Hub71 to form Team UAE to compete in Entrepreneurship World Cup in Riyadh
The start-ups can win $1m in cash prizes and get access to global mentorship and other support services
Hub71 is looking for 10 promising start-ups to form the first-ever Team UAE to participate in the Entrepreneurship World Cup 2020 at the Misk Global Forum in Riyadh in October.
The Abu Dhabi-based tech accelerator will select start-ups from the early-stage to growth phase in all sectors from the seven emirates. It will select the firms throughout July and August and the deadline for applying is August 20.
“As the official national organiser for the UAE, we are continuing our hunt for the most innovative start-ups … specifically looking for start-ups who believe they have what it takes to represent the UAE on a global stage,” said Ahmad Alwan, head of strategy and corporate development at Hub71.
Team UAE’s participation in this event will not only showcase the innovation in tech sector but “it will embody this nation’s passion and drive in one team”, he added.
The Entrepreneurship World Cup is one of the largest global initiatives for entrepreneurs with entries from 187 countries. It attracted more than 100,000 applicants in its inaugural edition last year.
Team UAE start-ups can win prizes including “$1 million (Dh3.67m) in cash, additional funding opportunities, access to accelerator programmes, resources and in-kind prizes worth a combined over $75m”, Hub71 said .
“Entrepreneurs are risk takers and industry disruptors, accustomed to facing challenges head on,” said Jonathan Ortmans, president of Global Entrepreneurship Network that provides a platform of programmes and initiatives to help new firms start and scale.
“Now more than ever, the world needs more entrepreneurs to unleash their ideas, develop innovative solutions and make the world a better place – the Entrepreneurship World Cup is helping founders at all stages do just that.”
Hub71 also signed an agreement with the Misk Foundation last year to create a dynamic market for start-ups by improving the cross-market access between the UAE and Saudi Arabia.
Selected Team UAE start-ups will be also be shortlisted to compete for the Hub71 Incentive Programme, the accelerator said. The programme offers 100 per cent free housing, office space and health insurance for two years for seed companies and 50 per cent subsidies for three years for emerging companies.
Hub71, which was set up in March 2019 by the Abu Dhabi government, Mubadala Investment Company, Abu Dhabi Global Market, Microsoft and SoftBank, is a flagship initiative of the Dh50 billion economic stimulus programme, Ghadan 21.
Updated: July 2, 2020 03:00 PM