By Eddie Taylor / Arabian Business - Image Credit: Arabian Business
SOURCE: Arabian Business - Green start-up accelerator launched at Abu Dhabi Sustainability Week
A startup accelerator founded by Abu Dhabi’s renewable energy company Masdar and BP has been officially launched and is now accepting applications from local and international clean-tech entrepreneurs.
The Catalyst, which is based in Masdar City and is also collaborating with the Masdar Institute, part of the Khalifa University of Science and Technology, claims to be the region’s first accelerator targeted at sustainability-focused startups and is aiming to select 12 businesses for hands-on support in 2018.
Successful applicants will be those developing innovative products and solutions that are potentially patentable, with priority given to UAE-based startups. The Catalyst says it is also prioritising businesses at the commercialisation stage and offers not just funding but training, mentoring and office space.
The Catalyst programme will be split into two: a three-month phase for scouting up to 50 applicants followed by four months involves choosing startups from the shortlist and then allocating the funding and delivering the hands-on training and support.