Khalifa Fund launches AI Mentor to support development of comprehensive business plans

News

Khalifa Fund launches AI Mentor to support development of comprehensive business plans

02 Feb 2021

Khalifa Fund, in collaboration with StartAD, has announced the launch of AI Mentor, a ground-breaking platform with a diverse range of digital tools and resources for entrepreneurs during the business planning phase.

The digital platform will guide entrepreneurs through the process required to submit a business plan for funding, as well as receive mentorship and training as a Khalifa Fund applicant.

Through its digital functionalities, AI Mentor will also create the potential to expedite the planning process phase, assisting a significant number of applicants in real-time and improve the overall quality of business proposals. The platform is available exclusively to Khalifa Fund applicants, but will be accessible to the public at a later stage.

AI Mentor will not only provide potential applicants with an effective business template, but will also serve as a tool to help users gain access to market information, research, reports, how-to-videos, articles and direct feedback from expert business counsellors. The digital platform will also feature a fully automated AI chat-bot for users that require instant feedback.

Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Khalifa Fund, commented, "Khalifa Fund is extremely excited to launch the AI Mentor, an innovative and resourceful tool for the benefit of entrepreneurs looking to develop comprehensive business plans, develop their projects and expand their business to improve their competitiveness in the sector.

"The AI Mentor has been developed in collaboration with StartAD in adherence to international best practices, which will provide entrepreneurs with easy access to knowledge-based resources whilst simultaneously allowing SMEs to increase their efficiencies; this, in turn, will result in the quick turnaround of new start-ups throughout the UAE."

Ramesh Jagannathan, Vice Provost for Entrepreneurship at NYUAD, and Managing Director of startAD, said, "The AI Mentor project is a critical building block in the transformation of Abu Dhabi's knowledge economy. It brings the power of the latest digital technologies in the field of Artificial Intelligence and Machine Learning to the Abu Dhabi SME community, the backbone of any agile and dominant global economy.

"What makes AI Mentor extremely powerful is that the AI and deep-learning technology synthesise a vast amount of highly useful data curated by Khalifa Fund including market research reports, regulations, industry updates, and more from various Abu Dhabi government entities over the last decade. Functional in English and Arabic, it ensures that each entrepreneur is equipped with extremely personalised support by stage, industry, technology, and more to build the most effective business plan for their venture."

In addition to access to imperative information, the ability to build a digital business plan and instant feedback from an AI chat-bot, AI Mentor will allow entrepreneurs to communicate with Khalifa Fund business counsellors instantly via digital communication.

Source: WAM