‘Hub71 MENA Growth Competition powered by MITEF Pan Arab’ offers ASC alumni an attractive incentive to consider Abu Dhabi as their next growth market.
MIT Enterprise Forum Pan Arab has recently signed a new strategic partnership with Hub71, a flagship initiative of Abu Dhabi’s Ghadan 21 program, which entails a series of programs and initiatives aiming to position the emirate as the growth launchpad for technology innovators looking to scale their enterprises globally.
Today, during a joint press conference between MIT Enterprise Forum Pan Arab and Hub71, we have announced that we are officially accepting applications for the ‘Hub71 MENA Growth Competition powered by MIT Enterprise Forum Pan Arab’. The deadline for applications is Monday, July 15, 2019. The competition is strictly exclusive to MITEF Arab Startup Competition alumni.
Speaking about the importance of the competition, Maya Rahal, MD of MIT Enterprise Forum Pan Arab said: “The regional startup ecosystem is undergoing numerous changes, where more international investors are eyeing the MENA not only as a consumer market but, more importantly, as a hub where innovative ideas emerge and scale up. In recent years, Abu Dhabi’s government and stakeholders have made several efforts to turn the city into a hub for technology, innovation, and business: this partnership being part of the bigger picture. Through the [competition] we want to bring the best talent to the city, attract global investors, and encourage more MENA-based startups to open a shop in Abu Dhabi. We believe the competition offers an attractive incentive for our alumni to think of Abu Dhabi as their next market to expand.”
Mahmoud Adi, CEO of Hub71, said: “Collaborating with Abu Dhabi’s industry leaders has allowed us to bring a market full of opportunities to the region’s startup community. Across Abu Dhabi there are industries that need innovation and startup thinking to reach the next level, which makes this initiative the perfect opportunity to chart our future as the center of entrepreneurship and innovation. Through our collaboration with MIT Enterprise Forum Pan Arab, Hub71’s MENA Growth Competition 2019 will support pioneering startups from the region - helping them make a mark for themselves globally.”
‘Hub71 MENA Growth Competition powered by MIT Enterprise Forum Pan Arab’ invites the best tech startups to join a global ecosystem, strategically located in Abu Dhabi Global Market Square, offering an international network that will come together to enable startup success, innovation and growth opportunities.
The competition is exclusively open to MITEF’s Arab Startup Competition alumni from the past three editions (2017, 2018, and 2019), and aims to find the best candidates to come to Abu Dhabi and join Hub71’s acceleration program, offering subsidized living, office space, healthcare packages, 5-year entrepreneur visas, access to huge market potential and capital.
The press conference went over the scope of the competition in detail, specifically the prizes that will be awarded to the winners, which are provided by Hub71’s main partners like Aldar, Abu Dhabi’s Department of Health (DoH), and Abu Dhabi Global Market (ADGM).
Hub71 will provide the ten finalists the opportunity to pitch corporates and VCs during a five-day workshop in Abu Dhabi in late August. Also, Hub71 announced that they will be offering the 3 winning startups the following, among others:
- 100% subsidized housing, office space and medical insurance (collectively “subsidies”) for companies that have less than 5 employees and have raised around 300,000$ in rounds of funding (valid for 2 years)
- 50% subsidies for emerging companies that have less than 25 employees and have raised more than 500,000$ in funding (valid for 3 years)
- Relocation costs from home to Abu Dhabi for founder and employees
- For startups with under five employees, 100% living, office space and health insurance subsidies for two years for every member
- For startups with six to 25 employees, 50% living, office space and health insurance subsidies for three years for every member
- Entry into accelerator programs via Techstars and Plug&Play ADGM
- Mentorship, coaching and a dedicated ‘resident success team’
- Application to the ‘Start-up Matched Funds’ via Ghadan Ventures Fund
Moving forward, the press conference held a panel discussion titled ‘Bridging the Gap between Startups and Corporates’, which brought representatives from all partners to discuss the symbiotic relationship between agile innovators and corporations, and how they can leverage each other’s strengths to innovate and cater to the digital market.
For potential candidates to the competition, they can check for more information on the eligibility criteria and prizes on https://mitefarab.org/en/initiative/hub71
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