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Due to its hazardous nature, evaluating its business model is considered necessary. However, evaluation frameworks for startups are underdeveloped, and their ability to assess startup business models comprehensively 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 through ‘SECURE’ (Startup Evaluation Calculus Using Research Evidence). SECURE is a unique and patented online business intelligence system exclusive to ACE. It is a diagnostic tool that analyzes a firm’s desirability, marketability, feasibility, scalability, and viability. SECURE comprises criteria from multiple functional domains to measure all possible startup success factors such as marketing, operations, management, and finance. It evaluates startups effectively and conclusively using a quantitative rating scale. Further, the SECURE indicates the proposed firm’s readiness level and provides recommendations for each assessed criteria, which will aid in decision-making and improve startup business models.

Additionally, the SECURE canvas helps to understand the interrelated parts of a business model, providing a visual representation of critical elements of a startup. Finally, SECURE offers potential investors an actionable tool for assessing the quality of their investment. Researchers and educators can reflect on several performance measures that are theoretically anchored with relevant research evidence.

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 or ICONET. 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.

AURAK Center for Entrepreneurship (ACE) has developed a Knowledge and Innovation Transfer Entity (KITE) to build a bridge between academia and the industry. The primary purpose of creating this relationship is to support graduate and undergraduate students. One of the significant achievements has been the formation of the KITE advisory council, with members from prominent organizations, namely the RAK Department of Economic Development and the RAK Chamber of Commerce.

THE PROBLEM

The industry and academia do not regularly speak to each other to leverage their core competencies. As a result, research outputs remain within the academic circles, and industry practices do not inform the business curriculum. Lack of knowledge and information transfer and reduced capacity of firms to devote resources impede innovation in corporate firms.

SOLUTION

Corporate firms can benefit from the knowledge and expertise of the Business School at AURAK and have access to tailor-made training programs.

• Corporate firms can save on costs and use the expertise of AURAK students in their research and innovation projects.
• The Business School and AURAK can contribute to developing the industry and community.
• ACE can leverage the knowledge and expertise of the Business School to provide consultancy to corporate firms.
• Business School students can explore internship and employment opportunities in KITE Associate firms.
• Business School can enrich their programs through regular feedback from the industry.
• Corporate firms, along with ACE and ICONET, collaborate on research and joint innovations.