Local accelerators seek to lower barriers to entry through education, funding and mentorship. The startup culture in the UAE appears to be booming, with even more interest on the rise. A recent regional survey conducted by Bayt.com reported that 47 percent of respondents would rather be entrepreneurs than employees. Yet, the number of people who actually launch their own business is still relatively low. According to a survey conducted by the Global Entrepreneurship Monitor, in 2011 the UAE had an entrepreneurship rate of only 2.7 per cent. While this number may have increased over the past two years, it is safe to say that there are still barriers to entry preventing would-be business owners from getting started. "In the UAE, there are a lot of creative people with great ideas, but most ideas never launch because people don't have any experience running a business, don't know how to form a successful team, or don't have early funding," said Mr. Kamal Hassan, founder of Innovation 360, an innovation management consultancy that launched its own seed funding and mentorship program last year in Dubai. "Through our seed funding program, i360accelerator, we are working with regional startups on all three of these issues - education, team building and funding," Mr. Hassan said. He is also a director of TURN8, a seed accelerator program launched earlier this year by DP World. As part of their commitment to the regional entrepreneurial community, i360accelerator and TURN8 have partnered to sponsor a 1-day seminar on startup funding options. The seminar will be led by Mr. Brent Traidman, a Venture Partner with firm Fenox Venture Capital, located in San Jose, California, USA. The seminar is open to anyone interested in learning more about startup financing, including how to create, market, fundraise and establish a global presence that attracts VC funding.
Mr. Traidman will provide a glimpse behind the scenes of what VC's look for when considering an investment, as well as how to attract advisors to help guide the business toward financial success. "I look forward to sharing my Silicon Valley experiences with regional entrepreneurs," said Mr. Traidman, who is also a mentor for TURN8 and i360accelerator. "My firm looks for investments all over the world and we are currently looking to expand our relations within the Middle East. I personally look forward to coaching, mentoring, and accelerating startups within the UAE for the long term." The seminar, "Building a Successful Lean Startup," is scheduled for November 2 in Dubai. For more information, go to successfulstartup.eventbrite.com/ or contact i360accelerator.