The University of Dubai (UD) and Krypto Labs have signed a memorandum of understanding (MoU) to launch an innovation lab at UD campus in order to promote entrepreneurship and innovation at the university level.

The MoU was signed by UD president Dr Eesa Bastaki and managing director of Krypto Labs Dr Saleh Al Hashemi in the presence of representatives from both parties, said a statement.
 
The MoU aims to encourage the growth of startups and initiatives by young entrepreneurs through providing students at UD with the facilities, mentorship, and support they need to build and launch their ground-breaking startups alongside like-minded individuals, all from within university campus, at the innovation lab set up by Krypto Labs, it said.
 
Under the terms of the MoU, Krypto Labs will operate the innovation lab, and conduct corporate innovation programmes for the university as well as acceleration, incubation, and entrepreneurship programs, and more, for students and university-based startups.
 
UD President Dr Eesa Bastaki thanked Krypto Labs for reaching out to educational institutions and universities and said: “UAE needs this type of cooperation between world-class innovation hubs such as Krypto Labs and quality universities where young minds and hearts are bursting with innovative and smart ideas.”
 
He added: “The University of Dubai is determined to support young entrepreneurs in competing on a global scale through partnerships with innovation hubs. In fact, UD has created the Entrepreneurship and Innovation Free Zone (EIFZ) to support new ideas, establish start-ups and allow innovators to succeed.”
 
Dr Saleh Al Hashemi, managing director of Krypto Labs, said: “This key partnership with the University of Dubai highlights our efforts in fostering innovation and entrepreneurship among youth in the UAE, and corresponds to the wise leadership’s vision in equipping the young generation with necessary 21st century skills.”
 
“The Innovation Lab reflects Krypto Labs’ core mission to incubate impactful innovations by joining together some of the world’s leading mentors and inventive student entrepreneurs, with the goal of transforming their ideas into groundbreaking products and services that meet global standards,” he said.

“This aligns with the UAE’s continuous efforts in promoting a unique ecosystem for entrepreneurs, which has positioned the country as a global hub for empowering innovative ideas and cutting-edge solutions,” he added.
 
The signing ceremony took place at the University of Dubai and was attended by faculty members from the engineering, IT and business schools. Dr Wathiq Mansoor, director of EIFZ, said: “We are looking forward toward a fruitful cooperation with Krypto Labs that has a history of providing world-class innovation programs to young entrepreneurs and innovators.”
 
Krypto Labs is a purpose-built global innovation hub that fosters entrepreneurship, accelerates startups, and provides custom innovation and incubation programs and is headquartered in Masdar City, Abu Dhabi. – TradeArabia News Service