An initiative has been launched as a start-up for digital incubator hubs growth in the UAE. Saudi-based Intigral has introduced— Afkar.me — the Middle East and North Africa’s first comprehensive start-up incubator.
This will provide entrepreneurs everything they require to take ideas from conception to market and turn it into a reality. According to the firm, an initial fund of $250,000 will be used for first 3 months to start the project .
Dubai Internet City had launched a similar initiative— In5 —to make UAE the newest hot spot for tech entrepreneurs and start-ups.
Meanwhile, Frost and Sullivan added that startups in the Mena (Middle East and North Africa) region have grown in number by more than eight times since 2005. Investments in IT startups in the region last year stood at $124 million.
They added that the current value of the regional digital market is around $5 billion and it is expected to grow to $18 billion by 2018.
The program will be an annual initiative with four applications a year, targeting two intakes each from UAE and Saudi Arabia respectively.
This application is available online and 10 teams will be selected in the initial phase. Out of this, three will be selected to develop their businesses with AFKAR.me.