Dubai Next, the first digital crowdfunding platform in Dubai launched earlier this year by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has chalked up another success as it evolves into a catalyst for innovative enterprise.
The digital platform, launched in May, has recorded another success story – its third – after Takween, an Arabic learning programme, concluded a campaign to raise the required capital.
Takween follows Padel 26 and Vemudra in taking advantage of the new method of start-up financing.
Dubai Next allows entrepreneurs to create campaigns online and seek funds from contributors for turning their ideas into reality.
The not-for-profit platform operated by Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, is open to all nationalities and age groups in the UAE.
Dubai Next has also seen an upsurge in campaigns and contributors in recent months. The platform currently has 226 contributors, up from 59 in July, while the number of campaigns created on the platform has also increased during the same period.
“Dubai Next has proved to be the next big opportunity for the aspiring and ambitious startups in Dubai. As a broad platform Dubai Next has created a sustainable growth ecosystem and social network for startup financing. The digital crowdfunding platform is emerging as an engine of social and economic development and Dubai’s strategic goal of being the global hub of entrepreneurship,” said Abdul Baset Al Janahi (pictured below), CEO of Dubai SME.
“The successful fundraising experience of Takween on Dubai Next is not only inspiring for the start-up community, but also a testimony to the vast potential for creative concepts in Dubai,” he added.
Created by Saudi entrepreneur Lujain Alfaraj, Takween seeks to make learning the Arabic alphabet a fun experience through using a set of modular magnetic blocks.
Alfaraj came up with the innovative learning concept after her son’s refusal to attend Arabic lessons in his nursery class and chose crowdfunding over traditional funding models as she believed that her brand is firmly rooted in the community.
“As a mother and a designer, I needed to create a positive experience for my child to learn Arabic,” Alfaraj said.
“It is exciting to see a crowdfunding platform in our region stemming from Dubai… There’s a massive need in the market for beautifully designed Arabic products. As our world becomes more and more globalised, we need to make space for Arabic and nourish it. We invite everyone to visit us at Expo and explore the beauty of Arabic,” Alfaraj added.
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