The latest round of the Turn8 initiative, a venture fund comprising of a growth accelerator programme for start-up companies complemented by a follow-on investment fund, recently brought eight promising candidates and business investors together in Dubai, UAE.

Turn8 is a programme organised by DP World, to foster the growth of a global innovation and entrepreneurship culture within the UAE. Through this programme, DP World will strategically scout for marketable early stage ideas and concepts, which will be rapidly incubated in its seed accelerator.

A unique collaboration between enterprise and innovators, start-up teams in Turn8 are backed with investment, mentorship, training and year-long business development support. Follow-on investment helps them scale and grow globally. Since the start of the programme in 2013, over 8,000 start-up companies have applied to join with 60 receiving over $4 million in co-investment from the venture capital community, said a statement.

DP World chief information officer Yousif Al Mutawa, said: “DP World has an innovative mindset and a priority for us is to encourage creative thinking, supporting young talent to drive the future.”

“Innovation is the heart of our business and as a global trade and logistics enabler we are keen to develop an entrepreneurial culture in Dubai and elsewhere. Dubai and the UAE are a great example of how innovation has led to economic development and we are delighted to nurture talented people in their quest for business success, providing a helping hand at this vital stage so they can follow their dreams to turn their ideas into reality,” he said.

Ahmed Abdulwahab, programme manager, Turn8, said: “The accelerator is designed to coach each start-up in developing their product, sales and marketing efforts.”

“These teams demonstrate innovative solutions with real, game-changing possibilities and it’s exciting to join them on their journey from idea inception to market entry,” he added.

The event was also attended by Al Tayyar Travel Group CEO Abdullah Bin Nasser Aldawood, who delivered a keynote speech highlighting the opportunities in corporate venture capital and his experience in start-up investments. The group has successfully invested in start-ups like Careem, Wadi and Musafir.com, further added the statement.

During the evening investors received a ‘chequebook’ worth $1 million in ‘Monopoly Money’ to be invested in different teams. Investors wrote cheques to teams in amounts they felt reflected actual investment potential. The team that collected the most money will receive TURN8 follow-on funding, it said.

Start-up companies chosen for round six of the programme include:

•AirGo (Singapore): An award-winning and patent-pending design concept that will take both airline profits and passenger experience to a whole new level.

•Bridg (UAE): A mobile payment platform that allows smartphones to transact regardless of connectivity. Bridg partners with local gateways and processors to enable fast deployment across the global landscape.

•Meetizer (Spain): A social app where travellers and expats connect and share plans in real-life by creating ‘here & now meet-ups on the go’ over a coffee or lunch break, an event or whatever they plan.

•Finerd (UAE): Harnessing the power of the latest technology and rigorous academic research with an honest management, Finerd provides intelligent investment solutions for everyone.

•Visage (UAE): A crowdsourced recruiting platform for startups and SMEs. Professional recruiters worldwide refer their surplus candidates.

•HeyDoc! (UAE): A healthcare communications and technology platform dedicated to connecting patients with medical consultants, wherever they are in the easiest way possible. Delivering in-app consultations, without the need for physical appointments.

•Prattler (Ukraine): A social media platform creating a user's own brand in a live stream while following any broadcasted media content. Users can stream themselves directly to share emotions, thoughts and reactions with others while building their following of other users viewing the same event.

•Mailburn (Russia): A clever business communication solution that will change emails forever by allowing users to close more business tasks and bring the entire business communication industry up-to-date through speed, security and openness. – TradeArabia News Service