Why Is the UAE a Hotspot for Indian Entrepreneurs?
What’s driving the surge in women-led startups in the UAE?
The UAE has really become a hub for women entrepreneurs, and several key factors are fueling this growth. First, the government is quite supportive, with initiatives like TiE Women MENA, Dubai Women Establishment (DWE), and Abu Dhabi's Women's Business Council, all of which offer resources, funding opportunities, and networking platforms specifically for women. These efforts are complemented by various incubators and accelerators, including those from universities like the American University in Dubai, which are crucial in nurturing women-led ventures.
Moreover, the UAE’s strategic location and business-friendly policies make it an attractive spot for global entrepreneurs. Programs like the UAE Golden Visa and specialized startup visas facilitate easier establishment and operation of businesses by women from around the world. Networking events and women-focused business forums further help in making valuable connections and collaborations.
What challenges do women entrepreneurs still face, and how is iACCEL Gulf Business Incubator addressing them?
Even with the supportive environment, women entrepreneurs in the UAE still face challenges. Access to funding remains a major hurdle, with many women relying on personal savings to start their businesses. Reports show that women-led startups receive a very small fraction of overall funding—only 0.06 percent of the US$460 million raised by startups in 2022. Additionally, networking can be tough in a predominantly male-dominated environment, and social and cultural barriers can impact confidence and business growth.
iACCEL Gulf Business Incubator is tackling these issues head-on. They’re launching an initiative called iThrive, aimed specifically at supporting female founders from the idea stage. This program will help women find the right tech development partners, co-founders, and more, providing a comprehensive support system to boost their entrepreneurial journey.
What makes the UAE attractive to international entrepreneurs, and how does it compare to other startup hubs?
The UAE is very appealing to international entrepreneurs for several reasons. The country’s vibrant startup ecosystem, coupled with strong government support and tax benefits, creates an attractive environment for new ventures. For Indian entrepreneurs, in particular, the UAE’s proximity and familiarity make it a natural choice. The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE has further strengthened this connection, promoting collaboration and investment.
Compared to other global startup hubs, the UAE stands out with its excellent infrastructure, quality of life, and business-friendly policies. Free zones in the UAE offer additional tax exemptions, making it a compelling destination for entrepreneurs worldwide.
What challenges do international entrepreneurs face in the UAE, and how does iACCEL help with these?
International entrepreneurs often face a few hurdles when adapting to the UAE’s environment. Understanding and adhering to local cultural norms is crucial, and newcomers might struggle with accessing funding and networking resources. Additionally, the high cost of living and doing business can be a significant challenge.
iACCEL helps bridge these gaps by providing guidance on local customs and business etiquette. Their strong network of 400+ members, who have extensive experience in the region, offers invaluable support. This network helps entrepreneurs navigate the local regulatory landscape and accelerates their go-to-market journey, significantly reducing the time it takes to establish their business.
What strategies do successful international entrepreneurs use in the UAE, and what pitfalls should they avoid?
Successful international entrepreneurs in the UAE focus on building deep connections within the community and understanding local consumer needs. It’s important to delve into the culture and be sensitive to regional norms. Hiring a knowledgeable local team is also crucial for success.
However, there are pitfalls to avoid. Entrepreneurs should ensure they comply with local regulations and avoid neglecting cultural sensitivities. Failing to do so can lead to missed opportunities and potential business issues.
What long-term impact will the rise of women-led startups and international entrepreneurs have on the UAE’s economy and innovation landscape?
The rise of women-led startups and the influx of international entrepreneurs will have a significant impact. Women bring unique perspectives that can solve pressing issues, and international entrepreneurs introduce expertise in various technological fields. This blend of new ideas and global insights will boost innovation and create a more dynamic industrial landscape. It will also attract global talent and generate employment opportunities, enriching the overall economy.
If you could recommend one policy change to better support women entrepreneurs and international startups in the UAE, what would it be?
I would suggest enhancing accessibility to tailored financial resources. Creating dedicated funds or grant programs specifically for women-led startups, with clear eligibility criteria and streamlined application processes, could make a big difference. This would ensure equitable support and foster more diversity and innovation within the entrepreneurial ecosystem. Such a policy change would align with global best practices in promoting gender equality and inclusive economic growth.
In conversation with Anishkaa Gehani, the co-founder of iAccel Gulf Business Incubator.
