Globalized tech ecosystem Hub 71 has partnered alongside the Abu Dhabi’s Investment Office for facilitation of the scale-up of an early-staged start-ups via fresh investment modules.
Hub71’s Innovation Agenda will offer a “robust and competitive environment” for start-ups to access new capital and incentives from public as well as private firms, the entities stated within a joint announcement as recently.
The latest partnership aims to boost Hub71’s The Outliers programme. Initiated in March, the programme joins chosen start-ups with the emirate’s firms, particularly those under Mubadala and industrial holding firm ADQ, as well as native and federal government agencies, to expand their market access.
Start-ups globally can apply for The Outliers programme until July 1. Popular start-ups will gain admittance to up to $27,000 worth of funding for POCs, other advantages, in addition to partnership contracts and the opportunity to join Hub71’s community to profit from its incentives, programmes and global partners.
Start-ups are key to Abu Dhabi’s economy, “both in terms of economic benefit as well as the bold ideas and ambition they bring to the business ecosystem”, Dr Tariq Bin Hendi, Adio’s director general, said.
Ibrahim Ajami, interim chief executive of Abu Dhabi-based Hub71, stated out that; “Capital is an instrumental enabler that unlocks our start-ups’ growth. We are committed to supporting tech start-ups by leveraging the network of partners that back our mission and strive to provide opportunities to access funding or grants,” added Mr Ajami, who is also the head of ventures and growth at Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund.
“The Outliers paves the way for start-ups with proven products to work alongside our corporate and government partners … to help them integrate innovation into their business models. Now is the time to apply and get the backing of powerful entities that want to help start-ups develop sustainable POCs [proof of concepts] that can go-to-market,” stated Mr Ajami.
Start-ups are core to Abu Dhabi’s economy, “both in terms of economic benefit as well as the bold ideas and ambition they bring to the business ecosystem”, Dr Tariq Bin Hendi, Adio’s director general, further added up.
Mr Hendi also stated further that; “The government plays a critical role in creating an environment where businesses are supported to succeed, and at ADIO, we are investing maximum resources and efforts to ensure innovative start-ups can successfully scale up from Abu Dhabi.”
Hub71 is a leading initiative of the Dh50bn Ghadan 21 economic impetus programme and was initiated by the Abu Dhabi government, Mubadala, Abu Dhabi Global Market, Microsoft and SoftBank.
At the conclusion of preceding year, Hub71 and Adio presented a demo day for the Hub71’ start-ups to pitch for cash grants from Adio. After a screening process by an investment committee, 10 start-ups obtained grants worth more than Dh10 million ($2.7m) to fast-track the advancement of their innovative solutions.
More than 15 local, provincial and global venture capital funds are based at Hub71 with $1.72 billion in assets under management. It has located the UAEs Metropolis as an innovation hub and drawn start-ups in sectors that are critical to the nation’s progression, like that of agriculture, technology, health care and renewable energy.