The ‘in5’ Business Incubator Solidifies Dubai’s Position as a Global Innovation Hub with Notable Growth in Funding During 2023
In 2023, the in5 business incubator, part of the TECOM Group, witnessed a surge in economic growth through a significant increase in funding that its startups managed to raise. The funding increased by 25%, reaching a total of 3 billion Emirati dirhams. This achievement clearly reflects Dubai’s status as a preferred global investment center and an entrepreneurship hub that attracts innovators from all around.
These remarkable results were unveiled on the sidelines of the “STEP 2024” conference held in Dubai in collaboration with Dubai Internet City, showcasing the wide and growing interest in startups and their innovators. This interest is supported by government policies and initiatives aimed at stimulating Dubai’s position as a global leader in embracing new ideas and providing an ideal environment for the growth of startups.
Majid Al Suwaidi, the Senior Vice President of TECOM Group, emphasized the importance of startups as main drivers of economic growth and sustainable development. He pointed out that these companies offer innovative solutions to current challenges and significantly contribute to shaping the future economy. He also stressed the group’s commitment to providing all necessary support to entrepreneurs from around the world, facilitating their global expansion through Dubai, within the framework of Dubai’s economic agenda “D33”.
in5 operates in specialized fields including technology, media, design, and sciences, offering a comprehensive support ecosystem that contributes to the development and growth of the economy locally, regionally, and globally. Since its establishment, in5 has successfully supported and empowered nearly 900 startups, reinforcing its role as a leading incubator in the field of innovation and entrepreneurship.
Last year, in5 Technology, located in Dubai Internet City, experienced a 13% growth in the number of active startups, increasing the total to 270 companies. During its participation in the “STEP 2024” conference, in5 showcased ten of its most innovative startups in various fields including cloud solutions for business management, e-learning platforms, real estate technology, and sustainable platforms for buying oil and gas.
Furthermore, in5 expanded its international network by hosting startups from Luxembourg and Poland, following the signing of strategic partnerships with commercial and investment institutions from these countries.
Additionally, in5 collaborated with “Dubai Holding” in the “Innovate for Tomorrow” challenge, which aims to address sustainability challenges in the UAE, providing a platform for innovators to showcase their solutions. The winners of this challenge receive valuable prizes including financial support and the opportunity to implement a pilot project with “Dubai Holding”, opening doors to practical applications of sustainable innovations.
