Hub71 launches the first Microsoft Reactor program in the region and attracts 17 startups from 47 countries
Hub71, the global technology platform in Abu Dhabi, announced the launch of the Microsoft Reactor program in cooperation with Microsoft and to expand the system of startups operating under its umbrella to 35 innovative companies after joining 17 startups that met the conditions necessary to benefit from the incentives program provided by the platform.
In the context of strategic partnership with Microsoft, "Microsoft Reactor" program will be As a technical and knowledge hub for sharing experiences, it allows developers and startups to connect with the local community in order to build new skills that stimulate enterprise innovation. Microsoft Reactor will provide an approach that helps professionals in this field enhance their expertise in areas such as cloud computing and artificial intelligence. The program, which will be made available to companies operating within the Hub71 platform at no cost, is part of the Microsoft Startup Initiative that is designed to support these companies to enhance and expand their operations.
After announcing that 17 new companies joined the incentives program, the number of companies benefiting from the program increased to 35 companies, as the incentive system includes full support for housing, office space and health insurance for two years for startups in their initial stages of establishment, and 50% support for emerging companies for a period of three years . The value of this support amounts to 3.5 million dirhams ($ 950,000).
Ibrahim Ajami, Head of the Startups Unit at Mubadala Financial Investments, said: “There is no doubt that the 17 startups that have won the opportunity to join the Hub71 platform will have wide-ranging positive impacts in various sectors and this will contribute to enhancing the diversification of the technology economy in the Emirate of Abu Dhabi by attracting investors from all over the world and creating new job opportunities in the emirate. The launch of the technical and knowledge interaction program in cooperation with Microsoft, which will strengthen the community of innovative startups operating under the umbrella of the platform and add more new skills and enable companies to implement their innovative ideas on the ground".
There is no doubt that the 17 startups that have won the opportunity to join the Hub71 platform will have wide positive impacts in various sectors and this will contribute to enhancing the diversification of the technology economy in the Emirate of Abu Dhabi by attracting investors from different Around the world and creating new job opportunities in the emirate and we are pleased to launch a program of technical and knowledge interaction in cooperation with Microsoft, which will enhance the community of innovative startups operating under the umbrella of the platform and add more new skills and enables companies to implement their innovative ideas Li ground.
”Jenna Jorgensen, general manager of the Department of Artificial Intelligence and Cloud Computing at Microsoft said ."We are pleased to launch the first Microsoft Reactor program in the region within the Hub71 platform with the aim of promoting unprecedented digital transformation in the Gulf region" and pointed out. "that the cooperation of startups, the investor segment and globally oriented industries provides an enormous opportunity, Therefore, the combination of these elements on the Hub71 platform and with the support of Mubadala will be a great development incentive for the region".
Hub71 had opened registration last October to benefit from the support, since it has received 348 applications from local and international companies from 47 countries. The companies came from the UAE, the United States, Lebanon, India and Egypt in the first five positions of the most popular companies to register with the platform.
41% of the founders of these companies indicated that they will transfer their work teams to Abu Dhabi if they are chosen to join the platform, which reflects the increasing attractions of the emirate as a distinct technology destination in the region.
As for the fields and specialties of emerging companies that submitted applications for the platform, most of them specialize in financial technology, artificial intelligence and e-commerce. The companies in the first stages of incorporation that submitted their applications formed 72%, and they were able to collect funds ranging from 100 thousand to one million US dollars, while the companies in the formation stage formed a percentage 28%, where the funding raised ranged between 1 million and 5 million USD.
As for companies led by Emiratis, they accounted for 20% of the total companies that applied for, while companies led by businesswomen acquired 37% of startups that applied for the platform and the 17 companies that met the requirements sought to collect up to $ 60 million Double its full-time employees.
For his part, Mustafa Al Mousawi Al Hashemi, an Emirati citizen, founder and CEO of one of the startups that won the opportunity to get the incentive program from Hub71, said:: "We are very happy to choose to take advantage of the incentive program provided by Hub71 and we look forward to joining our team to the platform, which is the perfect place to enhance the operations of our company Smart The Navigation System is the time to do so, and our eagerness to work under the Hub71 umbrella comes from our firm belief in the position that Abu Dhabi will have in the near future as a leading technology destination globally"
Andrei Maksimov, co-founder and CEO of Preceles One of the startups that won the opportunity to get the incentive program from Hub71, said:"Abu Dhabi has unique capabilities as a safe and open business environment, and features that are of fundamental importance to us as an emerging space technology company and Abu Dhabi are an ideal destination for us as we go on our way to integrate our business from outside the United States into emerging markets and move to broader horizons. We now have a headquarters in Strategic location and closer to our customers in a country that holds a leading position in the field of space technology. Moreover, the Hub71 platform provides a number of benefits that our employees will benefit from within the incentives program, which is free housing and health insurance, as this will enable us to focus on Expand our activities and create new products. "
It is worth noting that Hub71 today reopened the door to receive applications for the platform's incentive program for startups as it announced that it would continue throughout the year to receive applications.
