Sharjah Entrepreneurship Centre (Sheraa), UAE’s governmental entity which has gained immense popularity for redefining entrepreneurship in the region, has reportedly made it to the headlines following the revelation of its Sharjah Startup Studio (S3). As per credible reports, the new government-backed startup studio is expected to offer a hands-on approach to venture buildings.
For the record, S3 stands to be the very first startup studio in the region to make use of a revenue-sharing model, while the founders look to retain full ownership of their businesses. It is anticipated to provide founders with USD 30,000 in pre-seed funding, allowing them to focus on developing a superior quality product, profitability, and scalability.
Moreover, the studio aims to contribute to the country’s digital transformation and the development of non-oil economy in the UAE by supporting in commercializing home-grown startup ideas.
It has been speculated that S3 would dedicate a team of experienced professionals to work beside founders in the co-creation of their startups from the nascent stages, helping them to authenticate their idea and determine whether to take it to the global market or not.
This is estimated to include the participation and feedback of S3 corporates and government partners to assess the proposed solutions. In line with this, the founder will have prospects to raise follow-on funding, via Sheraa’s investment partners, post graduating from the studio.
Commenting on the recent accomplishment, CEO of Sheraa- Najla AI Midfa mentioned that the introduction of Sharjah Startup Studio is a breakthrough moment not only for Sheraa, but also for the regional ecosystem as a whole.
It signifies a revolutionary step in the role accelerators must play in order to support new organizations and companies, not only ensuring that they offer founders with the robust possible foundation to launch their businesses, but also build it alongside them.
He added that the new launch stands to be an answer to how a founder can finally make use of the opportunity of becoming a key stakeholder to the country’s economic diversification and growth.