Abu Dhabi's Techstars Hub71 Accelerator programme is confident of raising $15 million from investors for this year's cohort of 10 start-ups despite the market disruptions caused by Covid-19.
"Our first batch of start-ups raised $15m last year … we are aiming to raise in the same range this year," Vijay Tirathrai, managing director of Techstars, told The National.
“Our community has adapted well to the new normal in the post-Covid world … investors and VCs [venture capitalists] are very confident and now more than eager to invest in new innovative ideas and potential teams.”
The accelerator progamme is part of the Colorado, US-headquartered global investment and innovation platform Techstars, which runs 50 similar programmes in nearly 22 countries. It has supported over 2,500 start-ups with a total market capitalisation of $33 billion since 2006 across various industries, according to the company. Techstars operates as a venture capital firm and invests in technology start-ups in the cloud infrastructure, healthcare, cyber security and communication sectors. It has teamed up with the emirate’s sovereign wealth fund Mubadala Investment Company and global tech ecosystem Hub71 to run an annual three-month acceleration programme that brings 10 potential pre-seed stage start-ups to the capital.
“Typically, a pre-seed company raises in the range of $500,000 to $3m in a year. We don’t expect this average to change,” Mr Tirathrai said.
The start-up incubator started its first programme in Abu Dhabi in January last year but its operations were hit by the Covid-19 pandemic, forcing it to send the founders of the selected start-ups home and pivot from a physical to an online set-up.
There was also a “momentary pause” in funding in the second quarter of last year but it picked up in the second half of the year, said Mr Tirathrai, who is also a serial entrepreneur with angel investments in more than 30 start-ups.
“Investors were in shock, trying to assess the situation and helping their existing portfolio of companies that may also have been damaged by the pandemic,” Mr Tirathrai said.
“But we saw a huge surge in investment flow in the last quarter. Investors and VCs were showing more interest as they saw future ideas becoming reality to minimise the impact of the pandemic ... despite Covid-19, we did not see money drying up but on the contrary, it expanded … we predict the same trend to continue in 2021.”
Out of the 10 companies in the accelerator’s first cohort, six have made Abu Dhabi their permanent home, including Aumet, Bonflite, DesignHubz, Educhain, Sensgreen, Workathlon.
Techstars also plans to expand its footprint to Saudi Arabia, the Arab world’s biggest economy, with a similar programme.
“[The] Middle East is a great marketplace, very vibrant, ready for disruptions and there is also no dearth of talent … we are in discussion with several parties in different countries around the region,” Mr Tirathrai said.
“Most likely, the next programme will be rolled out in Saudi Arabia. Opportunity is huge in the kingdom given its large population,” he added, without giving a timeline.
Techstars' partnership with Hub71 is a strong proposition for the accelerator as it facilitates in attracting global start-ups.
“Our programme is largely sector agnostic and we attract companies from all over the world to Hub71. We identify founders who have potential to be local champions with global ambitions,” Mr Tirathrai said.
“Backed by the weight of sovereign institutions such as Mubadala Investment Company, Hub71’s extensive reach in various sectors of the economy makes it a strong partner.
“Initially, I was a bit sceptical why they [start-ups] will pick Abu Dhabi over cities like Singapore, London or Los Angeles. But our numbers speak … response is very strong and we are happy to be where we are today … past one year, response has been tremendously positive.”
Mr Tirathrai said the accelerator had no plans to raise the number of start-ups in its programme.
“We have 200 people, including partners, mentors and investors, servicing 10 companies … the ratio is 20:1 that is an extraordinary amount of resources for a three-month programme.”
“Moreover, it is a proven model that has worked for us in the past. Our growth model is not about increasing the number of companies but increasing the number of programmes,” he added.
Hub71, created with Dh520m ($141.5m) from Abu Dhabi’s Ghadan 21 economic stimulus programme, is home to 102 start-ups and is continuing to attract successful companies from around the world. It has also helped position Abu Dhabi as an innovation hub and attracted start-ups in sectors that are crucial to its growth, such as agricultural technology, health care and renewable energy.
So far, the Abu Dhabi programme has focused on technologies such as artificial intelligence, blockchain, Internet of Things, and augmented and virtual reality that disrupt key sectors in supply chain, logistics, health care, financial services, real estate, petroleum, petrochemical, renewable energy and utilities.
Aside from connecting start-ups to its global network of mentors, investors and VCs, the accelerator and its corporate partners, including Hub71, also invest in potential ideas. In return, they earn collective equity in the companies, Mr Tirathrai said.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
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%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Meydan Racecourse racecard:
6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 | 1,900m
7.05pm: Maiden for 2-year-old fillies (TB) | Dh165,000 | 1,400m
7.40pm: The Dubai Creek Mile Listed (TB) | Dh265,000 | 1,600m
8.15pm: Maiden for 2-year-old colts (TB) | Dh165,000 | 1,600m
8.50pm: The Entisar Listed (TB) | Dh265,000 | 2,000m
9.25pm: Handicap (TB) | Dh190,000 | 1,200m
10pm: Handicap (TB) | Dh190,000 | 1,600m.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Major matches on Manic Monday
Andy Murray (GBR) v Benoit Paire (FRA)
Grigor Dimitrov (BGR) v Roger Federer (SUI)
Rafael Nadal (ESP) v Gilles Muller (LUX)
Adrian Mannarino (FRA) Novak Djokovic (SRB)
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
Asia%20Cup%202022
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WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
UAE currency: the story behind the money in your pockets
Frida%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarla%20Gutierrez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Frida%20Kahlo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
