The Abu Dhabi Competitiveness Office (COAD), which is part of the Abu Dhabi Department of Economic Development (ADDED), has launched a general framework called “Abu Dhabi Innovates” to enhance innovation and boost entrepreneurship in the emirate.
The innovation ecosystem framework, which includes a number of initiatives, will provide incentives for public and private organisations to support purchasing and cooperation with startups, especially ‘innovation-driven’ enterprises.
The framework aims to create and increase demand in innovations, to encourage innovators and entrepreneurs, and to turn ideas into projects, the state-run news agency, Wam, reported.
The undersecretary of ADDED, Rashed Abdulkarim Al Blooshi, said: “The launch of framework to enhance innovation ecosystem comes to set solid bases for suitable environment to innovators and entrepreneurs to implement their creative projects.
“As part of our efforts to ensure continuous improvement, we have studied the factors led us to major achievements in previous period and improvements areas in innovation ecosystem’.
The new framework focuses on five drivers including talent and knowledge, funding, space and places, demand, culture and incentives.
It targets management and attraction of talents, technical talent, entrepreneurial company experience, building capabilities in technology and innovation.
The framework also aims to drive a more entrepreneurial culture that celebrates innovation-driven enterprises.
Rashed Al Blooshi added: “COAD’s initiatives to support innovation were welcomed by our strategic partners including innovation business incubators license programme for businesses investing in innovative technical solutions and support the development of innovative projects, and to ensure that the right environment, the best resources and tools are provided to innovators and entrepreneurs to implement their creative projects.”
Initiatives projected to launch in 2022 as part of the innovation ecosystem framework include:
- Enlarging the number of inventors and entrepreneurs entitled for golden visa programme,
- Development of innovation fund sourcing scheme,
- Government and patent grants through Takamul programme,
- Unlocking patent support for Abu Dhabi-based inventors,
- Enlarging the scope of innovation incubators license programme,
- Launch of innovation incubator guide,
- Onboarding new makers spaces collaboration with international and local players,
- Enabling commercialisation of innovations,
- Marketing and showcasing inventions,
- Launch of intellectual property (IP) units,
- Youth inventor programmes,
- Abu Dhabi IP awareness programmes, and
- Technology readiness level scale.
The new framework is a result of studies done by COAD to identify improvement areas and major factors to encourage and incentivise innovation and innovators. The studies also analysed and suggested pillars of innovation ecosystem in line with ADDED’s efforts to provide regulatory and institutional framework to support innovation and R&D in vital economic sectors.
The chairman of ADDED, Mohamed Ali Al Shorafa, said: “Innovation is an integral part of Abu Dhabi story, and being ranked 1st regionally in innovation by global innovation index in 2021 is a testament.
“Building on our achievements, we are launching framework for innovation ecosystem to ensure supporting and developing ideas and innovations into thriving projects and strengthen Abu Dhabi status as preferred destination for businesses and investments.”
To ensure proper channels for funding, the framework sets the policies facilitating capital to flow to innovation driven enterprises throughout their lifecycles, including government grants, bank loans, venture capital, crowdfunding, and business and investor angels.
As part of COAD’s efforts to support innovators and entrepreneurs in different stages, the framework will support providing them with an access to space and equipment required for discovery and conversion of the ideas to innovative and commercialisable services and products.
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