The Mohammed Bin Rashid Innovation Fund accepts online applications continuously throughout the year. However, there will be a two-month cycles of guarantees issues. The deadline for each cycle will be announced ahead of time; applications received before a cycle’s deadline will be reviewed and decided upon in the corresponding cycle, other applications received after the cycle’s deadline may or may not be deferred to the next cycle depending on the number of applications received within the corresponding cycle.
The Application Process
All applications to the Mohammed Bin Rashid Innovation Fund will allow a six-step process as follows:
The applicant submits the online application on time and uploads all of the necessary documents.
The Fund’s team reviews the application, checks for completeness and for potential success. The team can request that the applicant submits additional substantiating documents.
The Fund’s team carries out a detailed due diligence on the application based on innovation and commercial measures. The team then writes a recommendation report to be submitted to the Advisory & Decision Committee during its cyclical meeting.
The Advisory & Decision Committee meets and reviews the application and the recommendation report submitted by the Fund’s team and makes a final decision on awarding the guarantee under given term sheet parameters or rejecting the application.
The Fund’s team will communicate the final decision to the applicant in the form of a letter of intent (or rejection in case the application was not accepted). In case the applicant already has a lender, the process of signing the needed documents starts immediately.
The application process, from the online application till the communication of the final decision, takes a maximum of 10 weeks provided the applicant was cooperative with the Fund’s team by submitting all of the required documents and additional requested documentation on time.