Hub71, Abu Dhabi’s global tech ecosystem, has refreshed its incentive programme for start-ups as it seeks to accelerate their development and contribution to the economy.
Companies signing up for Hub71's Company Building Programme can now receive up to Dh750,000 ($204,000) – 50 per cent higher than the previous Dh500,000 equity-free incentives – it said at the Gitex Global technology conference in Dubai on Monday.
This is broken down into Dh250,000 in the form of support services and Dh250,000 in cash for equity, which will assist start-up founders in accessing readily available capital.
Upon completion of the one-year programme, top-performing start-ups selected by Hub71 can receive up to an additional Dh250,000 cash incentive in exchange for additional equity.
Also for the first time, Hub71 will gain an ownership interest in start-ups selected to join its programme, which offers comprehensive support packages.
Hub71's member start-ups, which number at 240, have collectively raised nearly Dh5 billion since its inception in 2019.
The new incentive programme is a “natural progression”, building on Hub71's pledge of supporting the growth of early-stage technology companies, deputy chief executive Ahmad Ali Alwan said.
“This impact and shift to provide greater value to our start-up community solidifies our commitment to founders as we aim to enhance the growth trajectory of innovative companies with the simplicity and flexibility needed to ensure they succeed,” he said.
“Our dedication will go beyond financial support; we are deeply invested in the success of start-ups in our community and will remain engaged in ensuring their sustainable growth and development in Abu Dhabi and beyond.”
Worldwide start-ups are booming as they take on the challenges of developing solutions for a world that is becoming increasingly digital in key sectors such as retail, services and commerce.
The value created by start-ups globally is about $3 trillion, which is almost on par with the gross domestic product of a G7 economy, according to advisory company Startup Genome.
Hub71’s new incentive model is being positioned to boost its commitment to raising the value provided to founders and high-performing technology companies out of Abu Dhabi.
The UAE aims to be home to 20 unicorns – or start-ups with a valuation of $1 billion and above – by 2030, Minister of Economy Abdulla bin Touq said during the launch of the revamped Entrepreneurial Nation 2.0 programme last year.
Hub71's start-ups currently cater to more than 20 industries, according to its website.
Among the sectors it plans to focus on further are financial technology and its digital asset subsets, health, education, transport, logistics, travel climate and food, Mr Alwan had previously said.
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A robotic hand at the Etisalat stand at Gitex, which is being held at Dubai World Trade Centre. All photos: Leslie Pableo / The National -
Amina, a robot, interacting with a visitor to the show -
Crowds at Gitex on the second day of the exhibition -
A robot designed to plant trees on the RTDA stand -
Miroki robot on the Etisalat stand -
A flying vehicle at the Etisalat stand -
A driverless vehicle -
A futuristic Mercedes Benz on the Etisalat stand -
A high-speed floating police car on display at the conference in Dubai -
The Du stand at Gitex -
Abu Dhabi Customs shows off its robot technology at Gitex -
An Abu Dhabi government stand at Gitex -
Another Dubai Police vehicle on display at the tech show -
Ramnas the robot at Gitex -
Abu Dhabi Customs during a virtual reality demonstration -
A face scanner at the Road and Transport Authority stand at Gitex -
A man interacts with a robot at the Abu Dhabi Government stand -
A robot dog was part of the tech show on Monday -
A 3D printing of an abra that will be launched next year by Dubai's RTA
Start-ups that join Hub71's Company Building Programme will be able to unlock the benefits of Abu Dhabi's market advantages by being able to tap into an extensive network of corporations, investment partners and government entities
Part of the programme is a three-month course that allows start-ups to receive mentorship, advice and support, which in turn increases their prospects of commercial deals and fund-raising.
