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Best Startup Incubators in the UAE 2020
Startup incubators in the UAE are an integral part of the entrepreneurial ecosystem. Even for the most experienced of campaigners, building a business from scratch is an enormous task. Today, with more youth flocking to the ecosystem in the UAE, a helping hand is not only useful but necessary.
Startup incubators have many proven advantages. They act as a platform for the most innovative ideas to be spun into successful businesses. Such platforms often provide tertiary services that support a business under their membership. Thus they free up entrepreneurs to focus on fine-tuning their ideas.
They also act as learning hubs, fostering creative & tech minds under the same roof. Conversely, incubators act as tools for private investors & governments to find vetted startups that are ready to hatch. Startup incubators in the UAE provide a well-established network & infrastructure to carry forward businesses. Such support can be crucial to startups in different industries.
Six startup incubators in the UAE
Astrolabs
At its heart, Astrolabs is a co-working space that brings together digital technology companies. Its partnership with the Dubai Metals & Commodities Centre (DMCC) sets it apart.
Membership comes with a DMCC Free Zone Trade License, fast-track company setup, five residential visas and more. Their community spans businesses across the technology spectrum.
Robo advisors, custom earphone makers, tech concierge solutions and more under one roof. If you are a startup under the digital tech sector, this startup incubator is the right place for you.
Dubai Technology Entrepreneur Centre (DTEC)
Located at Silicon Oasis, DTEC is home to over 100 startups from more than 60 different countries. It is also home to the Dubai Smart City Accelerator, the first of its kind in the MENA region. Startup incubators are key to Dubai’s strategy of becoming the smartest city in the world by 2021.
DTEC actively looks for accelerator candidates within its ecosystem and has six global strategic partners. Its key focus is on IoT, AI, sustainability, urban automation and similar fields.
It is also host to the ‘Intelak’ aviation & travel incubator. If you have disruptive ideas that redefine the travel experience, this incubator is looking for you.
In5
In5 describes itself as “An enabling platform for entrepreneurs & start-ups”. It has 3 different innovation centers, for tech, media, and design for focused growth.
This startup incubator regularly hosts workshops and takes pride in its mentorship program. With top advisors from across the UAE & GCC on board, In5 provides a great capital of network to its startups.
They have partnerships with The Dubai Institute of Design and Innovation (DIDI), The Dubai Design and Fashion Council (DDFC) and more. In5 is a great choice to groom ideas into businesses. It is an especially attractive destination for FinTech startups, with Remmitr being a featured member.
FinTech Hive
This UAE startup incubator was set up by the Dubai International Financial Centre (DIFC) in January 2017. As the name suggests, it has a clear focus on supporting startups in the FinTech sector.
Its unique selling point is the seamless amalgamation of global businesses & innovative startups. Working towards its 2024 growth strategy, DIFC aims to take innovation from UAE truly global. An umbrella of partners comprising almost every global financial institution underlines the DIFC’s commitment.
Some of UAE’s most promising FinTech startups are alumni of this incubator, with Bridg at the forefront. FinTech Hive is the place to be for ideas that can transform the way the world interacts with their finances.
Turn8
With its 7-year history in the UAE, Turn8 is a startup incubator with an impressive list of alumni. It has invested in over 60 startups at the pre-seed level. Its network of VCs have raised over the US $4 million as co-investment.
As the above facts suggest, Turn8 focuses on nourishing startups from seed phase to the scale phase. Their extensive list of global mentors adds tremendous value and experience.
Turn8’s focus areas include some innovative niche sectors. The fields of 3D printing, nanotechnology, storage solutions, etc. are waiting for your big idea!
Techstars Dubai
As a fresh entrant to the UAE, it is Techstars’ global success that puts it on this list. Over its 12-year history, Techstars has grown to a scale of 30+ programs across the world.
It practices an inclusive & diverse philosophy, adding to a wealth of business experience. It enters Dubai in partnership with GINCO, the leading construction engineering conglomerate.
News
Saudi Fintech Lendo Signs MOU with J.P. Morgan
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
News
TA Telecom Introduces AnteThink: A New AI Decision Support Tool
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
News
GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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