A technology initiative backed by the Dubai government has
launched a $275m startup investment fund (1bn AED) organizers say will likely
back blockchain projects.
Announced last week,
the Dubai Future Foundation officially opened the Dubai Future Accelerators
initiative, a 12-week startup program based in the United Arab Emirates that
will seek to encourage innovation in "strategically important"
sectors.
A partnership with global investment firm Dubai Holding, the
effort is centered around promoting the development of business ideas around
six "challenges" in areas like transportation, law, education and
public utilities.
The program is now accepting applications from companies seeking
to prove a product-market fit for their ideas. Approved applicants, in turn,
will spend three months developing pilot projects that are then eligible for
additional funding.
Organizers said initial applications include efforts centered on
smart meters, smart cities and business process improvements using blockchain.
The move is the latest that finds the Dubai Future Foundation
promoting blockchain development. The agency has been among the more active
government agencies globally to begin examining blockchain technology, most
notably through the Global Blockchain Council (GBC) overseen by itsMuseum of the Future project.
Earlier this summer, the GBC unveiled seven pilot projects built
by prominent area businesses and startups.
