Support in uncertain times
Hub71, Abu Dhabi’s global tech ecosystem and VC, has also recently announced support measures for the 57 startups in its community, including covering all employees’ housing and office-space rental for two months, with further support to be re-evaluated on a monthly basis depending on the latest developments.
In its latest intake, Hub 71 also prioritised global healthtech and edtech startups with the potential to support the private and public sectors as they adapt to the challenges of Covid-19; startups such as Aumet, which connects around 50,000 global medical manufacturers with distributors for essential items such as Personal Protective Equipment (PPE).
Aumet founder Yahya Aqel described Hub 71 as an immensely supportive community. “Coming from California, we see Abu Dhabi as a safe, well-connected and supportive place to do business – a springboard to scale our business operations globally...we couldn’t have picked a better place to step up our game, than at Hub71.”
Under the steerage of Crown Prince Mohammed bin Zayed, Abu Dhabi Executive Council also recently announced 16 new initiatives to support businesses through these tough times. They include AED 5bn of electricity and water subsidies for private, commercial and industrial sectors, an AED 3bn SME credit guarantee programme, and further measures for SMEs to navigate the current market environment, such as tax and insurance exemptions, waivers and fee reductions that aim to support businesses while reducing the cost of living.
It’s clear that startups have an important role to play in the economy of the future, and that support and investment are key to their success. In good times and bad, backing the startup sector goes beyond financial returns. Successful early-stage startup support is also an investment in diminishing the effects of climate change, developing much-needed health solutions, bringing people together, new job creation, and delivering sustainable value to both people and the planet.