During SMEInfo’s Entrepreneur boot camp at The Shelter on September 30th, advice was given on how to set up a business, financing a business and tips on how to maximise SEO effectiveness on a shoestring budget. Incubators, start up initiatives, funding, angel investors, seed capitalists, venture capitalists and start-up funds were all discussed in detail at the boot camp.
The event was a success and very worthwhile for all in attendance, and I was pleasantly surprised by the tremendous interest generated by my presentation on the steps to setting up a business in the UAE. It was thrilling to be surrounded by such entrepreneurial spirit, and I am only hoping that The Links Group can assist in kick starting such businesses with the same enthusiasm.
SMEs are the backbone of any economy and the UAE is no different. In the past there was very little for start-ups to cheer about on the financing front, but will it be different now with the launch of at least three new funds, namely Beco Capital, Y+ Ventures and Smart Start? How do they work? Do they want an equity stake in my business or a straight ROI? The banks are talking much more on the matter but are unable to deliver to SMEs and entrepreneurs who do not have the track record to support their prior successes. At the next event, I think it would be great to get representatives together from these new funds so opportunities can be discussed for the near future.
Most of the major sectors are considered for financing, but in reality the focus is on technology as this is where the real future golden goose or next Facebook will come from!
So the question now is, how do I get funding for my venture? Many talk the talk but who is willing to front the cash?