Hub71 revamps incentive programme, strengthens support for startups in Abu Dhabi

Image: Hub71

Hub71, Abu Dhabi’s tech ecosystem, has enhanced its incentive programme. It will now provide startups with up to Dhs750,000 in cash and in-kind incentives.

Startups joining its revamped incentive programme called the Company Building Program will receive up to Dhs250,000 worth of in-kind incentives in the form of support services and Dhs250,000 in cash for equity, assisting founders in accessing readily available capital.

For the first time, Hub71 will gain an ownership interest in startups selected to join its Company Building Program, offering comprehensive support packages designed to nurture the potential of high-growth companies.

Hub71: Building partnerships

Upon completion of the one-year Company Building Program, top-performing startups selected by the tech ecosystem can receive up to an additional Dhs250,000 cash incentive in exchange for additional equity.

Hub71 will provide the Dhs250,000 cash incentive through a Simple Agreement for Future Equity (SAFE) based on founder-friendly terms tailored for the Abu Dhabi Global Market (ADGM) jurisdiction. The revamped offering aims to enhance the growth journey for ventures in Abu Dhabi.

Founders will be able to access cash upon onboarding to fund the growth of their businesses without having to undergo a funding round. When the startup proceeds with a formal funding round, the tech ecosystem will exercise its right under the SAFE to take an equity interest in the startup. This newly established approach is designed with founders in mind, offering a streamlined and investor-friendly way for startups seeking to expand globally from Abu Dhabi to raise capital.

Ahmad Ali Alwan, Deputy CEO of Hub71, said:“Building on our reputation for championing the growth of early-stage tech companies, our revamped Company Building Program represents a natural progression for Hub71, which has been a launchpad for over 200 startups in the Hub71 programme that have raised almost Dhs5bn collectively. 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.”

To further accelerate growth, startups enroll in a three-month course as part of the programme to receive expert mentorship, tailored advice and critical support.

Founders will gain the expertise and guidance of Hub71, which will facilitate introductions to its partners, increasing the prospect of commercial deals and successful fundraising.