October 23rd, 2017, Dubai, United Arab Emirates —Today BECO Capital announces its partnership with Area 2071, an ecosystem to design the future that includes government, creative individuals, innovative companies, and people from all walks of life. Together, this community imagines and creates solutions to the world’s most pressing questions, especially those posed by new technologies and disruptions to society.
“Our vision is for the UAE to be the world’s leading hub for technology entrepreneurship and innovation,” said Dany Farha, CEO, BECO Capital.
Area 2071 will launch at Emirates Towers, Dubai, UAE, in a space purpose-built for curiosity and creativity. The space combines flexible working areas for the residents of Area 2071, and inspirational experiences that invite the public to participate in designing the future. In time, Area 2071 will expand beyond Dubai to other parts of the UAE, the region, and the world.
Area 2071’s goal is to ask the world’s biggest questions and create solutions that shift paradigms, reshape markets, and improve the lives of people around the world.
To reach this goal, Area 2071 welcomes corporates, governments, and others to sponsor global ‘challenges’ that align with their business objectives and also address the needs of humanity. Seed and early stage companies respond; those with the greatest potential to disrupt markets and sectors in service of advancing humanity are invited to join Area 2071. Through a state-of-the-art incubation program, these early stage companies scale their businesses towards creating exponential impact.
“At the very heart of BECO is the belief that nurturing innovation is what will expedite the path to the future. AREA 2071 shares this same philosophy, and with its global network of entrepreneurs, corporates, academics, governments, and creative thinkers, BECO can expand its reach and impact even further,” adds Dany.
Area 2071 is the first step in bringing the vision of the Centennial Plan to life: to make the UAE the world’s leading nation by 2071. The UAE Centennial Plan 2071, which is inspired by a lecture of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, represents a national roadmap in all domains, as previously stated by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
As a founding partner, BECO’s responsibilities will include, where possible, co-developing human scale business challenges with Area 2071 challenge sponsors, committing to investing or supporting start-ups that address the co-created Area 2071 Challenges with other challenge sponsors in line with BECO’s investment criteria, and working towards sponsoring a Marquee challenge, which intersects BECO’s strategic goals and Area 2071's large-scale social mission.
“BECO will support the UAE’s Centennial Plan by investing in startups with the potential to propel and reshape entire industries. We want to empower the best of the best,” added Dany.
In its partnership with Area 2071, BECO will also provide access to mentors, VC resources, events and programming, as well as hosting and launching BECO events, demo days, and other community events in the Area 2071 ecosystem. It will also endeavor to be Area 2071’s representative across its global ecosystem.
“The BECO network spans across the globe. With investments from North Africa and across the Gulf, and connections to hubs in Silicon Valley Europe, and India, BECO brings its reach and influence into the AREA 2071 ecosystem,” added Dany.
Area 2071 is more than an accelerator for startups. It is a complex, interdependent ecosystem designed to unlock people’s potential so that they can solve the world’s hardest questions. To create a diverse community that also benefits from existing expertise, it will host Dubai Future Accelerators, the Government Accelerators, and many accelerators from the private sector. Area 2071 will offer participating businesses attractive legal protections designed to support rapid progress and creative experiments.
About BECO Capital
BECO Capital is a Venture Capital firm with a thoughtful approach to investing, providing early stage growth capital and hands-on operational support for innovative technology companies in the MENA region. BECO seeks companies that meet a specific set of criteria: an extraordinary management team, the intention and ability to scale, a transformational value proposition and sound marketplace defensibility.
Founded in 2012, BECO Capital is led by a team that enjoys a solid and diverse track record across the venture capital, technology, entrepreneurial and financial sectors. The Firm is a hands-on partner that assists its portfolio companies to expand to new markets across the region, acquire key talent, implement operational improvements, adopt corporate governance practices and raise growth funds. BECO Capital also offers follow-on funding to its portfolio companies and helps line-up large regional investors and global Venture Capital firms for the future much larger follow-on fundraising rounds.