15 Moscow Companies Selected for Business Extension in Middle East with City Support
The capital city companies have a chance to increase their export sales in the MENA region by joining the first International Accelerator Program introduced by the Government of Moscow.
The Moscow Export Center coordinated by the Moscow Department of Entrepreneurship and Innovative Development and GenerationS, the Corporate Innovation Development Platform, have summed up the results of the qualifying stage of the International Accelerator Program aimed at increasing the export sales via local partners in the Middle East. The Government of Moscow has awarded the best companies co-funding of participation at the rate of 90 %.
“It is the first time when the Moscow Export Center holds the Accelerator with support of the international partner - KAFADS. And we are sure that this new program for entering the MENA market will allow Moscow-based companies to improve their business relationships with their partners operating in this market, to develop an efficient export strategy with support of foreign experts and finally to extend their business and increase their sales in the Middle East”, emphasized Vitaly Stepanov, head of the Moscow Export Center.
In total, 15 projects relating to Internet of things, IT innovations in public health service and Smart City have been selected. For example, Mainslab offers insurance software which allows identifying any increased medical costs and calculating the actual damages in car accidents based on photos. Orbsoft document recognition programs are used for digitisation of the state documents, while NVI Solutions implement their AI control and analytical processing systems in different industrial sectors. Manufacturers of modern fire extinguishing systems, a gadget charge renting service and other companies take part the Accelerator.
“Participation in the Accelerator Program aimed at promoting export programs by engaging local partners in the Middle East, including in the UAE and Saudi Arabia, is considered to be one of the fastest and most efficient ways of entering the MENA market. Thanks to MENA Accelerator partners, we can take into account regional specifics at any stage of the market entry: from adjustment of the company’s financial model to team business training in the Middle East or in automated sales process, which allows reducing project risks”, said Ekaterina Petrova, the GenerationS Director.
The Program implies direct interaction with foreign partners from Saudi Arabia and the UAE: each team will be supported by several international experts. Some of them will assist in localizing certain products and testing hypotheses, the other trainers will help participants to master new soft skills required to hold negotiations and to organize team activities. The list of experts is compiled by the international partner of the Accelerator Program, the Middle East company KAFADS, which promotes companies in the markets of Saudi Arabia, the UAE and other countries of the region.
On completion, the businessmen will manage to find partners in MENA countries and expand their global footprint. Guided by the experts, the companies will develop their individual roadmaps for exporting their goods to the Middle East and build their sales strategy and finally will offer their products to potential purchasers. During the Program, each Moscow-based company will be entitled to hold at least 10 presentation meetings with foreign partners. Moreover, participants will be granted access to a knowledge database and best practices of startup founders and leading regional mentors.
The Accelerator focuses on search for target markets and the best possible choice of partners. The Program lasts 12 weeks and will be finally completed with a Demo Day in August, on which the participating companies will present the first results.
