Dr. Tahseen Anwer Arshi, Associate Provost for Research and Sustainability and Director of the Center for Innovation and Entrepreneurship, AURAK, conducted the research, ‘Integrating Large Language Models into Entrepreneurial Ventures’.

The study provides actionable insights into the benefits of integrating LLMs into entrepreneurial activities, demonstrating the potential to empower and grow startups in areas like ideation, creativity, new product development, innovation, customer engagement, and service personalization.

Prof. Stephen Wilhite, Senior Vice President of Academic Affairs and Student Success and Provost at AURAK, says: “LLMs are critical to accelerating growth and speeding up processes in enterprises large and small. They push entrepreneurs toward peak performance due to the increased productivity resulting from automating of tasks. Our research delves into how LLMs empower entrepreneurs to harness automation smartly, leaving them to devote themselves to more complex tasks that can only be performed by humans.”

Dr. Arshi explains: “The use of LLMs in entrepreneurship is still developing, with few case studies available. However, promising examples include AI-based content generation start-ups using GPT-4 for marketing and software companies using LLMs for real-time coding. Our study demonstrates that LLMs enhance product innovation by automating tasks and facilitating rapid prototyping. They allow innovation teams to quickly create user interface descriptions, technical documentation, and wireframes, leading to faster stakeholder feedback and supporting agility in start-ups.”

Recent advancements have improved LLM technology further, moving beyond traditional transformer architectures to include innovations such as mixture-of-experts architectures and advanced quantization techniques (4-bit, 8-bit) that reduce memory usage while maintaining performance. Additionally, start-ups are employing hybrid deployment strategies combining edge computing with cloud-based model sharding for better resource efficiency.

The study recommends enhanced AI literacy among entrepreneurs through wider exposure to chatbots, recommendation algorithms and AI-powered analytics. Entrepreneurs should also be provided with hands-on opportunities with no-code AI tools like ChatGPT, Google AutoML, and Zapier AI. Such learning can be facilitated through AI hackathons, mentorship programs, and start-up accelerators. AI peer networks can be created through entrepreneur communities, LinkedIn groups, and local meetups.

The research paper was first presented at the International Conference on Business Management, Entrepreneurship & Circular Economy in November 2024. It is currently in the process of being released in Advances in Science, Technology and Engineering, published by Springer Nature.

The research carries great significance for businesses, since LLMs are widely hailed as key business drivers worldwide. Researchers at the International Institute for Management Development have termed LLMs a “technological tsunami” about to “reshape the global economic landscape”; while researchers at McKinsey estimate generative AI could add the equivalent of $2.6 to $4.4 trillion of value to the world economy annually.

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The Middle East Startup Awards recognize the exceptional achievements of innovation and tech-driven startups and entrepreneurs from the United Arab Emirates, Oman, Qatar, Saudi Arabia, Bahrain, Kuwait, Lebanon, and Jordan.

The event was graced by the presence of the esteemed Guest of Honor, His Highness Sheikh Mohammed Bin Zayed Al Qasimi, Chairman of the Department of Economic Development, Ras Al Khaimah.

The event also hosted the Youth Innovation Challenge, in which young minds were invited to showcase their innovative projects before a distinguished panel in the presence of the chief guest, His Excellency Mohamed Ali Musabbeh Al Nuaimi, Chairman, RAK Chamber of Commerce.

The AURAK campus hosted the two-day event, uniting experts from around the globe and the region alongside investors and industry leaders in a distinctive celebration of innovation and entrepreneurship. The event featured keynote speeches, panel discussions, and networking sessions that concentrated on the strategies for launching, expanding, and scaling startups. Additionally, the event witnessed participation from over ten universities and attracted more than 300 participants.

In his keynote address, Dr. David A. Schmidt, President of AURAK, said: “It is a matter of great pride for AURAK to host the Middle East Startup Awards. AURAK has one of the most dynamic entrepreneurship centers in the region, with a thriving student incubator that provides a supportive ecosystem for aspiring entrepreneurs. These programs often leverage technology to connect startups with mentors, investors, and industry experts. Universities can facilitate technology transfer from academic research to the commercial sector. This process involves licensing intellectual property, fostering industry partnerships, and supporting the creation of spin-off companies.”

