UAE’s Hub71 reinvents incentive program, grants up to AED 750,000

Further strengthening startup growth in Abu Dhabi
UAE’s Hub71 reinvents incentive program, grants up to AED 750,000
Hub71 (Image Courtesy: Hub71)

Hub71, the thriving global tech ecosystem in Abu Dhabi, unveils an upgraded Incentive Program that offers even more value to startups. With the enhancement, disruptive tech companies joining the rapidly expanding community can now access up to AED 750,000 in cash and in-kind incentives, empowering them with greater resources and support.

Read more: UAE’s Hub71, WEMIX empowering MENA blockchain startups

As part of its revamped Incentive Program, known as the Company Building Program, Hub71 is offering startups a range of valuable benefits. Participating startups will receive up to AED 250,000 worth of in-kind incentives, consisting of support services, and an additional AED 250,000 in cash in exchange for equity, providing founders with access to essential capital. In a first-time initiative, Hub71 will also secure an ownership interest in the selected startups joining the Company Building Program. This comprehensive support package aims to foster the growth of high-potential companies and equip founders with the necessary resources to make a lasting impact.

Enhancing offered value

Hub71’s adoption of a new incentive model underscores its dedication to enhancing the value offered to founders and high-performing tech companies originating from Abu Dhabi. As part of the one-year Company Building Program, startups that demonstrate exceptional performance and are handpicked by Hub71 have the opportunity to receive an extra AED 250,000 cash incentive in exchange for additional equity, further reinforcing their growth prospects and potential for success.

Bolstering growth

Hub71 is set to deliver the AED 250,000 cash incentive to startups through a Simple Agreement for Future Equity (SAFE), featuring founder-friendly terms tailored specifically for the Abu Dhabi Global Market (ADGM) jurisdiction. This revamped offering aims to bolster the growth journey of ventures within Abu Dhabi, which boasts the fastest-growing startup ecosystem by value in the Middle East and North Africa region, as well as ranking sixth globally. Founders will have the opportunity to access cash upon onboarding, enabling them to fund the expansion of their businesses without the need for a formal funding round. In the event that the startup proceeds with a formal funding round, Hub71 will exercise its right under the SAFE to acquire an equity interest in the startup. This newly introduced approach prioritizes the needs of founders, providing a streamlined and investor-friendly pathway for startups based in Abu Dhabi to raise capital for global expansion.

For more news on banking & finance, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.