Shashi Tharoor: The United Arab Emirates (UAE) remains a Centre for Worldwide Entrepreneurship and Innovative Thinking.

Dr Shashi Tharoor, Diplomat, Bureaucrat and Politician, presenting the keynote speech during the i3 Innovate, Inspire, Influence event organised by KT Events in Dubai on Wednesday. — Photos by Neeraj Murali

He was speaking at the Khaleej Times-organized Innovate, Inspire and Influence (i3) Conference.

According to a politician from India, the UAE has become a centre for innovation and entrepreneurship on a worldwide scale. Famous diplomat and bureaucrat Shashi Tharoor praised the emirates for its unicorn tales of achievement.

Speaking on Wednesday at the Innovate, Inspire and Influence (i3) Conference hosted by Khaleej Times, the politician emphasized how the UAE's "rapid progress" has enabled it to surpass larger economies and take the top spot in the Global Entrepreneurship Index by 2022.

He credited the widely available capital in the UAE for fostering a culture of entrepreneurship.

The number of businesses is increasing, and India has the third-largest startup ecosystem with over 900,00 firms registered as of last year. In their efforts to diversify their economies and lower their reliance on oil-based earnings, the UAE may also be compared to a country like this, the author and Indian Parliament member remarked during the conference's keynote presentation.

According to the MAGNiTT Venture Investment Report 2022, which he cited, startups with headquarters in the UAE accounted for 45% of capital invested in the Middle East and Africa and 26% of all transactions in the Mena area. When compared to 2020, the number of investors funding startups in the UAE increased by 54%. Amazing progress has been made in this country.

The Indian lawmaker also emphasized some of the UAE's unicorn success stories, like the ride-hailing service Careem and the e-commerce start-up Souq.com.

According to the Dubai Chamber of Commerce, around 30% of startups in the UAE are owned or operated by Indians, creating over 1 million jobs in the process and demonstrating the underlying entrepreneurial spirit of both India and the UAE.

Nano unicorns in India

Shashi Tharoor emphasized that India's development has a long history of innovation and disruption.

Indians' modern ingenuity is notably recognized on a worldwide scale in locations like Silicon Valley, where a lot of firms were founded by Indians. In the 1980s, 1990s, and the first decade of the twenty-first century, around 13.4% of all businesses in Silicon Valley were created by Indians, and many of them went on to become well-known global brands. Indians make up over 40% of all Silicon Valley companies' founders or executive positions, Tharoor said conference attendees.

Breaking Taboos

He said that outdated notions of who is capable of what should be abandoned.

"In today's globalized society, anyone can accomplish anything. All we need are businesspeople who can set an example, motivate others, go above and beyond, and shatter taboos and obstacles. You should always be considering your next business idea, and you significantly add to the abundance of information and innovation in the world, he continued.

Welcome speech

At the conference, which was attended by numerous diplomats, think-tankers, top officials from various industries, and family-owned enterprises, Ravi Tharoor, CEO of Khaleej Times, gave the opening remarks.

Technology is only one aspect of innovation. It involves imagining a future that is more favorable, sustainable, and inclusive to everyone. In his introductory remarks, the CEO of the Khaleej Times emphasized that the event was about pushing the envelope of what is feasible and challenging the current quo.

Awards

Among the attendees were Udaya Indrarathna, ambassador of Sri Lanka to UAE; Faisal Niaz Tirmizi, Pakistan ambassador to UAE; Christiana Maxion, founder, Maxion; Jean Shahdadpuri, managing director, Nikai Group of Companies; Zayd Maniar, managing partner, Crowe; Riyad Matthew, director, Malayala Manorama; Ravi Rao, founding partner and CEO for Middle East & Africa, Turbostart; and Ravi Dhariwal, Advisor to Boards among others.

Gems Education, Apparel Group, Citibank, and Burjeel Holdings were honored for their achievements and contributions to their respective industries throughout the conference.