With a high percentage of unemployed UAE Nationals preferentially seeking professional career paths in public organizations, there is a need to create awareness and instill interest amongst them about the entrepreneurial avenues and opportunities that exist within Abu Dhabi. Not only will the Nationals create “jobs” or self-employment, if successful, their business ventures in turn will create jobs for other Nationals. The multiplier impact on the economy and society is therefore two-fold.
In view of this, the UAE Academy’s Entrepreneurship Development Program (EDP) assists and motivates Nationals who are looking to start a business by nurturing, mentoring and developing budding entrepreneurs and start-ups into SMEs leading to private sector growth.
The EDP Program consists of workshops, hands-on learning, assistance with funding and possible incubation of a business.
The UAE Academy is currently in the process of establishing itself as the UAE’s Central Office for the region’s first Practice Firm network. Practice Firms provide an innovative integrated, hands-on learning solution aimed at preparing participants to (re)enter the workforce with knowledge and skills specific to a particular company or industry.
The Practice Firm is a virtual company that runs like a real business silhouetting a real firm’s business procedures, product and services. A Practice Firm resembles a real company in its form, organization and function. Each practice enterprise trades with other practice enterprises, following commercial business procedures in the practice enterprise’s worldwide economic environment. Practice Firms are ideal for:
- 1. Initial vocational training of young people
- 2. Re-training of adults in a recognized profession
- 3. Continuing training for practitioners
- 4. Re-training of people to work in a market-economy
- 5. Underrepresented & special needs trainees
Practice Firms are assisted by at least one real company- the mentor company- whose products and services the practice firm silhouettes. Mentor companies supply information on technical and management issues. As Practice Firms are supported by real business enterprises, they perform a pivotal function connecting the fields of education and business, theoretical and practical work and training.