Sagarika Sahoo, Co-Founder of Middle East Startup Awards, said: “The second edition of these awards achieved remarkable success, drawing in over 3,500 nominations and culminating in the selection of 135 finalists, and ultimately producing 12 deserving winners. The event was enriched by the presence of prominent industry leaders, investors, startup founders, and fellow entrepreneurs. The response testifies to the vibrancy of the region’s startups, and we are confident the event will inspire more innovators to launch their startups and thus contribute to the national economy. The support of the Ras Al Khaimah Government and AURAK in hosting this event was unparalleled.”

The Middle East Startup Awards 2022 – 2023 Winners:

• Startup of the Year: Reachware, Saudi Arabia
• Best Newcomer of the Year: Zabonex, Oman
• Founder of the Year: Ms. Altaf AlThekair, Circle, Kuwait
• Best Family Office: Al Zarooni Emirates Investments, United Arab Emirates
• VC of the Year: Pioneer Investors, Oman
• Best Co-working Space: Astro Labs LLC, United Arab Emirates
• Best Accelerator / Incubator Program: Misk Foundation Entrepreneurship, Saudi Arabia
• Ecosystem Hero of the Year: Hamid Alibeiki, Oman
• Best Green Tech Startup of the Year: Ion Microsystems, Jordan
• Best Health Tech Startup of the Year: Dudi Sports Technologies, United Arab Emirates
• Best Web 3.0 and AI Startup of the Year: Paybybit Payment Services Provider Co. LLC, United Arab Emirates
• Diversity Role Model of the Year: Ms. Seham Yateem, Bahrain
• People’s Choice Award: Paybybit Payment Services Provider Co. LLC, United Arab Emirates

A panel of speakers, which included startup founders from the region, global experts, and investment authorities, actively contributed to the conference, providing valuable insights into the burgeoning startup ecosystem in the Middle East.

The Middle East Startup Awards is the regional segment of the Global Startup Awards under the operational management of Commerce Connect Events Exhibition & Management (CCEEM). These awards celebrate outstanding ideas from 12 regions spanning across 120 countries. Selecting winners encompasses all facets of the startup ecosystem, employing a network that includes local ambassadors, country partners, national and international jury members, and key advisors comprising prominent investors, political stakeholders, founders, and community builders.

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The agreement seeks to provide jobseekers and university graduates in the UAE, regardless of nationality, with training opportunities as well as linkages to employers through developing relationships with local businesses and industries. Through this agreement, AURAK has become EFE’s first university partner in the UAE.

Speaking after the signing ceremony, Prof. Hassan Hamdan Al Alkim, president of AURAK, commented, “I have very high expectations for this new relationship. As one of the leading institutions of higher education in the country, we are confident that we are producing top-quality graduates. Now, with our new partner, Education For Employment, we are delighted that we can ensure that our graduates will be well supported in their search for meaningful employment within highly-competitive job markets.”

On her part, Jasmine Nahhas di Florio, Senior Vice President of Strategy and Partnerships at EFE-Global added, “Each day, Education For Employment’s 40,000 graduates across the Middle East and North Africa send a clear message: with the right skills and tangible employment opportunities, youth can create a bright future for themselves, their families, and their communities. We are honoured to partner with AURAK, one of the country’s leading education institutions, to help youth in the UAE to transition from school to work and achieve their full potential.”

Education For Employment’s mission is to create economic opportunity for unemployed youth in the Middle East and North Africa by providing world-class professional and technical training that leads directly to employment and the world of work.

The American University of Ras Al Khaimah is a government-owned institution of higher education which provides an integrated North American-style education. It is accredited by the Ministry of Higher Education and Scientific Research and offers a total of 22 undergraduate and graduate programs across a wide range of disciplines.

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