The Dual Advantage
AURAK Center for Entrepreneurship (ACE), housed in RAKBANK Business School, and ICONET, located in the school of Engineering (jointly called the Entrepreneurship and Innovation Hub), is dedicated to enabling students and entrepreneurs to achieve their dreams. AURAK has the distinction of providing dual incubation centers to potential entrepreneurs. The combined expertise of Business and Technology makes ‘AURAK Entrepreneur and Innovation Hub’ a unique and leading center in the country.
Incubation program
The Problem
Creating an entrepreneurial venture is exciting as well as challenging. It involves taking risks and navigating unfamiliar and sometimes hostile territories. Starting a new venture is only half the battle won; keeping it running and growing is another challenge, and many consider it a more significant challenge than starting a business. According to the Small Business Administration (SBA), 51 percent of startup ventures do not survive beyond four years. In the absence of fertile ground, startup companies struggle to grow and survive. A report from the National Business Incubation Association in the United States of America states that startups that went through incubation services have a survival rate of 87%. At the same time, firms without incubator support dropped to 47 percent.
WHERE DO I START MY BUSINESS? HOW TO REDUCE THE COST ASSOCIATED WITH HIGH RENTALS AND MAINTENANCE?
HOW DO I GET A MAINLAND LICENSE WHICH WILL ALLOW ME TO CONDUCT BUSINESS ACROSS THE UAE?
HOW CAN I HAVE ACCESS TO A CONSULTANT OR AN EXPERT FOR REAL-TIME DECISIONS?
HOW CAN I FIND COST-EFFECTIVE RESOURCES PARTICULARLY HUMAN RESOURCE?
The Solution
The Entrepreneurship and Innovation Hub enables students and entrepreneurs to achieve their dreams by incubating their businesses with ACE or ICONET. Through Design Thinking and Lean Start-up Methodology, entrepreneurs are guided in operationalizing their business plans and reducing or eliminating stress and risks associated with new venture creation, and providing confidence to build startup ventures.
ACE WILL PROVIDE YOU WITH AN INNOVATIVE OFFICE SPACE WITH INTERNET CONNECTIVITY.
THE ENTREPRENEURSHIP HUB WILL PROVIDE YOU WITH A FREE TWO-YEAR MAINLAND LICENSE, WHICH ACE CAN BE RENEW WITH MINIMAL COST.
ACE AND ICONET WILL PROVIDE REAL-TIME ACCESS TO CONSULTANTS AND EXPERTS.
ACE AND ICONET WILL PROVIDE ACCESS TO STUDENTS WHO CAN WORK PART TIME WITH THE NEW VENTURE.
The Problem
Most startup ventures fail due to poor ideas, weak feasibility, and short viability. Business plans are created for that purpose but cannot objectively evaluate the business proposal. Entrepreneur.com reports that most business plans are poorly written, vague, and unrealistic. As a result, the execution of business plans without an effective evaluation process increases business risk and chances of failure. Key questions that beg answers are:
HOW DO I KNOW THAT MY BUSINESS IS FEASIBLE AND VIABLE?
WHERE TO FIND FUNDS, AND WHAT IS THE APPROPRIATE FINANCING STRUCTURE FOR MY VENTURE?
WHERE TO FIND FUNDS AND WHAT IS APPROPRIATE FINANCING STRUCTURE FOR MY VENTURE?
HOW TO COMPETE AND PROTECT MY BUSINESS?
The Solution
ACE and ICONET will assist in planning, networking, licensing, funding, promotion, intellectual property, and launch. In addition, through the Fast Failure Methodology, the dual incubators will enable entrepreneurs to be free from mundane tasks and become more productive using creative energies for the company’s growth.
ACE WILL ENABLE TESTING DESIRABILITY, FEASIBILITY, VIABILITY, AND SCALABILITY OF BUSINESS MODELS THROUGH ITS PATENTED ONLINE SYSTEM- SECURE.
ACE WILL HELP TO FIND FUNDING SOURCES AND SUGGEST APPROPRIATE FINANCING STRUCTURE.
ACE WILL HELP TO FIND FUNDING SOURCES AND SUGGEST APPROPRIATE FINANCING STRUCTURE.
ACE WILL ASSIST YOU IN YOUR APPLICATION FOR PROTECTION OF INTELLECTUAL PROPERTY.
Acceleration program
AURAK Center for Entrepreneurship (ACE), housed in RAKBANK Business School, AND ICONET housed in the engineering school, is dedicated to enabling students and entrepreneurs to achieve their dreams. Creating an entrepreneurial mindset is essential to student success as it allows to development of opportunity-seeking, risk-taking, and innovative behaviors. Additionally, competencies such as teamwork and communication improve through an entrepreneurial mindset.
Innovation center for entrepreneurship helps students develop an entrepreneurial mindset and engage with activities that encourage entrepreneurial thinking, knowledge, and skills. Further, the acceleration program will enable students to design new ventures. Upon completion of a successful acceleration program (3 months), students can apply for incubation (which involves executing business plans).
The Problem
Most startup ventures fail due to poor ideas, weak feasibility, and short viability. Early-stage and potential entrepreneurs are unsure how to take their ideas forward and convert them into business models and business plans.
HOW CAN I CONVERT MY IDEAS INTO BUSINESS MODELS AND BUSINESS PLANS?
HOW DO I TEST THE FEASIBILITY OF MY PROPOSED BUSINESS MODEL?
HOW DO I VALIDATE MY TECHNOLOGY ASSOCIATED WITH MY BUSINESS
WHAT ARE KEY OPERATIONAL DECISIONS RELATED TO MY NEW VENTURE?
The Solution
ACE and ICONET will assist in planning, networking, licensing, funding, promotion, intellectual property, and launch. In addition, through the Fast Failure Methodology, the dual incubators will enable entrepreneurs to be free from mundane tasks and become more productive using creative energies for the company’s growth.
ACE WILL HELP CONVERT IDEAS INTO BUSINESS MODELS AND BUSINESS PLANS USING DESIGN THINKING AND LEAN METHODOLOGY.
ACE WILL ENABLE TESTING DESIRABILITY, FEASIBILITY, VIABILITY, AND SCALABILITY OF BUSINESS MODELS THROUGH ITS PATENTED ONLINE SYSTEM- SECURE.
ICONET ALONG WITH ACE WILL HELP POTENTIAL ENTREPRENEURS IN TECHNOLOGY VALIDATION.
