AUS and Sheraa sign MOU to pave way for culture of entrepreneurship

American University of Sharjah (AUS) and Sharjah Entrepreneurship Center (Sheraa) has signed a memorandum of understanding (MOU) to further boost economic development in the emirate of Sharjah. The MOU will help establish a culture of entrepreneurship and support the creation of a framework to enhance Sharjah’s reputation as an entrepreneurial leader in the field of innovation in the region.

Dr. Björn Kjerfve, Chancellor of AUS and Najla Al Midfa, General Manager of Sheraa, signed the agreement recently, which aims to support the economic development of the UAE and the Emirate of Sharjah by promoting students entrepreneurship in the coming years.

Speaking on the occasion, Dr. Kjerfve said: “This agreement reflects the importance AUS places on local entrepreneurship and talent. AUS is in synch with the needs and requirements of the country and its future plans for growth and development. We are committed to supporting initiatives that help in channeling creativity, innovation and academic excellence towards tangible, viable projects. Half the population of the MENA region comprises youth who are being educated and readied to play a constructive role in the economy of the region. Therefore, initiatives such as this are essential in helping garner the framework, guidance and infrastructure needed to encourage and streamline both local and national talent.”

Expanding on the strategic objective of Sheraa, Al Midfa explained that “the main objective of Sheraa’s is to support the development of creative ideas and move them from conceptual stages to practical applications. Ideas will be transformed into successful projects and businesses based on set criteria, which will result in sustainable economic development and the creation of more jobs in the UAE,” she said.

Al Midfa added that young people should be given the opportunities they deserve and work towards achieving success with great determination, as it will reflect positively on the nation’s future and their own. She stressed on the need to work for creating a promising and stimulating creative environment, where everyone’s concerted efforts and expertise are utilized to lay a foundation for a new generation of entrepreneurs.

According to Professor Kevin Mitchell, Interim Provost at AUS, this collaboration with Sheraa will help both organizations tap into mutual resources and make the most of each other’s respective expertise. “This agreement will enable us to tap into the pool of gifted and innovative students on campus. It will also increase their chances of success, by providing them with the academic and professional support needed to make their entrepreneurial dreams a reality,” he explained.

Sheraa was launched by His Highness Sheikh Dr. Sultan Bin Muhammad Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah earlier this year. Its purpose will be to serve as the facilitator of Sharjah’s transformation into an influential player in the field of entrepreneurship at a local, regional and international level.

Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), will serve as the Chairperson of Sharjah Entrepreneurship Centre “Sheraa”, whose headquarters are located at AUS.

As part of this initiative, Sheraa launched the Innovation Lab with the aim of providing an incubator environment for innovation in the field of entrepreneurship. The Lab will support new ideas and projects, thus enhancing Sheraa’s status as the facilitator for socio-economic growth. Maurizio Travaglini, Research Fellow at Harvard University, and Co-Founder and Managing Partner at Architects of Group Genius, led the workshops and events at the Innovation Laboratory.

Through these interactive discussions and workshops, participants put forward ideas to help create a vibrant environment for start-ups and entrepreneurs and agreed on three key conclusions:

·         The need to create an environment that helps young entrepreneurs exchange views and experiences, as well as provide them with access to industry best practices.

·         Work towards supporting emerging projects by providing young innovators with the tools and resources required to make their investments fruitful, thus enhancing their experiences and managing their projects efficiently.

·         Help develop entrepreneurial skills in relation to the current business environment, as it helps contribute towards the sustainable development of the region.