A new start-up incubator, Goodforce Labs, has been launched in Dubai between Dubai Airport Freezone Authority (DAFZA) the Dubai Islamic Economy Development Centre and venture firm Technolera in order to promote ethical business practices in the halal and Islamic industries.
The aim of Goodforce Labs, being launched in UAE’s Innovation Month, is to enable Islamic small to medium businesses to develop their businesses and reach $50 million in annual revenues while creating a ‘measurable social impact’ through good working practises in halal industries – such as cosmetics – and Islamic economy.
As part of the development, the incubator will offer support in design, marketing, operations management and technology, and hopes to help some of the 2,500 companies currently within the ethical Islamic lifestyle industry.
DAFZA Assistant Director General Nassar Al Madani said, “This incubator will be pivotal in supporting Islamic industries, developing the Halal sector, and spreading the Islamic lifestyle which encompasses culture, arts, and family tourism around the world.”
Run by an advisory committee, Rafi-uddin Shikoh, CEO and Managing Director, DinarStandard, has been appointed Director of the incubator.