Financial literacy and education technology were the focus for 12 Abu Dhabi start-ups taking part in the latest Ma'an Social Incubator (MSI) programme as the emirate continues to pursue plans to become a global centre for entrepreneurship and equip Emiratis with smart money skills to contribute to its long-term economic growth.
The sixth cycle of the incubator, held under the theme of Entrepreneurship for Social Good, was organised as part of a partnership between the Authority of Social Contribution, known as Ma’an, and startAD, the business accelerator based at NYU Abu Dhabi, Ma'an said on Thursday.
The incubator helped to empower and equip the entrepreneurs to develop solutions applicable to the financial literacy and education technology (EdTech) sectors, it said.
“With the support of the incubator and its partners, they have tackled the challenges of financial literacy and education technology in ways that are destined to have genuine social impacts,” said Salama Al Ameemi, director general of Ma’an.
“Our incubator focuses on Abu Dhabi’s social priorities, including financial literacy and education technologies. Both topics play a vivid role in our nation’s future and will help impact our economy.”
Founded in February 2019 by the Department of Community Development Abu Dhabi, Ma’an is part of the emirate’s Dh50 billion ($13.6bn) Ghadan 21 accelerator programme.
Ma’an aims to bring together the government, private sector and civil society to support innovative solutions and contribute to the development of inclusive communities.
It has launched several programmes through its five pillars of work, which include social impact bonds, a social incubator and accelerator programme, a social investment fund, community engagement and outreach management.
The social incubator programme supports early stage social start-ups. Twice a year, the Ma’an social incubator selects promising start-ups and provides them with the resources and support to develop high-impact solutions and scale up sustainable businesses that benefit society, it said.
Personal finance assistant platform Lune was among the 12 start-ups that participated in the sixth cycle of the Ma’an incubator. The FinTech company partners with banks and companies to improve users' financial literacy and well-being.
Other start-ups that participated in the programme include FinStart Arabia, a company that designs financial literacy programmes for Emirati youths; Cashee, a venture that teaches teenagers how to manage money; Squirrel, a financial literacy platform for pupils; and Edfundo, a money management app built by teachers for children and teenagers.
The EdTech start-ups included Reedz, a mobile app offering 20-minute Arabic audiobook summaries; Tutoruu, a tutoring network connecting high-achieving undergraduate students with struggling peers; and Skillplay, a platform that helps students learn future skills, as well as secure internships and earn certifications and prizes by playing a one-minute game daily.
EdTech start-up Playbook, a global edutainment platform for women seeking leadership roles; La Talli, a platform that displays independent designers’ products; Geek Express, a Mena-focused online technology school with an accredited K-12 curriculum; and Kam Kalima, a company that offers learning spaces to help “today’s schools teach the Arabic needed for tomorrow”, also took part in the programme.
The 12 start-ups benefitted from workshops, training, mentorship sessions and office space. They also had access to potential investors and funding opportunities, Ma’an said.
Through the authority's partnerships, the participants were given access to ecosystem, funding, media and sector-specific partners, it said.
The MSI has already led to the incubation of 53 social enterprises and acceleration of 21 existing non-profit organisations that address its five social priority topics.
With the incubator’s support, more than 40 start-ups have also been licensed or are in the process of securing the required permits, Ma’an said.
The social incubator is currently seeking start-up applications for its seventh cohort, which will require participants to create solutions to help solve social challenges for sustainable cities and communities, according to Ma’an’s website.
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Watch: Mena start-ups are much higher than people realise
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Champions League Last 16
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Sporting Lisbon (POR) v Manchester City (ENG)
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RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
What can victims do?
Always use only regulated platforms
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Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
India squads
Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.
T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.
ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
ELECTION%20RESULTS
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HAJJAN
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Heather, the Totality
Matthew Weiner,
Canongate
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
