Dubai Next allures more than 350 contributors and approves 62 campaigns

Dubai Next, which is a digital crowdfunding platform that has attracted many startup ideas and young innovators, is now anticipating a rise in fund-seekers and donators following the country's recently approving a federal system for such digital platforms.

Dubai Next, which is a digital crowdfunding platform that has attracted many startup ideas and young innovators, is now anticipating a rise in fund-seekers and donators following the country’s recently approving a federal system for such digital platforms.

Dubai Next was launched in May 2021 and managed by Dubai SME is now attracting many new innovators and has already authorised eight startup concepts that will raise the required funds.

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CEO of Dubai SME, Abdul Baset Al Janahi, said, “Crowdfunding has significantly impacted ushering in a new generation of entrepreneurs in the UAE. It provides an alternate financing choice and an outstanding opportunity to turn startup ideas into possible projects. Students who are aged 12 and above may create campaigns on Dubai Next, and the campaigns seen so far are diverse and creative.”

Crowdfunding includes small amounts sourced towards the financing of a single commercial project. Any individual with a creative project or idea can create a campaign on Dubai Next and seek donations from donors.

The not-for-profit platform is open to people of all ethnicities.

Al Janahi said, “The Dubai Next experience proves that crowdfunding can encourage our growing youth population to pursue entrepreneurship, thus steering in a new generation of entrepreneurs and ultimately positioning Dubai as the worldwide hub of innovative enterprise.”

Presently, Dubai Next has 398 donators and 62 approved and running campaigns, while the total number of campaigns reported to date is 1,570.

During the first three months and till now, the campaigns have increased by 50%, while contributors have increased by 60%.

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The Deputy CEO of Dubai SME, Saeed Matar Al Marri, said, “Crowdfunding provides access to funding for a considerable segment of society, particularly the younger generation, and facilitates financing amongst entrepreneurs, their family and friends, and the broader community. Ideas submitted on Dubai Next go through viability testing before it moves to the funding stage, thus minimising future threats. Dubai SME also supports campaign owners in marketing their idea among the target contributor groups.”

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