Covid-19 and its ensuing lockdowns have left a lot of people exploring new ventures – especially for tech founders looking to diversify revenue sources or seeking venture partners in new locales.
The latter has proven a popular option for smart tech entrepreneurs who used the downtime during the pandemic to broaden their market opportunities. Nowhere is this more evident than in Abu Dhabi, UAE, where Hub71 – a global tech ecosystem that offers startups business incentives, partnership opportunities and access to capital – has burgeoned to include more than 100 startups in less than two years since its launch.
Hub71, located in Abu Dhabi’s WeWork office space on Al Maryah Island, has selected tech startups from 20 countries, with nearly 20 per cent of them founded by female entrepreneurs and 15 Emirati nationals. Providing startups with a solid networking base for fundraising, Hub71 revealed that in 2020, 29 of the 102 startups in its ecosystem raised more than US $50M in capital. Considering the economic impact the world experienced last year, this phenomenal effort shows that Abu Dhabi is one of the up-and-coming tech hubs to watch.
Hanan Harhara Al Yafei , CEO of Hub71, said of the success: “Abu Dhabi’s global tech ecosystem is growing and as world events have dictated, it’s at the right time and the right place. We have an unrelenting commitment to collaborate with our partners and enhance our technology hub, remaining steadfast in capturing more of the world’s top entrepreneurial founders to support their growth globally from a stable, safe, and open business environment. Now more than ever, we believe innovation and technology is our future and we will continue to support the growth of Hub71 from Abu Dhabi and beyond.”
The tech ecosystem also helped create 250 new jobs within the innovation sector (spanning sectors including aerospace, health, defence, education, finance and more) through its startups – who, reports Hub71, have plans to double that within the next year.
If you’re a startup founder or entrepreneur who’s been eyeing Abu Dhabi as the next place to grow your business, head to https://www.hub71.com