Aldar Properties announced on Tuesday the launch of the third edition of its startup incubator programme – Manassah 3.0 – aimed at cultivating entrepreneurial talent and advancing retail concepts in the UAE.
The latest edition of the six-month incubator programme targets SMEs in the F&B industry, as well as retail products and services.
The company said applications for Manassah 3.0 are currently open and it would be welcoming submissions from across retail SMEs such as cafes, restaurants, boutiques, wellness spaces and other unique store concepts. The deadline for submission of applications is August 28.
Winners will receive equity-free financial incentives and a space at an Aldar retail destination.
The programme is held in partnership with startAD, the global startup accelerator powered by Tamkeen and anchored at NYU Abu Dhabi.
Aldar and startAD will also support participants by providing them with the necessary tools to launch their ventures.
This year Manassah is also bringing on board other partners such as Khalifa Fund and Cloud Spaces, the company said, adding that the new partnerships will elevate the programme through workshops, mentorship, network access and introductions, as well as financial incentives.
The first edition of Manassah targeted UAE-based SMEs operating within the retail, café, and restaurant space, while the second edition targeted a broader range of retail businesses including technology-enabled startups and sustainability projects from across the GCC.
Saoud Khoory, chief retail officer, Aldar Investment, said: “We fully believe that initiatives like Manassah will help build a strong home-grown retail ecosystem in which startups can thrive.”
“At Aldar, we are committed to facilitating and accelerating the growth of our retail landscape by supporting and investing in innovative concepts.”
Besides mentoring by experts on improving business models, financing and branding strategies, businesses accepted into the programme will also gain networking opportunities.
startAD Managing Director Ramesh Jagannathan said the UAE was the most sought-after retail destination for a retail entrepreneur, as, on an average, a household in the country spends double the global amount on shopping and e-commerce.
“SMEs have an important role to play here. Today, SMEs represent 94 per cent of the companies operating in the country, provide jobs for more than 86 per cent of the private sector’s workforce, and make up over 60 per cent of the national GDP,” Jagannathan said.
According to Jagannathan, food retail is anticipated to dominate the retail market in coming years and programs like Manassah are empowering startups to spur innovation in the sector.
The Aldar statement said Manassah has advanced 40 startups and concepts to date. This includes Coffee Architecture, Alkalime, and Wake n’ Bake, the winners of the first edition, all of which are bringing their concepts to life at Aldar’s Mamsha Al Saadiyat.
The second edition welcomed 12 finalists, with three of the startups DesignHubz, Mr. Draper, and IHearYou securing commercial projects with Aldar.
Manassah is an Aldar Youth Council initiative, initially submitted as part of Aldar’s Ibtikar challenge, an internal innovation programme which encourages employees to take an active role in Aldar’s future growth and direction.
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