Hub71 ‘s new incentives offer Abu Dhabi businesses up to AED 750,000 in cash, in-kind support, and equity shares, boosting growth.
As the tech ecosystem offers more value for businesses entering its community, organisations participating in Hub71’s incentive scheme, the Company Building scheme, have the chance to gain up to AED 750,000 in total through cash and in-kind incentives.
Hub71 will acquire an equity stake in firms chosen for its Company Building Programme for the first time. It provides all-inclusive assistance plans made to foster high-growth firms’ potential and provide its founders with the tools they need to make a significant difference.
Startups that sign up for its redesigned Incentive Programme will be eligible for in-kind awards of up to AED 250,000 in the form of support services. In addition, they will receive AED 250,000 in cash in exchange for equity, which will help the entrepreneurs obtain easily accessible funding. Top-performing businesses chosen by Hub71 may be eligible for up to an extra AED 250,000 cash incentive in return for more equity after completing the one-year Company Building Programme.
In terms of value, the startup ecosystem in Abu Dhabi is expanding at the quickest rate in the Middle East and North Africa. Not to add, it’s the sixth fastest in the world. The updated offering seeks to guarantee a creative growth environment and improve the growth path for companies in the area.
Dissecting the Programme for Company Building
Through a Simple Agreement for Future Equity (SAFE) with founder-friendly provisions designed for the Abu Dhabi Global Market (ADGM) jurisdiction, Hub71 will offer the first cash incentive.
Onboarding will grant founders access to funds. As a result, they can finance their companies’ expansion without going through a financing round. Hub71 will utilise its entitlement under the SAFE to acquire an equity stake in the firm upon the startup’s formal funding round. This recently developed method was created with founders in mind. It provides a simplified and user-friendly means of raising funding for Abu Dhabi-based entrepreneurs looking to go global.
The deputy CEO of Hub71, Ahmad Ali Alwan, stated: “Our redesigned Company Building Programme represents a natural progression for Hub71, which has been a launchpad for over 200 startups in the Hub71 programme that have raised almost AED 5 billion collectively. Building on our reputation for championing the growth of early-stage tech companies.”
“This change and effect to better serve our startup community demonstrates our dedication to founders. In particular, since our goal is to support the development of forward-thinking businesses by providing them with the ease and adaptability required to guarantee their success.
“Our commitment will extend beyond monetary assistance. We have a vested interest in local startups succeeding. We’ll keep working to support their long-term, sustainable growth and development in Abu Dhabi and elsewhere.
Establishing a thriving market
Hub71’s Company Building Programme welcomes startups into a dynamic community. They have access to a wide range of businesses, financiers, and governmental organisations. while also taking advantage of Abu Dhabi’s commercial advantages.
As part of the project, companies join in a three-month course to expedite growth even further. They will get vital support, specialised guidance, and mentorship from professionals. Founders will benefit from Hub71’s knowledge and direction. This will therefore make it easier to introduce itself to its partners, improving the possibility of business agreements and fruitful financing.
