Business incubator program seeks to inspire development of impactful AI use cases that leverage Meta’s open-source AI stack
The Dubai Future Foundation (DFF) and Meta have announced the launch of a joint business incubator program that adopts Meta’s artificial intelligence (AI) model, LLAMA 3, during AI Retreat 2024 in Dubai.
The new program aims to explore how large language models (LLMs) can support product and service innovation across industries. Moreover, it aims to inspire the development of impactful AI use cases that leverage Meta’s open-source AI stack to help solve real-world problems, unlock economic value, and contribute to overall economic growth. The program caters to creative thinkers, future technology entrepreneurs, and founders of startups specializing in AI applications and uses.
Supporting Dubai’s digital transformation
The Dubai Future Foundation and Meta program seamlessly aligns with the goals of the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI). This blueprint aims to support Dubai’s economic agenda (D33) by adding AED100 billion through digital transformation and increasing economic productivity by 50 percent through innovation and digital solutions.
“Through such programs, we aim to create new opportunities and provide fertile soil for startups’ rapid growth,” stated Abdulaziz AlJaziri, Deputy CEO of Dubai Future Foundation. “It also establishes Dubai’s position as a global testbed and a vibrant environment for AI-based innovation and service development across vital future sectors,” he added.
The business incubator program will foster collaboration and help exchange knowledge and expertise in AI product development. It aims to also enhance innovation, improve the competitiveness of entrepreneurial projects, and develop opportunities and talents. Moreover, it will support the creative initiatives that open new horizons in the digital economy, which is expected to reach $780 billion by 2030.
In addition, Joelle Awwad, Head of Policy Programs, Africa Middle East and Türkiye, at Meta stated: “Our commitment to working closely with regional partners like Dubai Future Foundation reflects our dedication to building awareness, enhancing capacities, and fostering practical innovation within the ecosystem. Together, we can unlock the true value of AI for both businesses and society.”
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Leveraging Meta’s open-source AI suite
The Dubai Future Foundation and Meta program falls under Meta’s regional initiative to leverage its open-source AI suite. It also aims to foster innovative solutions and activate economic opportunities that contribute to inclusive economic growth in Dubai and the region.
The program covers five key sectors: energy, transportation, aviation, tourism, and retail.
It also includes four main stages:
- Defining corporate design challenges that LLMs can address.
- Engaging relevant AI startups, scale-ups, and established companies.
- Hosting these startups in a six-week journey at DFF – focused on design thinking and rapid prototyping.
- Announcing AI-based innovative solutions, exploring product development, and discussing investment opportunities.
The Dubai Future Foundation and Meta program’s flexible approach to AI application development brings together different stakeholders, including innovators, creative thinkers, and technology entrepreneurs. Its goal is to create global solutions to enhance quality of life and multiply digital economy opportunities.
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