Eureka! GCC 2024 Empowers Startups With Gulf Islamic Investments And IAccel Partnership

Gulf Islamic Investments (GII) has strategically partnered with iAccel Gulf Business Incubator (iAccel GBI) to amplify the support provided to emerging companies in the Gulf Cooperation Council (GCC) region through Eureka! GCC. This business model competition, heralded as the Gulf edition of Asia's largest, aims to nurture nascent companies by offering them an unparalleled platform to present their business models to a cadre of esteemed investors, venture capitalists, and industry leaders.

To be eligible for Eureka! GCC, businesses must be within three years of their incorporation, based in the GCC, and have not received more than $100,000 in external funding. This criterion ensures the competition is accessible to startups in dire need of seed capital. The third edition of this event, hosted by GII in collaboration with E-Cell, IIT Bombay, promises participants not only the chance to win the prestigious title but also a share of prizes totaling US$100,000.

iAccel GBI, under the auspices of Dubai SME and the Department of Economy and Tourism (DET), plays a pivotal role in the UAE's vibrant startup ecosystem. This partnership, marking its second iteration, will see iAccel GBI bring its expertise to the table, offering mentorship and in-person sessions to support the participating startups.

Pankaj Gupta, Co-Founder and Co-CEO of GII and the Founder of Eureka! GCC, stressed the significance of the initiative in bolstering economic growth and innovation within Dubai and the broader GCC region. He highlighted the added value brought forth by iAccel GBI's involvement, expressing confidence in the partnership's ability to elevate the competition further.

Deepak Ahuja, CEO and Co-founder of iAccel GBI and a jury member for the 2024 edition of Eureka! GCC, echoed Gupta's sentiments. He underscored the shared mission of fostering entrepreneurship and innovation in the Middle East. Ahuja elaborated on iAccel GBI's commitment to empowering startups with the tools, knowledge, and networks necessary to thrive in a competitive business environment, contributing to the UAE's ambitious D33 agenda.

iAccel GBI boasts a robust portfolio of more than 18 tech startups from various global tech hubs, including India, the USA, and Singapore. With an expansive angel network comprising over 325 mentors and advisors from the GCC, the incubator is well-equipped to provide comprehensive acceleration support to startups. This support spans from business setup and mentorship to facilitating access to investors and market opportunities through both public and private sectors, thereby enabling young entrepreneurs to scale their businesses effectively.

This strategic partnership between GII and iAccel GBI through Eureka! GCC represents a significant step forward in nurturing the entrepreneurial landscape of the GCC region. By providing a platform for startups to showcase their innovations, the competition not only celebrates the spirit of entrepreneurship but also contributes to the economic diversification and development goals of the GCC countries.