DAFZ And Red Bull Basement Join Forces For 2024 Innovation Challenge

By OneArabia

Published: Monday, September 16, 2024, 19:39 [GST]

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Dubai Airport Free Zone (DAFZ), part of the Dubai Integrated Economic Zones Authority (DIEZ), has announced a strategic alliance with Red Bull Basement 2024. This collaboration aims to elevate UAE innovators on a global platform. The initiative encourages young innovators to develop and launch their ideas, enhanced by AI technology.

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 innovation and investment."

The application period is open until October 25, 2024. Teams will use an AI tool to create a one-page business plan for submission. Local judges will select top teams for the national final, with winners representing the UAE at December’s Global Final in Tokyo.DAFZ will offer direct support to participating teams by awarding membership in "Scality" to first- and second-place winners. This unique startup programme helps them establish and grow their businesses in the region. Additionally, winning teams will join "SANDBOX," DIEZ’s accelerator programme under Oraseya Capital.The World Final in Tokyo from December 2 through December 5 will feature workshops, AI sessions, and networking opportunities with international entrepreneurs. The event will culminate with announcing the global winner of Red Bull Basement 2024."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.

Three-Phase Format

The Red Bull Basement 2024 follows a three-phase format:1. **Application Phase:** From September 1 through October 25, students can submit their business plans.2. **Development Phase:** From November 12 through December 1, national-winning teams will refine their plans with mentors.3. **Global Final:** From December 2 through December 5 in Tokyo.Red Bull Basement collaborates with Microsoft, AMD, Dubai Airport Freezone, and DIFC Innovation Hub for its sixth edition. The focus is on leveraging AI technologies for optimal experience. The Red Bull Basement Chatbot uses Azure OpenAI Service and AMD Instinct accelerators to assist teams in developing ideas.This initiative highlights DAFZ's dedication to fostering innovative businesses in the UAE. It reinforces its role as a key player in creating a supportive environment for successful ventures.The first-place team will also have an opportunity for project investment. National winners from the UAE will join an immersive World Final in Tokyo.Through this year’s instalment of Red Bull Basement, innovators will leverage AI to create business plans and identify growth areas.This partnership underscores DAFZ's commitment to nurturing innovative projects in the UAE while enhancing Dubai’s status as a hub for creative talent.

"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.

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DAFZ's involvement ensures participants receive essential resources like mentorships and AI technology access during development phases from November 12 through December 1.The collaboration between DAFZ and Red Bull Basement aims at empowering young innovators by providing them with platforms like Scality and SANDBOX programmes.This strategic partnership aligns perfectly with DAFZ's mission of supporting young talents while promoting technological advancements within Dubai’s innovation ecosystem.

With inputs from WAM