The UAE’s strong focus on innovation and the substantial opportunities open to aspiring founders at every stage of growth has cemented its status as a vibrant startup hub in the region, said experts at the 5th Sharjah Entrepreneurship Festival (SEF 2021), organised by Sharjah Entrepreneurship centre (Sheraa), which opened on Monday in Expo Centre Sharjah.

Lauding the entrepreneurial spirit of the UAE, these changemakers from different sectors asserted that 50 years down, entrepreneurship will serve as the infrastructure of UAE’s post-oil economy, and hailed the nation’s business environment that is attracting creative talents from around the world and supporting the growth of businesses seeking efficient solutions to pressing global challenges.

Bodour Al Qasimi, Chairperson, Sharjah Entrepreneurship centre (Sheraa), said: “Having the required skills and confidence in one’s abilities and a growth mindset are factors that form the basis of entrepreneurial success. Therefore, here in Sharjah, we seek to inspire the next generation of founders by spotlighting the unique challenges, journeys and stories of success of leading entrepreneurs from the UAE, the region and the world”.

“Entrepreneurship serves as a wellspring of sustainable and diversified economic growth. It champions innovation and celebrates new, path-breaking ideas that carry a promise of the kind of change that truly serves the needs and aspirations of one and all in our ever-changing societies. The SME sector is distinctive in the way it has been serving as a primary economic driver and trendsetter in society, especially in the UAE’s, and here in Sharjah, we are paving the way for the next phase of local entrepreneurial growth,” Bodour Al Qasimi added.

Ahead of the UAE’s golden jubilee in December this year, SEF 2021 opened with an insightful discussion on the role of entrepreneurship in securing the progress of the UAE for the next 50 years and beyond, at an engaging panel session titled, “50 Years of the UAE: The Growth of an Entrepreneurial Nation”.

Stating that the country is open for entrepreneurs across sectors and revealing that investments into the UAE have doubled in the past four years, Dr. Ahmed Belhoul Al Falasi, UAE Minister of State for Entrepreneurship and SMEs, said that the goal of the Ministry is “to create a platform for the ecosystem by the ecosystem.”

The focus is on changing the culture of entrepreneurship at an early age, he said, adding, “a big part of what we do is to bring students in schools and universities into the system to increase the funnel of founders in the region.”

“The Ministry has set an aspirational target of having 20 unicorns by 2031,” he added, “but our overarching goal is to work with entrepreneurs to help them overcome barriers and ensure their progression across different stages of the journey. We work to enable entrepreneurs make the transition from micro to small or small to medium enterprises to maximise their potential.”

Urging the youth to consider entrepreneurship and avail of the opportunities available in the UAE, he said: “At your age, failure is less of a barrier than it would be when you are 40 or 50. So, fail young, fail fast, and repeat.”

Pointing out that in a world that is emerging from the pandemic, building businesses alone was not enough, Najla Al Midfa, CEO of Sheraa, reiterated Sheraa’s goal to nurture the brilliance in every individual to enable them to pursue and fulfil their dreams and thrive.