An accelerator program strives to enhance competitiveness and diversify knowledge and innovation base of the economy. An initiative like the UAE’s ‘Government Accelerator Program’ will fast-track the implementation of projects, policies, and regulations, and instill the culture of entrepreneurship and innovation in the Government, as well as encourage integration between government entities and private sector.
Industry accelerators are catalysts that help to up the momentum of a country’s growth trajectory in short periods of time. India is at that stage of development where ambitious growth plans require a roadmap for action. Implementation of transformational growth strategies can take the country to the next level of development. Similar to the accelerator program of the UAE, targeting industry-specific challenges will be addressed by these accelerators.
Moving away from an oil export dependent economy, the UAE is on the path to diversify its sources of income through innovation and industrial expansion. The UAE Government body established the first ever Government Industrial Accelerator Program in the Emirates in 2018. The implementation roadmap included a national program to develop innovative industry accelerators that will act as catalysts for business. For example, a single window for all seven Emirates is expected to ease starting a business in the Emirates. Starting a business in the UAE is a long process with each Emirate being governed by its own protocols and documentations. This proposed solution was arrived at after a complex matrix of accelerators and sub accelerators were defined, filtered, and provided weightage. The Government’s desire to support the industry through these accelerators is expected to solve various challenges faced by industries in the Emirates in a short period of time.
This accelerator program is in line with UAE’s Vision 2021 objectives to improve the overall ease of doing business in the UAE.
The program accelerators for business aim at improving legislation efficiency, innovation efficiency, registration procedure efficiency, registration time efficiency, and cost efficiency. A similar program for India will provide measurable and actionable solutions to accelerate growth and also improve India’s ranking in global indices such as World Bank’s ‘Ease of Doing Business’ and INSEAD’s ‘Global Competitiveness’.