Abu Dhabi, UAEThursday 22 August 2019

Hub71 launches first accelerator programme to boost start-ups

Companies can develop their business model and pitch for venture capital

Hub71 is a new start-up incubator based within Abu Dhabi Global Market, the emirate's financial free zone. WAM
Hub71 is a new start-up incubator based within Abu Dhabi Global Market, the emirate's financial free zone. WAM

Abu Dhabi’s new start-up incubator Hub71 opened applications for its first accelerator programme - held in partnership with US accelerator TechStars - and invited global start-ups to apply.

“Following the announcement earlier this year about our partnership with world-renowned Techstars, applications kick off today and we will shortlist the best ten startups that apply,” said Ahmad Alwan, Head of Strategy and Corporate Development at Hub71 in a statement on Tuesday.

“We are positive that this program will attract global founders with exceptional ideas and talent to the capital. Not only will start-ups benefit from high-caliber mentorship and exposure to global investors, founders will also have the opportunity to join a network of very successful and respected Techstars alumni.”

Due to take place during the first quarter of 2020, a class of ten startups will undergo an intensive 13-week programme that will conclude with an investor demo day with the opportunity to receive funding to grow their businesses.

Hub71 was created by Abu Dhabi’s Mubadala Investment Company, Abu Dhabi Global Market, US technology giant Microsoft and Japan’s SoftBank as an initiative of the Ghadan 21 programme, a Dh50 billion package of reforms from the Abu Dhabi government to stimulate the local economy.

Abu Dhabi also rolled out a Dh535 million fund to invest in start-ups as part of the government's Ghadan 21 programme.

“We will leverage our global network of over 10,000 mentors and 300,000 alumni across 150 countries to support these start-ups, as well as Hub71’s infrastructure, world class facilities and affiliate entities like Mubadala and the Abu Dhabi Government,” said Vijay Tirathrai, Techstars Hub71 Accelerator managing director.

Updated: July 23, 2019 05:12 PM

SHARE

SHARE