Intilaq, to launch in Arabic - a unique initiative that will nurture and facilitate innovative entrepreneurship in the technology sector around the Middle East, was launched in the region this month. Powered by Bayt.com, the region’s number one job site, the Intilaq initiative operates following a dual mandate: to develop innovative ideas germinated within Bayt.com, and to fund and mentor compelling entrepreneurial start-ups and their innovations, through acquiring equity or full-scale acquisitions.
Headquartered in Dubai, the Intilaq team will primarily be interested in innovations that drive technological development, as well as internet adoption and usage; from start-ups currently based in the Arab world, or interested in relocating to this region.
The launch of Intilaq will mark a significant diversification of the Bayt.com business, by launching new technology initiatives outside the scope of Bayt.com as a job site. The initiative will offer funding or possible acquisition to entrepreneurial technologists that have a compelling background, concept or early-stage product in the internet, mobile or other technology sphere, and will benefit from invaluable mentorship from a diverse network of domain-specific leaders.
Intilaq will furthermore be a venue for start-ups to seek additional funding from investors and gain valuable media exposure for their new companies.
"The Middle East region is characterized by a limited number of significant web properties and home-grown technologies, but while this list is growing, the primary barrier to technological development and entrepreneurial success remains the parallel lack of sufficient support and funding mechanisms to encourage and grow home-grown start-up ventures," stated Dan Stuart, Head of Strategic Initiatives at Bayt.com.
"At Intilaq and from our significant success with Bayt.com, we realise that innovation plays a fundamental part in diversifying regional industry and will define regional industry well into the future. By empowering people to create new and innovative approaches to business, and helping them find opportunities, we are together contributing to a sustainable and diverse future for the region," he added.
The launch comes as the region’s internet penetration is growing at a rate that outpaces the majority of global markets; with the second fastest internet growth rate globally - increasing97 percent per annum. This is compounded by the fact that the region’s population is increasingly characterised as a young population, with youths under the age of24 now making up50-65 percent of the population of the Middle East. These factors as well as large supplies of liquid capital, and slowing economies in other parts of the world, all make the region ripe for both growth and global attention.
"There are currently so many challenges involved in creating a successful start-up, including a lack of funding and the challenge of finding experienced mentorship and support. As such, new entrepreneurs face many obstacles in transforming their vision into a reality, and many great ideas and great talent never actually see the light of day," stated Stuart.
However, cloud storage is a realistic and scalable solution for new businesses, costs of new technology development are decreasing in light of open source movements, and there is a relatively rapid increase in regional internet access.
"Furthermore, sustainable revenue models for new technology companies are being developed and solidified and new digital platforms are emerging that both allow and inspire third-party development with positive commercial implications. Today, in the Arab world, there has never been a better time to start a technology company, and we look forward to playing a part in turning great ideas in successful innovative realities."
Intilaq complements the recent initiatives in facilities and administrative support for entrepreneurs in Dubai, Cairo, Abu Dhabi and Amman; by providing funding, engaging entrepreneurs in an experienced consultancy network, and facilitating further funding.
It will welcome applications from both strategists and technologists that have the brains, enthusiasm, and a drive to succeed; with a great team with both great individual and collective potential; and a great first idea.
Interested business strategists and entrepreneurial technologists can visit Intilaq.com for more comprehensive information and to submit their idea/team for consideration.