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Dubai’s DIFC, US-based GSSN to develop venture studio models globally

The agreement will see DIFC and Global Start-up Studio Network organise in-person and virtual events for venture studios, and foster collaboration to develop purpose-built frameworks and tools for their use

by Gulf Business

October 18, 2022

Dubai International Financial Centre (DIFC) has inked an agreement with the Global Start-up Studio Network (GSSN), based in Colorado in the US, to work together on developing the venture studio model.

In April, DIFC introduced the world’s first Venture Studio Launchpad focused on finance and digital asset technologies.

Read: DIFC’s new Studio Launchpad to support SMEs, financial ecosystem

The agreement will also see DIFC and GSSN organise in-person and virtual events for venture studios, and foster collaboration to develop purpose-built frameworks and tools for their use. Additionally, they will design and disseminate legal frameworks and templates for venture studios and drive thought leadership by creating content specific to venture studios.

Arif Amiri, CEO of DIFC Authority, said: “As part of DIFC’s commitment to support Dubai build its position as a global hub for technology and innovation, we recognise the benefits of the venture studio model to the worldwide startup community. We have studied the model extensively and in collaboration with GSSN, we will advance the thinking of venture studios so they can better meet the needs of startups now and in the future. Helping venture studios increase their relevance to the start-up and innovation ecosystem will also stimulate greater use of them as well as attract more to establish in DIFC.”

Patrick Riley, CEO of GSSN, said: “The venture studio ecosystem is booming around the world. At GSSN, our goal is to communicate the benefits of studios to the global innovation economy and help the success of our member studios. In this mission, we are happy to partner with an organisation such as DIFC to strengthen our global footprint and to have a thought partner with unique legal, regulatory, investment and innovation ecosystem.”

As a first action resulting from this agreement, DIFC and GSSN held a virtual event themed: ‘The Status of the Global Venture Studio Ecosystem’ on October 18. The event included details on the unique legal framework and commercial license tailored to Venture and Corporate Innovation Studios that DIFC has developed.