In cooperation with «HUB71» to accelerate the development of its innovative solutions
Abu Dhabi Investments awards 10 million dirhams to start-up companies
Hub71 and the Abu Dhabi Investment Office hosted a demo day for existing Hub71 companies.
From the source
The global technology system in Abu Dhabi “Hub71” announced its cooperation with the Abu Dhabi Investment Office, to support emerging technology companies in their founding stages, in order to grow their teams and expand their businesses.
A statement issued yesterday stated that this partnership comes as a continuation of the new Hub71 program: The Outliers, which allows startups around the world to cooperate with the most prominent government institutions and bodies in Abu Dhabi, to address the operational challenges they face, in a way that enables startups worldwide, Apply to join the program, within a deadline that ends on July 1, 2021.
The statement added that Hub71 and the Abu Dhabi Investment Office hosted a trial day for the existing Hub71 companies, to submit applications for obtaining cash grants from the office that contribute to accelerating their growth, noting that 10 startups were selected to receive grants worth more than 10 million dirhams. ($2.7 million) to accelerate the development of its innovative solutions, following a screening and auditing process conducted by an investment committee that includes members from both sides.
Ibrahim Ajami, the Acting CEO of Hub71 and Head of Projects and Growth at Mubadala Investment Company, affirmed the commitment to support emerging technology companies, by providing a network of partners that support the mission of the system and seek to facilitate access to funding and grants.
He added: “The Outliers program allows companies with proven products to collaborate with our corporate and government partners to help them integrate innovation into their business models.
Today, these companies have the opportunity to apply to participate in the program, and to gain the support of strong organizations that want to help them develop sustainable concepts.
Such initiatives highlight the benefits of public-private partnerships that characterize Abu Dhabi’s unique environment.”
For his part, Director General of the Abu Dhabi Investment Office, Dr. Tariq bin Hindi, said, "Startups are essential to Abu Dhabi's economy, in terms of the economic benefits they bring, and the ambitions and bold ideas they add to the business system."
He added: “The government plays an important role in providing an environment in which companies receive the necessary support to achieve success.
We are also working in the Abu Dhabi Investment Office to invest as much resources as possible and make every effort to help innovative start-ups to expand from Abu Dhabi.
The Outliers Program is an annual initiative led by Hub71, in partnership with leading institutions and government partners, in order to address the operational challenges they face, and aims to accelerate the access of startups to capital and enhance the Abu Dhabi market.
The program also seeks to promote a culture of innovation within organizations that seek to collaborate with startups, and invest in the pioneering ideas proposed by the founders, in order to improve operations and enhance efficiency.
Companies from MasterCard, Etihad Airways, Thales, Abu Dhabi Commercial Bank, Mashreq Bank and the Department of Health - Abu Dhabi have identified the issues they are facing and will work directly with the entrepreneurs to deliver marketable concepts.
Successful companies will receive financing up to 100,000 dirhams ($27,000) and other benefits, in addition to partnership contracts and the opportunity to join the Hub71 community to benefit from the incentives it offers, value-added programs and its global partner network.
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