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It is a dream most of us have flirted with at some time or the other – starting a business of our own. However, it is when we move beyond daydreaming and step into the world of planning that we come face to face with one big question: how do I/we raise money to start a business, or even expand an existing business?
There are many options available for the budding entrepreneur: financial institutions like banks that provide term loans to procure fixed assets, working capital finance, bank guarantees, and letters of credit; private lenders and investors who are ideal providers of financial solutions for small-scale businesses; business grants from the government; and venture capital.
Some of the companies that one can contact include In5 Innovation Hub that supports entrepreneurship and development of digital media start-ups in Dubai. Organizations like Afkar.me, Mohammed bin Rashid Al Maktoum Foundation, Khalifa Fund for Enterprise Development, Wamda, Mohammed bin Rashid Establishment for Young Business Leaders, and TiE Dubai are some of the sources one can tap not just for startup investments, funding and financing, but also for mentoring and networking.
Many firms like Du and Philips host contests and programs to help fund business ideas that reflect their corporate objectives and ideologies.
Dubai has always aligned itself strongly with dreamers and the risk takers, and with the Expo 2020 not too far off, it is all set to help soar as many great business ideas and ventures as possible.
• Funding options aplenty for budding businessmen
• In5 Innovation Hub helps digital media start-ups
• Entrepreneurs can network with TiE Dubai, etc.
Source: Binu Sivan, Special to Classifieds
The writer is a freelancer