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Friday, April 19, 2024

Hub71 Enhances Incentive Programme, Offering Up to AED 750,000 to Tech Startups


Hub71, Abu Dhabi‘s renowned global tech ecosystem, has unveiled an upgraded Incentive Programme set to provide a substantial boost to startups, with the potential to access up to AED 750,000 in cash and in-kind incentives. This initiative is expected to offer even greater value to disruptive technology companies as they become a part of Hub71‘s thriving community.

Under the newly revamped Incentive Programme, christened the “Company Building Programme,” startups will benefit from up to AED 250,000 in in-kind incentives, which encompass invaluable support services. Additionally, they will receive AED 250,000 in cash in exchange for equity, facilitating founders’ access to essential capital resources. A significant shift in Hub71’s approach involves the ecosystem gaining an ownership stake in the startups selected for the Company Building Programme, thereby providing comprehensive support packages tailored to nurture high-growth firms and empower founders with the necessary resources to leave a lasting impact.

The shift to this innovative incentive model underlines Hub71’s unwavering commitment to delivering increased value to founders and high-performing tech companies based in Abu Dhabi. Remarkably, once startups successfully complete the one-year Company Building Programme, the top-performing candidates can unlock an additional AED 250,000 cash incentive in exchange for further equity.

Hub71 has streamlined the provision of the AED 250,000 cash incentive through a Simple Agreement for Future Equity (SAFE) structured with founder-friendly terms specifically designed to accommodate the regulatory framework of the Abu Dhabi Global Market (ADGM). This revamped offering is designed to bolster the growth journey for businesses within the Abu Dhabi startup ecosystem, which stands as the fastest-growing in terms of value in the Middle East and North Africa region and the sixth fastest globally. Founders will benefit from immediate cash infusion to fuel the expansion of their enterprises, without the need for a conventional funding round. In the event a startup proceeds with a formal funding round, Hub71 will exercise its rights under the SAFE to secure an equity interest in the company. This innovative approach caters to the needs of founders, providing a streamlined and investor-friendly route for startups looking to secure capital for global expansion from Abu Dhabi.

Ahmad Ali Alwan, Deputy CEO of Hub71, expressed, “Building upon our established reputation for championing early-stage tech companies, our reimagined Company Building Programme represents a natural progression for Hub71. We’ve acted as a launchpad for over 200 startups within the Hub71 program, collectively raising almost AED 5 billion. This paradigm shift to deliver even more substantial value to our startup community underscores our dedication to founders. We aim to enhance the growth trajectory of innovative companies by providing the simplicity and flexibility they need to thrive. Our commitment extends beyond financial support; we are deeply vested in the success of startups within our community and remain committed to ensuring their sustainable growth and development, both in Abu Dhabi and beyond.”

Joining the Company Building Program at Hub71 means becoming part of a vibrant community that opens doors to an extensive network of corporations, investment partners, and government entities, all within Abu Dhabi’s thriving marketplace. To further expedite their growth, participating startups will embark on a three-month journey as part of the program, receiving expert mentorship, tailored guidance, and vital support. Founders will gain access to the invaluable expertise and guidance offered by Hub71, facilitating introductions to its network of partners, thereby enhancing the likelihood of forging commercial deals and achieving successful fundraising.

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