In times of economic uncertainty, luxury is one of the most stable and lucrative markets. While it seems almost "unpolite" to say this, there will always be affluent people ready to spend for special goods and services. And this market is appealing also for tech startups.

Selecting the right ones is not easy, however. And neither is, for startups, finding the right channel for their innovations. One of the few inititives able to mix these needs is The Future of Luxury Retail Technologies program, devolped by Dubai Future Foundation and Swiss luxury brands holding company Richemont.

In short, The Future of Luxury Retail Technologies program is a competition "to solve challenges in luxury retail experience by deploying innovative technologies and solutions", its organizers explain. It's open to global startups, scaleups and SMEs able to create innovative solutions to "efficiently manage waiting time in boutiques while improving client experience and engagement", or "to recruit younger clientele".

Startups and other companies can submit their ideas until the end of January. Entries to the challenge will be evaluated by a special committee, based on quality, practicality, their economic feasibility, and potential future impact. Finalists will be selected for a five-week program (two people per company), with access to regional investors, advice from senior personnel at Richemont, and help with setting up a company outpost in Dubai.

However, all the companies participating in the challenge will connect with government entities, institutions and investment companies in the UAE and beyond, and receive support in obtaining commercial licenses if looking to operate in Dubai. “The new challenge supports the collaboration between government agencies, private companies and entrepreneurs to generate ideas aligned with the significance of the retail sector”, explains Abdulaziz Al Jaziri, Deputy CEO of Dubai Future Foundation.