GINCO launches Techstars Dubai Accelerator in Area 2071
Unique Government, family office and global accelerator partnership to host program in new creative ecosystem space in Emirates Towers
Companies going through the program will join a 5000-strong global network of entrepreneurs rising in 24 cities who have collectively raised over US$4 Billion in investment capital
Dubai, UAE: In the continued effort to achieve the vision of “UAE Centennial Plan 2071,” Dubai based GINCO Investments is proud to announce the hosting of the MENA region’s first Techstars Accelerator program, to be held at Area 2071 in Emirates Towers.
The announcement was made last week following an official ceremony held at Emirates Towers, as part of the Partners of The Future event hosted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The Techstars Dubai Accelerator in Partnership with GINCO will host 10 startups per year at Area 2071 and will provide them with the opportunity to rapidly scale their companies over an intensive three-month period, beginning on 21st of January 2018. The startups will join a group of leading entrepreneurs, joining the ranks of Techstars companies like Uber, Digital Ocean, and Sphero which lead the world in transportation, digital infrastructure, and robotics technologies.
GINCO Investments is a venture investments and innovation arm of the GINCO Group of Companies, a family-owned enterprise founded by Gheyath Mohammed Gheyath in 1974. GINCO Investments focuses on creating opportunities for entrepreneurs through its programming initiatives as well as investing directly in early-stage technology companies around the world.
The selective application process has recently closed and the program will soon announce 10 global and diverse companies who will challenge existing assumptions and create new economic models that plan to help to advance cities of the future. Each applicant in the inaugural class will be relocated to Dubai where they can opt to receive a US$20,000 stipend from the program to support their living expenses throughout the program’s duration in addition to US$100,000 in seed funding from GINCO Investments and over 400 perks worth US$1m from ecosystem partners. Companies will benefit from Area 2071’s strategic location at Emirates Towers with direct access to government entities and other unique business services.
Mr. Abdulaziz Al Jaziri, Director of Area 2071 said, “We are proud to announce that the Techstars Dubai Accelerator in Partnership with GINCO will be hosted at Area 2071. The space is the nucleus of government and private sector thought, where innovative companies converge to design a greater future for the world and more specifically, the cities within the world who are driving progress and pioneering productivity.”
Mr. Gheyath Mohammad Gheyath, Chairman of GINCO Group of Companies, stated “At GINCO, we are passionate about supporting Dubai’s ecosystem while helping grow entrepreneurship in the region. Thus, we are thrilled to partner with the prestigious accelerator program, Techstars, to bring the Dubai Accelerator to the region for the first time. We look forward to contributing to the future success of the country and the extraordinary journey of this nation as we cultivate businesses that can take technological innovation to the next level.”
He continued, “Furthermore, we are proud to support the UAE Centennial Plan 2071 and feel that Area 2071 is the perfect destination to host our accelerator. The nurturing environment created within this dynamic space will be vital to the success of the companies who will pass through its doors. We anticipate immense success for the program and each of the startups and would like to thank His Highness Sheikh Mohammed bin Rashid Al Maktoum for his vision and patronage.”
David Cohen, Founder and Co-CEO of Techstars said, “Techstars is excited to partner with Area 2071 and GINCO to create the leading private sector accelerator program in the MENA region. Since 2011, Techstars has supported over 500 regional entrepreneurs through Startup Weekend Dubai and we are looking forward to continuing our work supporting entrepreneurs around the world.”
The selected companies will be announced shortly and the program will kick off on the 21st of January 2018. Late applicants can apply directly to the program Director, Mr. Ramzy Ismail at firstname.lastname@example.org for consideration.
About GINCO Group: GINCO Group was incorporated in 1974 and has rapidly developed and mushroomed into a group of companies providing services in related areas like Mechanical, Electrical and Plumbing Operations, Carpentry and Joinery, Aluminum and IT Services. GINCO Investments is the investment arm of GINCO Group, focused on supporting and nurturing the local SME community and empowering entrepreneurs with global ambitions. For more information, please visit www.gincoinvestments.ae
About Area 2071: Area 2071 is a creative ecosystem to design the future that brings together government, creative individuals, businesses, and people from all walks of life. The name Area 2071 originates from the UAE Centennial Plan 2071, the naming of which signifies 100 years since the formation of the United Arab Emirates. Through its vision and objectives, UAE Centennial Plan 2071 seeks to invest primarily in the youth of the UAE and to work for UAE to be the best nation in the world by 2071. For more information please visit http://area2071.ae/
About TechStars: Techstars helps entrepreneurs succeed. Through the Techstars Worldwide Entrepreneur Network, founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates four divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships, and the Techstars Venture Capital Fund. www.techstars.com