(MENAFN- Khaleej Times) DP World on Monday announced the launch of its Turn8 seed accelerator programme designed to encourage innovative entrepreneurship worldwide, starting with Dubai.
Turn8 will look for people with ingenious ideas that can be refined and brought to market through a "seed accelerator", a programme that selects start-up teams with marketable ideas and supports them with funding, mentoring and training in exchange for a stake in any resulting business.
It will take place over the next 12 months, beginning by seeking innovative ideas through an online campaign and events in select countries with active start-up cultures, including the UAE, Egypt, Jordan, Singapore, Malaysia, Ukraine and the US.
The programme is powered by Innovation 360, a leading UAE innovation management consultancy, which has already established its own seed accelerator - i360accelerator - bringing several innovation and entrepreneurial initiatives to the region.
Those with winning proposals will be invited to the Turn8 seed accelerator in Dubai, where they will be provided with workspace and professional mentoring for four months to develop their business model and prototype. Up to $24,000 funding per team is available to help them evolve their ideas.
"Our aim is to support an innovation culture in the wider community by encouraging and supporting a mix of international and local ideas," DP World chief information officer Yousif Al Mutawa said.
"Turn8 will... provide start-ups with crucial early stage funding, a proven framework for turning ideas into global businesses, mentorship and follow-on investment support," Innovation 360 founder and CEO Kamal Hassan said.
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