DUBAI: Keeping in line with its entrepreneurship advocacy efforts, Dubai Startup Hub, an entrepreneurship initiative of Dubai Chamber of Commerce and Industry, has launched its Banking and Funding Startup series.
The first session witnessed the participation of RAKBANK, a member of the Dubai Chamber-led working group on SME banking, represented by Mr Dhiraj Kunwar, the Bank’s Managing Director of Business Banking. More than 100 participants from the UAE and abroad attended the webinar.
Dubai Startup Hub launched the series with the aim of educating entrepreneurs on practical steps to address current challenges due to the Covid-19 pandemic. The events are part of Dubai Chamber’s ongoing efforts to engage with members of the working group, which engages various public and private sector stakeholders and addresses variety of banking challenges faced by SMEs, startups and entrepreneurs in Dubai.
The first session was joined by Dhiraj Kunwar, Managing Director of Business Banking, RAKBANK, who shed light on certain issues that SMEs are facing due to the pandemic and the solutions available to them. The session also covered the changing outlook of Dubai’s entrepreneurs and their perspective on the ever-evolving financial landscape of the country.
Dhiraj Kunwar said: “As the leading SME bank in the country, we recognize the importance of creating an ecosystem and environment to support startups and SMEs during these trying times through the launch of several initiatives. The webinar hosted by Dubai Chamber is the perfect platform to aid small businesses by raising awareness on the secure and seamless digital solutions, financial relief packages and services available for business customers. Our aim at this moment is to assist SMEs during this health crisis by providing the right solutions that help them run their operations efficiently to withstand the storm.”
Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber explained that technology startups have very different needs and challenges in the current business environment, which is why the first webinar went beyond the issue of opening a bank account and focused on the issue of funding for technology startups in Dubai.
Sycheva provided an overview of Dubai Startup Hub’s Panorama – a practical guide providing useful knowledge and tips for startups. She explained that the latest edition of the guide examines the fundraising journey for startupsfrom pre-seed to seed capital, incubators and accelerators, angel investors, venture capital, crowd funding, and initial public offerings (IPOs).
“One thing starups can do with certainty – is to utilize this time wisely by revising business models, polishing investor pitches, connecting with people digitally, building network with potential investors and peers entrepreneurs who are experienced in fundraising,” said Sycheva.
Dubai Startup Hub will be hosting more sessions as part of the series in June 2020, when some of the top startups engaged in funding business will join the event as guest speakers.
Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform for startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.
Being a part of the Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a set of programs and services such as Market Access Program, Emirati Development Program, Dubai Smartpreneur Competition and Co-Founder Dubai Program, among others.