Abu Dhabi's Hub71 marks first year as it adapts to challenges
Friday, 04 03 2020, Category: Economy, Country: U.A.E
Almost a year ago, Abu Dhabi’s start-up space Hub71 opened its doors on Al Maryah Island. It was the capital’s boldest step to becoming a destination for technology entrepreneurs.
The space, created with Dh520 million from Abu Dhabi’s Ghadan 21 stimulus programme, is attracting high-tech founders and the people who support them. There are 39 start-ups from 8 different countries, a half dozen venture capital funds and global technology players like Microsoft and Chinese AI giant SenseTime under one roof. The start-ups, mostly early stage, have attracted $100 million in venture capital to date. Hub71 has built the community with support from funding and strategic partnerships with Mubadala, SoftBank Vision Fund, Microsoft and Abu Dhabi Global Market.
But today, Hub71 is tackling its biggest challenge yet - and having to adapt like never before.
As the world faces down a pandemic, economic uncertainty looms over the community as shut borders, reeling stock markets and vast swaths of the private sector are at a standstill while the public health crisis is addressed.
Earlier this year, Hub71 set a target of attracting a total of 100 ventures by the end of 2020. Its chief executive told The National the goal remains, and start-up founders, investors and private partners who spoke to The National said that Hub71’s aim is still realistic.
Source: The National – UAE