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Global Cryptocurrency Entrepreneurship Competition 2017 will provide opportunities to receive $250,000 in mentoring and incubation funding in Abu Dhabi
With India ranking third in terms of tech start-up growth, after the US and UK, the world is now focused on identifying potential Indian candidates who can meet the country’s needs. The United Arab Emirates is one such country.Recently, the startup incubator Krypto Labs officially launched services Masdar City in Abu Dhabi has announced a global entrepreneurship competition.
As stated in a company statement, the incubator was launched to identify the most promising innovators from around the world who are eager to disrupt the status quo across all industries.
Commenting on this release, Dr. AS Dr. Saleh Al Hashemi, Managing Director of Crypto Labs” said, “Krypto Labs is a homegrown entrepreneurial ecosystem that will foster innovation and uncover some of the best and brightest ideas in the region and around the world. Our mission is to build a true knowledge-based economy that disrupts business across the Middle East and beyond. The entrepreneurial landscape while turning breakthrough concepts into successful, scalable companies.”
What Krypto Labs has in store for startups
Krypto Labs custom all-in-one incubator and co-working space designed to foster disruptive thinking 2,600 square meters area. It consists of globally standardized on-site resources, including advanced computing, 3D printing, and more.
Krypto Labs will look to support new startups related to any industry around the world and will also incubate companies virtually. The incubator will accept funding applications from companies at various stages of development in exchange for a negotiated investment in the project.
To mark its global debut, Krypto Labs has launched Cryptocurrency Startup Competition 2017 The program is open to global startups with 10 or fewer employees, as well as individuals from around the world and across industries.Entrepreneurship competition winners will receive a total $250,000 in funding and mentoring and incubation support.
Al Hashemi further added: “The Krypto Startup Competition 2017 is an exciting opportunity for all innovators who want to realize new possibilities. While Abu Dhabi is our home, we want to work with the best talent Collaborate, no matter where they are.”
More information about the 2017 Krypto Startup Competition
The 2017 Krypto Startup Competition will see innovators from around the world vying for significant investment, including financial support, mentorship and the opportunity to join incubator programs.
The investment will be in return for shares in the winner’s business and is subject to terms proposed by Krypto Labs following a professional evaluation and risk analysis of the business prior to the final stage of the competition.
Entries will first be judged by experts, who will select up to 30 winning entries. Applications will be reviewed and scored based on the following criteria.
Finalists will receive mentorship from elite international experts before three finalists are selected. The three finalists will then be invited to attend the Krypto Labs opening ceremony in Abu Dhabi on October 21, 2017, to pitch to a prestigious jury of industry leaders and experts.
Opportunities for Indian startups in current UAE scenario
As Sandeep Jhingran, co-founder of cross-border payments startup Remitr, said in a recent Forbes article, “The UAE has a high appetite for innovation. Investors here are ready to pay for creativity. At a price, disruptive companies have a fair chance to thrive.”
Several Indian startups have been selected for the Abu Dhabi incubator. Recently, two Indian startups, Rubique and CapitaWorld, were selected by RegLab, the regulatory laboratory of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The “Forbes” report also pointed out that Indians have more than 2.6 million members, accounting for 30% of the population, and constitute the largest expatriate community in the UAE.
Not only are UAE investors and the existing wealthy Indian community helping Indian innovators, but the Indian government is also building a good relationship between the two start-up ecosystems. This is confirmed by the recent announcement to host a special startup zone during the upcoming UAE-India Economic Forum in Dubai in November 2017.
For Krypto Labs, the timing is undoubtedly right. While UAE incubators have so far been geared towards Indian fintech startups, it will be interesting to see which category of Indian startups will enter Krypto Labs’ startup incubator programme. The last date to apply for the Krypto Startup Competition is September 21, 2017.Interested candidates can apply here.
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