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Abu Dhabi expands patent service to foster innovation

Abu Dhabi expands patent service to foster innovation

Financial aid for all supported businesses will increase by up to 30 per cent to help inventors during the critical invention phase

Abu Dhabi foster innovation

Abu Dhabi has expanded the patent support service to foster innovation and support the emirate’s knowledge-based economy.

Under the new terms, small and medium-sized enterprises, academic institutions and companies licenced to operate in Abu Dhabi will be included in the programme to boost innovation and the city’s diversification strategy. The move is expected to create employment opportunities in the fields of knowledge and innovation.

The Competitiveness Office of Abu Dhabi (COAD), part of the Abu Dhabi Department of Economic Development (ADDED) said financial support for all supported businesses will increase by 27 to 30 per cent to support inventors during the critical invention phase.

“The expansion of the patent support service’s scope reflects ADDED’s commitment to support inventors and enhance innovation and entrepreneurship ecosystem,” said Hala Al Ameri, executive director of COAD.

Read: Abu Dhabi’s ADDED launches phase 2 of ‘Investor Journey’ programme

The move is part of Abu Dhabi Innovates, an initiative that was unveiled in 2022 to enhance the capabilities of innovators and entrepreneurs to convert innovative ideas into services and products, supporting a diversified, smart, and sustainable economy.

Since the launch of Abu Dhabi Innovates, COAD has been rolling out initiatives and programmes focusing on talent and knowledge, funding, space and places, demand, culture and incentives as they are key pillars to enrich the innovation environment.

Abu Dhabi plans to expand the patent support service cover applications of concerned entities in the UAE and the World Intellectual Property Organisation.

The number of patent service applications rose by 86 per cent to 91 in 2022 from 49 applications a year earlier while supported patent applications reached 30 compared to 3 applications in 2021.

Innovation incubators provide a stimulating environment to support and convert ideas or scientific inventions into commercial opportunities. COAD recently unveiled the Abu Dhabi Innovation Incubators programme which sets policies and regulations to ensure innovation incubators, invest in hi-tech solutions and research and development, supporting innovators at different stages in development.

Abu Dhabi supports innovation

Meanwhile, Abu Dhabi – home to some of the world’s biggest sovereign wealth funds – has stepped up efforts to invest in the technology sector as part of a broader strategy to diversify its economy away from reliance on oil revenues.

Abu Dhabi drives innovation The city is significantly investing in increasing the contribution of digital innovation and advanced technology to overall economic growth. Mubadala-backed artificial intelligence firm G42 created a $10 bn tech fund in August to invest in cloud computing, clean technology and renewables, digital infrastructure, life sciences, new materials and fintech.

Abu Dhabi also unveiled a new $200mn fund to invest in early-stage startups last September as the city deepens its push into the technology sector. The new fund, Further Ventures, is partnering with founders and providing “capital from pre-seed to growth, product, engineering, design, regulatory support and market access to teams who want to build lasting technology companies.”

Hub71 created Hub71+ Digital Assets in February to fund Web3 startups and blockchain technologies from the UAE’s capital. The technology hub’s Web3 dedicated specialist ecosystem, with more than $2bn of capital, will strengthen the UAE Digital Economy Strategy which is aimed at doubling the contribution of the digital economy to non-oil GDP to more than 20 per cent within 10 years.

Through this ecosystem, startups, from seed to unicorn stage, can scale globally, unlocking access to programmes, initiatives, and corporate, government and investment partners.

Read: Abu Dhabi launches ‘Hub71+ Digital Assets’ to accelerate growth of Web3 startups

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