TECOM Group has announced an investment of AED 60 million to set up a new innovation center for media start-ups and entrepreneurs, part of its wider goal to spend AED 4.5 billion on new innovation driven initiatives.

Christened in5 Media, this center, located in the International Media Production Zone (IMPZ), will provide support and development for up to 200 start-ups across the media value chain so as to accelerate start-up development and build a stronger media ecosystem. It will house state of the art facilities including creative labs, mini studios, recording and equipment rooms etc.

“Based on the overwhelming success of our first in5 centre for the tech community which has brought about innovative new ideas and technology, and resulted in funding as well as a number of partnerships, in5 Media will empower entrepreneurs and champion innovation and creativity across the media sector,” Malek Al Malek, CEO TECOM Business park told the press at an event today.

Entrepreneurs will be able to avail services at the centre at a fraction of the cost – 10 to 20 percent – that they would usually spend, on incubating an idea Malek added. Applications for submission of ideas will open in the first quarter of 2016 and the official launch will happen by Q2.

The in5 Media hub will be supported through a large investment and knowledge partnership network and will give entrepreneurs with creative ideas access to a wide variety of mentors, industry experts and investors.

“We are open to any innovative idea, regardless of nationality,” says Malek. “The thought behind this is to push ideas from the region towards their journey to becoming companies”.