Dubai Next enables the community to support and fund 3rd project successfully in 3 months
-
12-October-2021
Dubai
Next, the first digital crowdfunding platform in Dubai launched earlier this
year by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown
Prince of Dubai and Chairman of the Executive Council, has fast evolved into a
catalyst for innovative enterprise in new and emerging sectors as well as a
meeting point for innovators and the wider community to share the benefits of
startup financing.
The digital platform, launched in May
2021 recently recorded another success story – its third within three month of
launch – when Takween, an Arabic learning program, concluded a campaign to
raise the required capital through crowdfunding successfully. Takween follows
Padel 26 and Vemudra, two campaigns that had a successful run on Dubai Next
earlier.
A
progressive step towards bringing the benefits of startup funding and digital
technology to innovators, entrepreneurs, investors and the society, Dubai Next
allows entrepreneurs to create campaigns online and seek funds from
contributors for turning their ideas into reality. The not-for-profit platform operated
by Dubai SME, the agency of Dubai Economy mandated to develop the small and
medium enterprise (SME) sector, is open to all nationalities and age groups in the
UAE.
Dubai
Next has also seen an upsurge in campaigns and contributors in recent months.
The platform currently has 226 contributors, up from 59 in July 2021, while the
number of campaigns created on the platform has also increased more than 0% during
the same period. Dubai SME is encouraging more contributors to join and support
the campaigns live on the platform, which allows individuals as well as
institutions to be part of innovative ventures that will have a significant
impact on social development and economic diversification in the UAE.
“Dubai
Next has proved to be the next big opportunity for the aspiring and ambitious startups
in Dubai. As a broad platform Dubai Next has created a sustainable growth
ecosystem and social network for startup financing. The digital crowdfunding
platform is emerging as an engine of social and economic development and
Dubai’s strategic goal of being the global hub of entrepreneurship,” said Abdul
Baset Al Janahi, CEO of Dubai SME.
“The
successful fundraising experience of Takween on Dubai Next is not only
inspiring for the startup community, but also a testimony to the vast potential
for creative concepts in Dubai. We are delighted to have supported Takween to
evolve and enable it to be one among the innovative startups that will be part
of the Expo 2020,” added Al Janahi.
Created by Saudi entrepreneur Lujain Alfaraj, Takween seeks
to make learning the Arabic alphabet a fun experience through using a set of
modular magnetic blocks. A branding professional and designer with a special
interest in the Arabic language Alfaraj came up with the innovative learning
concept after her son’s refusal to attend Arabic lessons in his nursery class and chose crowdfunding over traditional
funding models as she believed that her brand is firmly rooted in the
community.
“As a mother and a designer, I needed to create a positive experience
for my child to learn Arabic,” Alfaraj said, adding
that the crowdfunding
campaign allowed her to get closer to her community and involve them in our
journey and get support that’s far beyond financial, which wouldn’t be possible
had she chosen to raise capital the traditional way.
“It is exciting to see a crowdfunding
platform in our region stemming from Dubai. The fact that Dubai Next is based
in Dubai and that it’s under Dubai SME gives project owners and contributors a
certain level of comfort. There’s a massive need in the market for beautifully
designed Arabic products. As our world becomes more and more globalised, we
need to make space for Arabic and nourish it. We invite everyone to visit us at
Expo and explore the beauty of Arabic,” Alfaraj said.
Dubai
SME is attracting creative talents from all walks of the society, including
students, and potential contributors to Dubai Next through awareness-building and
induction sessions.
Individuals
or companies can contribute to a campaign on Dubai Next. Contributors get to
choose from a variety of unique rewards offered by the campaign owner. The
amount contributed can be refunded if the campaign fails to reach its target. Campaign
owners keep 100% ownership of their project. The Dubai NEXT platform cannot be
used to offer equity or financial returns.
For more information on Dubai Next, visit dubainext.ae