In the context of strategic partnership with Microsoft, "Microsoft Reactor" program will be As a technical and knowledge hub for sharing experiences, it allows developers and startups to connect with the local community in order to build new skills that stimulate enterprise innovation. Microsoft Reactor will provide an approach that helps professionals in this field enhance their expertise in areas such as cloud computing and artificial intelligence. The program, which will be made available to companies operating within the Hub71 platform at no cost, is part of the Microsoft Startup Initiative that is designed to support these companies to enhance and expand their operations.
After announcing that 17 new companies joined the incentives program, the number of companies benefiting from the program increased to 35 companies, as the incentive system includes full support for housing, office space and health insurance for two years for startups in their initial stages of establishment, and 50% support for emerging companies for a period of three years . The value of this support amounts to 3.5 million dirhams ($ 950,000).
Ibrahim Ajami, Head of the Startups Unit at Mubadala Financial Investments, said: “There is no doubt that the 17 startups that have won the opportunity to join the Hub71 platform will have wide-ranging positive impacts in various sectors and this will contribute to enhancing the diversification of the technology economy in the Emirate of Abu Dhabi by attracting investors from all over the world and creating new job opportunities in the emirate. The launch of the technical and knowledge interaction program in cooperation with Microsoft, which will strengthen the community of innovative startups operating under the umbrella of the platform and add more new skills and enable companies to implement their innovative ideas on the ground".
There is no doubt that the 17 startups that have won the opportunity to join the Hub71 platform will have wide positive impacts in various sectors and this will contribute to enhancing the diversification of the technology economy in the Emirate of Abu Dhabi by attracting investors from different Around the world and creating new job opportunities in the emirate and we are pleased to launch a program of technical and knowledge interaction in cooperation with Microsoft, which will enhance the community of innovative startups operating under the umbrella of the platform and add more new skills and enables companies to implement their innovative ideas Li ground.
”Jenna Jorgensen, general manager of the Department of Artificial Intelligence and Cloud Computing at Microsoft said ."We are pleased to launch the first Microsoft Reactor program in the region within the Hub71 platform with the aim of promoting unprecedented digital transformation in the Gulf region" and pointed out. "that the cooperation of startups, the investor segment and globally oriented industries provides an enormous opportunity, Therefore, the combination of these elements on the Hub71 platform and with the support of Mubadala will be a great development incentive for the region".
Hub71 had opened registration last October to benefit from the support, since it has received 348 applications from local and international companies from 47 countries. The companies came from the UAE, the United States, Lebanon, India and Egypt in the first five positions of the most popular companies to register with the platform.
41% of the founders of these companies indicated that they will transfer their work teams to Abu Dhabi if they are chosen to join the platform, which reflects the increasing attractions of the emirate as a distinct technology destination in the region.
As for the fields and specialties of emerging companies that submitted applications for the platform, most of them specialize in financial technology, artificial intelligence and e-commerce. The companies in the first stages of incorporation that submitted their applications formed 72%, and they were able to collect funds ranging from 100 thousand to one million US dollars, while the companies in the formation stage formed a percentage 28%, where the funding raised ranged between 1 million and 5 million USD.
As for companies led by Emiratis, they accounted for 20% of the total companies that applied for, while companies led by businesswomen acquired 37% of startups that applied for the platform and the 17 companies that met the requirements sought to collect up to $ 60 million Double its full-time employees.
For his part, Mustafa Al Mousawi Al Hashemi, an Emirati citizen, founder and CEO of one of the startups that won the opportunity to get the incentive program from Hub71, said:: "We are very happy to choose to take advantage of the incentive program provided by Hub71 and we look forward to joining our team to the platform, which is the perfect place to enhance the operations of our company Smart The Navigation System is the time to do so, and our eagerness to work under the Hub71 umbrella comes from our firm belief in the position that Abu Dhabi will have in the near future as a leading technology destination globally"
Andrei Maksimov, co-founder and CEO of Preceles One of the startups that won the opportunity to get the incentive program from Hub71, said:"Abu Dhabi has unique capabilities as a safe and open business environment, and features that are of fundamental importance to us as an emerging space technology company and Abu Dhabi are an ideal destination for us as we go on our way to integrate our business from outside the United States into emerging markets and move to broader horizons. We now have a headquarters in Strategic location and closer to our customers in a country that holds a leading position in the field of space technology. Moreover, the Hub71 platform provides a number of benefits that our employees will benefit from within the incentives program, which is free housing and health insurance, as this will enable us to focus on Expand our activities and create new products. "
It is worth noting that Hub71 today reopened the door to receive applications for the platform's incentive program for startups as it announced that it would continue throughout the year to receive applications.
For more information on ways to join the program, please visit www.hub71.com.
To register to participate in the Microsoft Reactor introductory meeting, please go to the following link.https://www.meetup.com/Microsoft-Reactor-Abu-Dhabi/
— Mega News (@Mega_News24) January 20, 2020
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