DP World picks 10 start-ups for Turn8
Dubai, October 2, 2013
Global marine terminal operator DP World said it has selected 10 start-up ideas for developing them into commercially-viable businesses as part of its seed accelerator initiative Turn8 powered by innovation360.
The 10 teams of two are being supported with funding, mentoring and training in Dubai in exchange for a stake in any resulting business under Turn8, the region’s only programme that offers cradle-to-commercialisation support for innovative start-ups.
The final projects range from consumer sentiment trackers and counterfeit goods detectors to a digital math tutor for children and an app to record dreams.
The announcement marks the completion of the year-long Turn8 programme’s first roadshow phase that involved an online campaign and visits to selected countries with active start-up cultures, including the UAE, Egypt, Jordan, the Ukraine, Belarus, Singapore, Malaysia and the US.
Mohammed Sharaf, Group CEO said: "DP World is a firm believer in innovation and technology to help power business. Through Turn8, we aim to promote a start-up and innovation culture in the wider community building on the UAE’s traditions of entrepreneurial flair."
"This also fits with its vision to become a regional hub for innovation and to create a fully-fledged innovation centre in Dubai. I am excited by these projects and look forward to seeing them developed to their full potential," he added.
Lauding the selected teams, Yousif Almutawa, the chief information officer, said: “DP World has launched Turn8 to encourage innovative entrepreneurship. Our search for ideas uncovered some exciting new local and international proposals, ten of which are now short-listed for our support."
Kamal Hassan, the founder and CEO of innovation360, said: Our finalists are young minds with ingenious ideas that can be refined and brought to market through the Turn8 seed accelerator. We have now entered the crucial stage of incubating and nurturing them through this developmental phase.-TradeArabia News Service