I had the great opportunity to visit VivaTech 2022 in Paris where I attended multiple sessions, round-table dinners and lunches – doing my best to take everything in. Now that I am home, I wish to re-feel that moment of anticipation, that moment before we jumped into one big pool of surprises about innovation, digital transformation and startup growth.
Each year, Vivatech brings together the world’s brightest minds, talents, and products to ignite positive change in business and for society.
This time, I hope to share some major personal insights from the event:
Engagement with Venture Capitalists (VC) can create a resilient startup ecosystem
A number of VC events and funds in the UAE appear to target pre-seed/seed money whereas there is potential to create a platform of growth. Instead of looking at the first phase of growth for startups, we should further expand in stages where startups can look for investment but also grow their client base.
There is a need for more platforms that offer startups opportunities to connect with more established brands and give larger brands a chance to partner with startups. The ample positivity in Paris was something I really appreciated and it never hurts to embrace business and innovation from that perspective.
Vivatech shined a light on importance of global innovation
The pandemic accelerated the digital transformation of many sectors, and put a greater emphasis on innovation. As moving to a digital economy is one of the drivers of economic growth, success of our startup ecosystem should encourage, but not prevent us from dreaming bigger.
While it is a national mandate to develop the UAE-based startup landscape, we should also look to attract talent that exists within the global startup community. This will not only promote our core values of tolerance, diversity and inclusion, but also foster a spirit of entrepreneurship and innovation.
The UAE is perfectly positioned to set up a platform for startups across the world to showcase themselves. Not only that, our innovation-focused trade shows, events and the Museum of the Future have the potential to evolve from showcasing platforms to a platform that can drive funding and growth of startups. The ingredients for success are already there, all that’s left is to kickstart the ignition.
Maximise the startup ecosystem for entrepreneurs
Binance CEO has publicly declared that he is moving to Paris because it is a startup friendly city. The UAE has the resources and opportunities to enable startups to take off with confidence and agility, provide their industry leaders with new and innovative ideas, or even cement their position as powerhouses in their own right.
The UAE does a fantastic job of moving large corporations and their business to the country and it’s time to cater to the exponentially high number of startups and SMEs as well. This will translate to a bigger ‘engine’ of the economy and further growth of the country.
Boosting capital for startup development
Funding determines how long startups can hold out. Often, things boil down to a matter of buying just enough time to execute ideas, or missing out and burying their entrepreneurial dreams altogether. The UAE has played a pivotal role in activating the potential that exists today in terms of making setting up a business a breeze through many economic departments and free zones that help entrepreneurs open a business within the same day online.
But when it comes to funding and incentives, startups can face stagnation, plateaus, and even closures of potential unicorns with high-value ideas. A number of sovereign wealth funds are slowly moving into this space by creating venture studios or venture builder hubs to support startups from within or outside the region but that are going to operate from the UAE. The next step for us is to look into improving fund sourcing, and Government-supported incentives and programmes to act as a catalyst for a highly collaborative startup ecosystem.
Designing the future through technology
Technology, carefully executed, could act as a multiplier to address multiple challenges simultaneously. Think the next generation of electric drones for deliveries, flying cars in public transport, thought-controlled devices such as wheelchairs for people of determination. The UAE has been a first mover in technological innovation and by staying close to the startup and venture scene, it can accelerate the adoption of cutting-edge technology that has put the UAE on the map.
Being continually reminded of the time cram during VivaTech has helped me to refocus and recharge. Time is precious and the clock is ticking. The best thing we can do is to be better at supporting the startup ecosystem, and collaborations to help the industry grow and thrive.
Jamal Al Awadhi, Chief Operating & Experience Officer, Wio UAE
Follow us on
