20 global startups come together at AREA 2071 and show their potential to attract future funding

MAGNiTT News 1 year ago - Wed, Jun 12, 2019, 9:53 AM

20 global startups come together at AREA 2071 and show their potential to attract future funding
Author: MAGNiTT

AREA 2071 is an initiative of the Dubai Future Foundation, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.

It is an interactive platform that brings together the most creative and innovative minds. This initiative is a solid proof of UAE’s willingness to become a global tech hub in near future.

Maha Al Mezaina, the Head of AREA 2071, has acknowledged the important role startups play in shaping key economic sectors by bringing innovative technology and ideas to improve the people’s lifestyle. "AREA 2071 is a unique ecosystem that offers local, regional and global startups and emerging companies an innovative working space and embraces creative minds allowing them the opportunity to innovate, develop products and pilot projects, contribute to the economy and expand their success and growth," Al Mezaina said.

AREA 2071 hosted 20 global startups which were led by Techstars, the world-class startup accelerator program, and Al Venture Labs Accelerator Program in cooperation with global giant Microsoft.

According to the Emirates News Agency, the estimated value of the companies under Techstars Accelerator Program is more than AED24 million, while the companies under Al Venture Labs are valued at more than AED18.4 million.

The second edition of the Techstars Accelerator Program in association with GINCO Investments lasted over 13 weeks and 10 companies from across the globe participated in it. The industries of these companies included technology, IoT, management, construction and many other key areas.

All 20 companies hosted by AREA 2071 receive support and the necessary tools for project development & workshops as well as interactive sessions with global experts and the government.

Initiatives like the Country in Residence Program, led by the Dubai Future Foundation are the key elements of AREA 2071, which aim to provide business, cultural and diplomatic delegations. This way, the investors also receive exclusive access to opportunities in the UAE. The program also works with government entities, private sectors, international organizations, scientists and experts.

Thus far, Estonia, South Korea, New Zealand, Latvia and France are the countries to have joined the program.


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