Abu Dhabi’s Hub71 and Techstars have yesterday announced the launch of Techstars Hub71 Accelerator Program. The Abu Dhabi-based program will take place in the first quarter of 2020, with ten startups undergoing a 13-week program. Techstars has previously also run an accelerator program in Dubai in partnership with Ginco Investments. We’ve confirmed that Techstars Dubai has ended and Techstars Hub71 is the only program the American early-stage investors will have in MENA.
Techstars Hub71 program, per statement, is designed to help startups from different sectors improve their products, gain access to customers, build traction via mentorship, investment, and practice pitch sessions.
The accelerator that’s now accepting applications is open to startups from all over the world and will offer selected startups $120,000 investment in exchange of 6 to 10 percent equity.
“Techstars Hub71 Accelerator is open to startups addressing technology innovations across a variety of business verticals including ICT & semiconductors, metals & mining, healthcare, real estate & infrastructure, petroleum & petrochemical, renewal energy, and utilities. The program will have a specific focus on solutions in the AI, analog/digital interfaces, AR/VR/mixed reality, blockchain, cybersecurity, digital media, IoT, payment technology and robotics spaces,” notes website of the program.
Techstars Hub71 will serve as an opportunity to startups to accelerate their business model an expose their ideas to global investors.
Ahmad Alwan, Head of Strategy and Corporate Development at Hub71, said, “We are working closely with the government to create the optimal environment for global startups at Abu Dhabi’s Hub71, the UAE’s launchpad for next-level growth. Following the announcement earlier this year about our partnership with world-renowned Techstars, applications kick off today and we will shortlist the best ten startups that apply. We are positive that this program will attract global founders with exceptional ideas and talent to the capital. Not only will startups benefit from high-caliber mentorship and exposure to global investors, founders will also have the opportunity to join a network of very successful and respected Techstars alumni.”
Vijay Tirathrai, Techstars Hub71 Accelerator Managing Director, said, “Techstars has been active in the UAE through various programs and has made an impact with startups, mentors, investors and local ecosystem enablers. Through this 13-week program we will provide invaluable training for startups at seed stage. Everything from pitch preparation workshops to product development exercises, assistance in business development, to funding – we’ve got it covered.”
“We will leverage our global network of over 10,000 mentors and 300,000 alumni across 150 countries to support these start-ups, as well as Hub71’s infrastructure, world-class facilities and affiliate entities like Mubadala and the Abu Dhabi Government. This is the perfect opportunity for Techstars to continue building momentum in the region and develop a culture of innovation and entrepreneurship in Abu Dhabi in partnership with Hub71,” he added.