The newest accelerator in the UAE city launched with a $250,000 competition - and here's the 3 startups that made it to the final round.
Ahead of the final opening of its office in Abu Dhabi's Masdar City, Krypto Labs has just announced the finalists of its startup competition, will will mark the launch of this an all-in-one incubator, accelerator and co-working space. Announced earlier in August, the accelerator launched a $250,000 prize for startups, receiving over 2,000 applications from entrepreneurs and startups across 75 countries, including California, India, China, and from some of the best business universities in the world such as MIT, INSEAD and LBS.
“We have had a fantastic response from entrepreneurs and start-ups from all over the world. It has been inspiring to see the creativity, imagination and technological acumen that is behind these transformational ideas. It is also a great testimonial for Krypto Labs that these start-ups want to come to Abu Dhabi to be part of this special ecosystem. We are proud to be taking a leading role in bringing further technological advancements and supporting the global start-up economy form our base in Abu Dhabi,” saidKrypto Labs's Managing Director. Saleh Al Hashemi.
As they now gear up to its official opening event on Sunday October 22nd, three shortlisted start-ups pitch their business ideas to a panel of judges, as they battle it out for a $250,000 incubation package of funding and mentorship: ModelMe3D – a modelling platform allowing users to click on buildings, surfaces and markers to learn more about their surroundings; The Difference - the maker of heelless athletic shoes; and ToonYou.com - the creator of animation series for kids that families can customise with their own pictures.
“Krypto Labs is bringing the best minds and the most innovative ideas from around the world to a unique space so they can collaborate, thrive and grow. Our mission is to turn ground breaking concepts into scalable companies," Al Hashemi said, indicating that the accelerator is aiming to support startups in any industry across in the world, incubating companies virtually as well. The incubator will accept applications for funding of companies in various stages of development, in return for a negotiated investment in the projects.
Designed and purpose built to facilitate disruptive thinking, its custom-built all-in-one incubator and co-working space spans 2,600 square-metres and comprises world class on-site resources, including advanced computing, 3D printing, and on-site mentorship intertwined within the fabric of its global entrepreneurial ecosystem. Krypto Labs uses over 45 used shipping containers to create a unique co-working space and a first for Abu Dhabi.
Main photo: Courtesy of Krypto Labs.
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