Aldar Properties and startAD launch new programme for PropTech startups
Applications for the programme are open and will close on February 27, 2021
Developer Aldar Properties has launched Aldar Scale Up, which is billed as a corporate innovation programme. The programme has been launched in partnership with startAD, an Abu Dhabi-based global accelerator at NYU Abu Dhabi and powered by its partner Tamkeen.
According to a statement, the platform will provide a gateway to tangible growth opportunities, build strong networks, and validate global PropTech startups to enter and grow in the UAE market, through pilot projects with Aldar and other leading industry players.
The inaugural edition of the programme will run virtually over a four-month period, at the end of which ten startups will have the opportunity to pitch to a selection committee. Up to five startups will be awarded pilot projects with Aldar, the statement explained.
“Fostering a culture of innovation internally at every level of our business helps us create intellectual and practical progress at Aldar towards a better customer experience and lifestyle. This encompasses both product ideation and enhancements and further leads to improvement in processes and UX experiences. The MENA region is gaining significant strides in cultivating a startup culture and harnessing homegrown talent, with a record $1bn invested in startups in 2020.
Total funding is up 13% from 2019, while later stage deals increased by 52% according to Magnitt’s 2021 Venture Investment Report,” said Said Maan Al Awlaqi, executive director, Strategy and Transformation at Aldar Properties.
Aldar says that startups will provide innovative and sustainable solutions in the real estate sector such as effective energy management, the development of smart cities, and the protection of biodiverse ecosystems. Opportunities to secure pilot projects with other UAE companies will be available for entrepreneurial ventures during the pitching process, the statement noted.
Hub71, Abu Dhabi’s global tech ecosystem, will be part of the programme selection committee. Startups selected for Aldar Scale Up will automatically be shortlisted for Hub71’s Incentive Program, which offers more than $400,000 worth of equity-free subsidies, including up to 100% free housing, health insurance and WeWork x Hub71 office space for up to three years, Aldar explained.
By joining Hub71, startups will become part of a growing community of entrepreneurs which include more than 75 startups and over 30 partners, further enabling better access to market capital, talent and the business and regulatory environment, the statement concluded.
