Dubai-based Mohammed bin Rashid Al Maktoum Foundation and Microsoft Gulf have signed a memorandum of understanding (MoU) towards promoting innovation and entrepreneurship in the region.

Under the MoU, the Foundation becomes a network partner for the software giant’s BizSpark programme, which aims to help accelerate the success of early stage start-ups.

The Foundation and Microsoft Gulf will also use the Microsoft unlimited potential community learning curriculum to build essential technology skills within the local community for creating jobs and advance career opportunities.

The Foundation will also facilitate an internship programme to host young Arabs at Microsoft Gulf.

The MoU, which will have a far-reaching impact on the region’s entrepreneurs, takes forward the earlier agreements between the Foundation and Microsoft Gulf.

“The Mohammed bin Rashid Foundation is committed to empowering Arab entrepreneurs to innovate and facilitate job creation in the region,” said Adel Rashid Al Shared, vice-chairman and managing director of the Foundation.

“Our partnership with Microsoft will ensure that startups gain access to current, full-featured tools and technologies that help translate their ideas into thriving businesses,” he added.

“The Foundation will work closely with Microsoft to help these businesses use technology to achieve success through providing educational programmes, business mentoring and peer networking. ”

BizSpark is available to privately held startups building a software-based product or service that have been in business for less than three years and generate less than US$1 million in revenue.

Regional startups may enroll in the programme by obtaining sponsorship from the Foundation.

Charbel Fakhoury, general manager, Microsoft Gulf, said: “Building the economy is an important part of Microsoft’s broader mission and entrepreneurship is a critical component of that growth. During times of economic stress, it is even more important that startups have the technology and market resource support they need to succeed.

“With BizSpark, Microsoft is providing world class tools, technologies and market resources to students and entrepreneurs in the region to help bring new ideas, new companies and new software innovations to life.

“We look forward to working with the Foundation to help regional companies stay competitive by leveraging technology investments for facing any challenges that may be brought on by today’s uncertain economic climate,” he added. – TradeArabia News Service