$1 million fund set up to support student innovation projects
5 Mar 2025 02:27
A.SREENIVASA REDDY (ABU DHABI) A school education group in the UAE has launched a $1 million startup fund to support and finance student-led innovations and projects. The "Next Billion Innovation" fund launched by GEMS Education aims to empower students in delivering the next big solutions.In its initial phase, the $1 million fund will be available to students at GEMS' newest institution, GEMS School of Research and Innovation (SRI), set to open in Dubai in August this year, a statement from the school group said. This specialised school is dedicated to fostering creativity, research and entrepreneurship, providing students with the tools and guidance to bring their innovative ideas to life.Students at SRI will have priority access to mentorship, hands-on support and direct pathways to global startup ecosystems, GEMS Education said. This will be facilitated through GEMS' collaboration with Plug and Play Tech Center, an innovation platform that provides an incubator programme for the most promising student-led ventures.Following this initial rollout, access to the fund will expand to include participants of the GEMS Global Innovation Challenge (GIC), an annual competition inviting students from across GEMS schools to develop solutions addressing critical global challenges. The initiative will provide students with mentorship from industry experts, entrepreneurs, and researchers, equipping them with the resources and opportunities needed to take their ideas from concept to market.Sunny Varkey, Chairman and Founder of GEMS Education and the Varkey Foundation, underscored the importance of fostering entrepreneurship from an early age."The entrepreneurial mindset doesn't have an age barrier. At GEMS Education, we have always been passionate about supporting our student innovators in transforming their ideas into impactful solutions that can be taken to market," Varkey said.He added that the Next Billion Innovation startup fund represents GEMS' long-term commitment to nurturing the next generation of global leaders and entrepreneurs."We are investing $1 million to ensure our students need not look elsewhere for funding – because the best ideas should be driven by passion, not financial constraints," he said.
Varkey also highlighted the programme's broader vision, explaining that "Next Billion" is not just about funding projects but about creating the next billion-dollar idea, impacting the next billion people, and unlocking the next billion possibilities.
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