Hub71 tech community almost trebled in earlier 12 a few months despite Covid-19
11 February, 2021
The number of companies presents within Abu Dhabi's Hub71 grew 191 percent in the past 12 months despite the economic uncertainty caused by Covid-19.
The number of start-ups surged to 102 in January this year, up from just 35 a year earlier, Hanan Harhara Al Yafei, the principal executive of Hub71, said on Wednesday.
There are companies from 20 different countries in Abu Dhabi's tech ecosystem. The majority (44 %) are from the UAE, but companies from the US and the UK constitute 11 % each, Ms Al Yafei stated.
“We started 2020 with a target to attain 100 start-ups … despite all of the challenges, we could actually reach 102 which shows our perseverance, resilience and clear vision,” she added.
“Our plan for 2021 is to keep to build in the traction that we have got up to now … [and] attract the start-ups in the tech space that concentrate on solving real-world challenges,” said Ms Al Yafei, who did not reveal the quantity of latest start-ups that the community is looking to attract this year.
Hub71 start-ups, which represent 16 tech sectors, collectively raised a lot more than Dh185 million last year. This year, they aim to generate a lot more than 340 careers in the next 12 months.
The tech ecosystem on Wednesday also released its first Impact Survey that detailed its achievements and progress.
Its WeWork x Hub71 workspace capability was 96 %, with 65 % of start-ups at the seed level and remaining at an emergent stage.
“We've observed a pattern … there exists a focus on seed level start-ups in your community and traders are keen to recognize the talent early on and use them because they grow and level,” Ms Al Yafei stated.
Hub71’s global network of 209 tech founders result from 43 countries, with 18 % ladies and 15 Emirati founders.
Its latest cohort result from 13 countries, including firms from Israel, South Korea, Czech Republic and Nigeria, which joined the city in December.
“Following the Abraham Accord, we've seen interest not merely from Israeli start-ups but also from VC [venture capital] funds that are looking to explore Abu Dhabi and utilize this flourishing promote. Israeli tech ecosystem can be thriving, they are known for their talent … there are many areas where we are able to collaborate,” Ms Al Yafei stated.
Hub71 was set up in March 2019 by the Abu Dhabi government, Mubadala Investment Enterprise, Abu Dhabi Global Industry, Microsoft and SoftBank.
“As a global tech ecosystem located in the centre of Abu Dhabi, we've a clear objective to drive a host for start-ups, corporates, governments and investors … in addition to helping and enabling founders,” Ms Al Yafei said.
“We are delivering to the Hub71 mandate and adding to Abu Dhabi’s digital transformation by positioning the administrative centre on the subject of the global map of innovation and tech excellence … creating a radiant ecosystem that fosters entrepreneurship and collaboration.”
The start-up hub is a flagship initiative of the Dh50 billion Ghadan21 financial stimulus programme. In May this past year, the Abu Dhabi authorities as well rolled out a Dh535m Ghadan Ventures Fund, which specifically targets start-ups and is being managed by status holding company ADQ within its capital raising programme.
The tech ecosystem is specially popular among FinTech start-ups and HealthTech companies, which accounted for 26 % and 15 per cent of its most up-to-date cohort, respectively.
“Abu Dhabi has many opportunities to offer to the global start-ups and businesses. Persons come here because it is among the safest cities, offers very best lifestyle and conducive growth environment,” Ruba Yousef Al Hassan, executive director of Ghadan21 at Abu Dhabi Executive Workplace, said.
Abu Dhabi is not the simply hub vying for tech skill in the region. Saudi Arabia, the Arab world's most significant economy, is building a futuristic job called Neom and features picked up stakes in next technology innovators such as for example Uber and Lucid Motors amongst others in order to diversify.
“Anybody who is successful in your community is good for the region ... that’s 100 per cent,” Ms Al Hassan said.
“We just like competition, it’s good to have healthful competition that works with the spot and encourages us … collaboration is the key here, developing on the market together … developing the talent in the region.”
Source: www.thenationalnews.com
TAG(s):