Services

Evaluation frameworks for nascent startups are underdeveloped, and their ability to assess startup business plans is under-examined. As a result, subjective and narrowly focused measurement criteria are used to evaluate startups without adequate research evidence.

ACE evaluates business plans using SECURE (Startup Evaluation Calculus Using Research Evidence), a patented system developed by Prof. Tahseen Arshi at the American University of Ras Al Khaimah. This diagnostic tool assesses a startup's desirability, marketability, feasibility, scalability, and viability in key areas, including marketing, operations, management, and finance. It utilizes a quantitative rating scale to provide evaluations, readiness levels, and improvement recommendations, serving as a resource for investors, researchers, and educators.

Corporate firms struggle to meet their innovation targets and achieve sustainable competitive advantage. The challenges of corporate innovation include barriers to creative thinking, lack of innovation process, inadequate resource mobilization, lack of learning and engagement, hierarchical structure, inability to manage incentive and quantifying results.

ACE CORPORATE INNOVATION CONSULTANCY SERVICE

ACE provides specialized consultancy on removing barriers to creative thinking and creating an organizational climate that promotes creativity and innovation. Using Creative Management Methodology, it enables corporate clients to strategize effectively and synergistically create an enabling framework suited to their innovation requirements.

Creating an entrepreneurial venture is exciting as well as challenging. It involves taking risks and navigating unfamiliar and sometimes hostile territories. Starting a new venture is only half the battle won; keeping it running and growing is another challenge, and many consider it a more significant challenge than starting a business. According to the Small Business Administration (SBA), 51 percent of startup ventures do not survive beyond four years. In the absence of fertile ground, startup companies struggle to grow and survive. A report from the National Business Incubation Association in the United States of America states that startups that went through incubation services have a survival rate of 87%. At the same time, firms without incubator support dropped to 47 percent.

The Entrepreneurship and Innovation Hub enables students and entrepreneurs to achieve their dreams by incubating their businesses with ACE. Through Design Thinking and Lean Start-up Methodology, entrepreneurs are guided in operationalizing their business plans and reducing or eliminating stress and risks associated with new venture creation, and providing confidence to build startup ventures.

The industry and academia do not regularly speak to each other to leverage their core competencies. Research and Development at the University is key to informing industry practices and vice versa. As a result, research outputs remain within the academic circles, and industry practices do not inform the business curriculum. A lack of knowledge and innovation transfer, impede innovation in corporate firms.

ACE has developed a Knowledge and Innovation Transfer Entity (KITE) to build a bridge between academia and the industry. Corporate firms can benefit from the knowledge and research expertise at AURAK and have access to tailor-made research and innovation programs.