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From Microsoft via CNN 
From Microsoft via CNN
Abu Dhabi wants to be home to the next disruptive technology. To achieve this, he partners with Microsoft and Softbank.
Mubadala Ventures, the technology arm of one of Abu Dhabi's sovereign wealth funds, on Sunday launched a $ 142 million technology incubator, called Hub71, as well as a $ 145 million dedicated fund to investment in these young companies.
"This is a place that, for the first time, brings together all the essential ingredients for these young companies to come together to help them succeed," said Elham Alqasim, Acting CEO of the Abu Dhabi Investment Office. Alqasim said the companies would also benefit from financial incentives and key government and regulatory support.
Softbank and Microsoft have not made any financial commitment to Hub71 but will have local staff to support the hub and its startups.
"Microsoft is proud to announce its collaboration … to enable startups and entrepreneurs to develop, evolve and create transformational businesses," said Microsoft Gulf. says in a tweet on Sunday. The tech giant will offer its services at preferential rates to Hub71 startups, Alqasim announced.
Softbank CEO Masayoshi Son recorded a video message for the announcement.
"This is an innovative project that will see the collaboration of technology companies, startups, academics and investors to create something really exciting for the technology sector of the world. region and beyond, "said Son in a statement.
Its has close ties with Abu Dhabi, which contributed $ 15 billion to Softbank's $ 100 billion Vision Fund.
Hub71 will begin accepting applications in April and expects to have at least 100 startups in the next few years. It should compete with its neighbor Dubai, which already has several hubs and is positioning itself as a pioneer of the region.
Abu Dhabi has not yet a notable start-up emerging from the city. High start-up costs such as licensing, employee visas and mandatory rental of office space have often deterred contractors. In addition, the region lacks early funding that attracts large investors.
To address some of the challenges, Abu Dhabi is now offering a two-year start-up license for $ 700. This includes visas for up to 4 employees and no requirement for office space. Hub71 will provide free housing, office and healthcare to technology start-up companies, as well as 50% grants for established companies.
"We want to make sure that it is not a problem from the first days of any disruptive technology … we want to make sure that there is not barrier in the early years, "Alqasim told CNN Business.
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