HUB71's revamps incentive programme, offers startups up to $204,000
This initiative aims to help founders access capital and nurture the potential of high-growth companies, empowering them with the resources to create a lasting impact.
, Abu Dhabi’s global tech ecosystem, has revamped its incentive programme to offer startups up to $204,000 in cash and in-kind incentives to boost their growth.
The revamped programme, called the Company Building Programme, will provide in-kind support services worth up to $68,073 and cash incentives for equity worth $68,073, according to a statement on Wamda. High-performing startups will be eligible for a top-up of a similar amount for additional equity, once they complete the year-long programme.
This initiative aims to help founders access capital and nurture the potential of high-growth companies, empowering them with the resources to create a lasting impact, said the statement.
Deputy CEO Ahmad Ali Alwan said Hub71's commitment goes beyond financial support and is deeply invested in the success of startups in the community and will continue to ensure their sustainable growth and development in Abu Dhabi and beyond.
"This impact and shift to provide greater value to our startup community solidifies our commitment to founders as we aim to enhance the growth trajectory of innovative companies with the simplicity and flexibility needed to ensure they succeed.
"Our dedication will go beyond financial support; we are deeply invested in the success of startups in our community and will remain engaged in ensuring their sustainable growth and development in Abu Dhabi and beyond,” he said.
Hub71 is offering the cash incentive through a Simple Agreement for Future Equity in the Abu Dhabi Global Market jurisdiction. This initiative aims to boost the growth of startups in Abu Dhabi, the fastest-growing startup ecosystem in the Middle East and North Africa region.
Founders can access cash upon onboarding without undergoing a formal funding round. Hub71 will then exercise its right under the agreement to take an equity interest in the startup, providing a streamlined and investor-friendly way for startups to raise capital, said the statement.
The programme also offers startups access to a diverse community of corporations, investment partners, and government entities in Abu Dhabi.
Startups can enrol themselves in a three-month course, as part of the programme, for expert mentorship, tailored advice, and critical support.
For any press related queries or to share your press releases, write to us at
[email protected].
Edited by Swetha Kannan
