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DP World initiative provides start-ups with opportunity to build successful business models

posted on 20/05/2016: 1825 views



The latest round of the TURN8 initiative, a venture fund comprised of a growth accelerator programme for start-up companies complemented by a follow-on investment fund, brought eight promising candidates and business investors together at the Grosvenor House Hotel in Dubai this week.

A unique collaboration between enterprise and innovators, start-up teams in TURN8 are backed with investment, mentorship, training and yearlong business development support.

Follow-on investment helps them scale and grow globally. Since the start of the programme in 2013, over 8,000 start-up companies have applied to join with 60 receiving over $4 million in co-investment from the venture capital community.

DP World Chief Information Officer, Yousif Al Mutawa, said, "DP World has an innovative mind-set and a priority for us is to encourage creative thinking, supporting young talent to drive the future. Innovation is the heart of our business and as a global trade and logistics enabler we are keen to develop an entrepreneurial culture in Dubai and elsewhere.

Dubai and the UAE are a great example of how innovation has led to economic development and we are delighted to nurture talented people in their quest for business success, providing a helping hand at this vital stage so they can follow their dreams to turn their ideas into reality.

TURN8 Programme Manager, Ahmed Abdulwahab, said, "The accelerator is designed to coach each start-up in developing their product, sales and marketing efforts. These teams demonstrate innovative solutions with real, game-changing possibilities and it's exciting to join them on their journey from idea inception to market entry."

The event was also attended by Al Tayyar Travel Group CEO, Abdullah bin Nasser Aldawood, who delivered a keynote speech highlighting the opportunities in corporate venture capital and his experience in start-up investments. The Al Tayyar Travel Group has successfully invested in start-ups like Careem, Wadi and Musafir.com.

During the evening investors received a ‘chequebook' worth $1 million in ‘Monopoly Money' to be invested in different teams. Investors wrote cheques to teams in amounts they felt reflected actual investment potential. The team that collected the most money will receive TURN8 follow on funding. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395295695213.html

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