DUBAI:Dubai Airport Free Zone (DAFZ), a member of the Dubai Integrated Economic Zones Authority (DIEZ), has announced a strategic partnership with the 2024 edition of Red Bull Basement.
This partnership aligns with the free zone’s commitment to elevating UAE innovators’ positioning on a global stage.
The initiative empowers the next generation of innovators to conceive, develop, and launch their groundbreaking ideas, accelerated by AI technology. Each team that applies will have the opportunity to create its own business plan.
DAFZ will provide direct support to the teams participating in the event by awarding the first- and second-place winners membership in “Scality,” DAFZ’s unique, innovative startup programme, which enables them to establish and grow their businesses in the region.
Additionally, the winning teams will secure a spot in “SANDBOX,” DIEZ’s accelerator programme dedicated to fostering tech startups, which is part of Oraseya Capital, the venture capital investment arm of the Authority. The
first-place team will also have the opportunity to receive investment for their project.
This initiative underscores DAFZ’s commitment to nurturing innovative businesses and projects in the UAE, reinforcing its role as a key player in creating a supportive environment for successful ventures.
The national winners from the UAE will be invited to an immersive World Final in Tokyo, Japan. The application window is open until October 25, 2024.
Commenting on the partnership, Arif Al Khouri, Senior Vice President of Customer Care at DAFZ, said: ‘This initiative aligns with DAFZ’s mission to support and nurture young talents and innovators, encouraging them to adopt the latest technological and smart solutions. Through this partnership, we are taking a significant step to reinforce our goals of empowering entrepreneurs, enhancing the investment ecosystem, and supporting companies and projects of all types and sizes, while strengthening Dubai’s status as a hub for creative talent and a global capital for innovatio
n and investment.’
‘We are thrilled to partner with Red Bull Basement for this transformative initiative. We believe the youth of today are the leaders of tomorrow, and this event provides a unique platform for young innovators to bring their ideas to life. We look forward to witnessing the revolutionary ideas that will emerge and remain committed to supporting future leaders in turning their ideas into successful ventures,” Al Khouri added.
2024 Format
Through this year’s instalment of Red Bull Basement, a new wave of innovators will leverage AI to create a business plan, find opportunities, identify and prioritise potential growth areas, and enable their state-of-the-art ideas.
Phase 1 – Application:
From September 1 through October 25, one- or two-member teams of students and innovators from the UAE can visit the Red Bull Basement website [https://www.redbull.com/mea-en/events/red-bull-basement-uae], where the easy-to-use AI tool will help them to create and submit a one-page business plan as their ap
plication. A panel of local judges will select the top teams for the national final, with the winner representing the UAE at December’s Global Final.
Phase 2 – Development:
From November 12 through December 1, the national-winning teams will unlock resources, including the chance to collaborate with mentors and experts, as well as AI technology, to further develop their business plan and evolve their ideas toward readiness as a business start-up.
Phase 3 – Global Final:
From December 2 through December 5, the World Final will bring together finalists from 40 countries for an immersive event in Tokyo. Featuring workshops, a dedicated AI session, and networking with international entrepreneurs, visionaries and business leaders, the World Final will culminate with in the announcement of the global winner of Red Bull Basement 2024.
Red Bull Basement 2024 is collaborating with Microsoft, AMD, Dubai Airport Freezone and DIFC Innovation Hub for its sixth edition, focusing strongly on AI technologies to deliver
the best possible experience. The Red Bull Basement Chatbot, powered by Microsoft, will use Azure OpenAI Service and AMD Instinct accelerators to assist teams to develop ideas and create business plans.
Source: Emirates News Agency