrepreneurship innovation at the emirate for all ventures. It helps the market prosper and supports the flow of technology in the area. Apart from guidance, the instructors also take follow ups for the companies and encourage them with efficient structure. In Dubai, the centers have created an ideal environment for promoting, investing, and generating ideas. Thus, most incubation services supply their services with proper packages.
The following are the types of services they offer on a global scale:
- Tech Base Services for those who are looking to integrate technology in their procedure.
- Science base for evolving the industry of medicine and science
- E-commerce base for the consistent rise of websites and portals like amazon and eBay.
It has become essential to emphasize the need for properly using these platforms with the latest updates.
Thus, these incubators are a support system that creates a new sphere of opportunities and also boosts the revenue streamline with an advanced approach according to your business.