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In a rapidly evolving digital world, family businesses are stepping up to leverage the benefits of artificial intelligence (AI) and digital innovations to sustain their legacy and remain competitive. This shift was clearly demonstrated at a recent event organized by the “Thabat” program, a collaboration between the UAE Ministry of Economy and Bridgemaker, held at the prestigious Capital Club in Dubai.
The event aimed to inspire and enable family businesses to adopt AI-driven solutions across key sectors, highlighting the transformative potential of these technologies. It served as a platform for in-depth discussions on AI, showcasing real-world applications that could accelerate innovation and drive sustainability for businesses across generations.
Uniting Public and Private Sectors for AI-Driven Growth
The event, inaugurated by H.E. Abdulaziz Al Nuaimi, Assistant Undersecretary for Entrepreneurship and Economic Affairs at the Ministry of Economy, underscored the ministry’s commitment to fostering innovation within family businesses. Al Nuaimi emphasized the importance of collaboration between the public and private sectors to create a conducive environment for these businesses, which play a crucial role in the national economy.
In his opening remarks, Al Nuaimi noted, “At the Ministry of Economy, we continuously work to enhance innovation, especially in family businesses, which are a cornerstone of our national economy.” His statement reflects the UAE’s broader vision of becoming a global hub for innovation and technology, with AI playing a pivotal role in this transformation.
Bridgemaker’s Expertise in AI and Innovation
Representing Bridgemaker, one of Europe’s leading venture-building firms, Managing Partner Ties Hofmann shared real-life examples of how AI has been successfully integrated into family businesses. Hofmann highlighted a case where Bridgemaker assisted a family business in developing a new product using AI, leading to the signing of their first client contract within just six months.
This example resonated well with attendees, showcasing how AI can not only generate new ideas but also expedite the innovation process. Hofmann further elaborated on how AI is becoming an indispensable tool for businesses aiming to drive long-term sustainability and innovation.
AI-Powered Workshops and Industry Applications
The event included a hands-on workshop titled “Innovation and Development – AI-Powered Innovation,” led by industry experts. The session illuminated the practical aspects of AI, emphasizing that it’s no longer just a futuristic concept but a tangible tool businesses can use to accelerate innovation.
A standout moment of the event was the interactive session focused on identifying leading industries ripe for AI-driven solutions. The healthcare sector, with an emphasis on personalized medicine, was chosen as the focal point, leading to the development of a groundbreaking concept—the “Genomic Data Marketplace.” This innovative marketplace would connect healthcare providers with biotech firms and research institutions, showcasing how AI can facilitate the creation of new business models.
Another highlight was the development of an AI-driven energy efficiency optimization platform for the real estate sector, crafted during the event without any human intervention. This underscored AI’s capacity to swiftly transform ideas into viable solutions, further proving its potential to revolutionize industries.
Pioneering the Future of Family Businesses with AI
The Thabat event attracted over 50 family business leaders and entrepreneurs, all of whom contributed to shaping the innovations presented. The event concluded with a vote to select the most outstanding project, with the “Genomic Data Marketplace” emerging as the winning idea. This victory underscored how the integration of AI and human ingenuity can push the boundaries of innovation and deliver powerful, impactful results.
As the event wrapped up, it became clear that the synergy between AI and family businesses is not just a fleeting trend but a necessary evolution. The Thabat program continues to support family businesses in embracing modern tools of innovation, ensuring their legacy thrives in a rapidly changing global economy.
The “Thabat” event marked a significant milestone in the journey of family businesses in the UAE, highlighting the immense potential for AI to redefine innovation across multiple sectors. By adopting AI-driven solutions, family businesses can not only preserve their heritage but also enhance their competitive edge in an increasingly digital world.
As the UAE continues its growth as a hub for innovation, the collaboration between the Ministry of Economy and Bridgemaker sets a strong foundation for family businesses to explore cutting-edge technologies like AI. The success of the Thabat event showcases the readiness of these businesses to embrace the future, driving both economic growth and technological advancement in the region.
For family businesses looking to undergo transformative change, Thabat offers a promising roadmap to harness the power of AI and digital innovation, ensuring their sustainability for generations to come.
