As India stands third after the US and UK in terms of tech startups growth, the world is now eyeing to identify potential Indian candidates which can foster their nation’s need. UAE is one such nation. Recently, startup incubator Krypto Labs officially made its services live in Masdar City, Abu Dhabi, with the announcement of a global startup contest.
As said in a company statement, the incubator has gone live with an aim to undertake a global search to unearth the most promising innovators aspiring to disrupt status quos across all industries.
Commenting on the launch, Dr. Saleh Al Hashemi, Managing Director at Krypto Labs, said, “Krypto Labs is a homegrown entrepreneurial ecosystem that will foster innovation and unearth some of the best and brightest ideas in the region and globally. Our mission is to establish a true knowledge-based economy that disrupts the startup landscape across the Middle East and beyond, whilst turning ground-breaking concepts into successful, scalable companies.”
What’s In Store For The Startups At Krypto Labs
Designed to facilitate disruptive thinking, Krypto Labs’ custom-built all-in- one incubator and coworking space span 2,600 square-meters area. It comprises globally standardised on-site resources, including advanced computing, 3D printing, and more.
Krypto Labs will look to support startups linked to any industry anywhere in the world, and will also incubate companies virtually. The incubator will accept applications for funding of companies in various stages of development, in return for a negotiated investment in the projects.
To mark its global unveiling, Krypto Labs has launched the Krypto Startup Contest 2017 which is open to global startup companies with no more than 10 employees as well as individuals from anywhere in the world, and across all industries. The startup contest winner will receive a total amount of $250K in funding as well as the mentorship and incubation support.
Al Hashemi further added, “The Krypto Startup Contest 2017 is an exciting opportunity for all innovators who want to realise new possibilities. While Abu Dhabi is our home, we are looking to work with the best minds regardless of their location.”
More On Krypto Startup Contest 2017
The Krypto Startup Contest 2017 will see innovators from around the world compete for a substantial investment that includes financial support, mentorship, and the opportunity to enroll in the incubator program.
The investment will be made in return for a stake in the winner’s business, and subject to terms proposed by Krypto Labs prior to the final stage of the contest following a professional evaluation and risk analysis of the business.
Entries will first be reviewed by experts who will select a maximum of 30 winning entries. The applications will be reviewed and scored on basis of below-mentioned criterions.
Those shortlisted will then receive mentorship from elite international specialists before the selection of three finalists. The three finalists will then be invited to pitch to a renowned jury of industry leaders and experts at the Krypto Labs’ opening ceremony in Abu Dhabi on October 21, 2017.
Opportunity For Indian Startups In Current UAE Landscape
As stated by Sandeep Jhingran, co-founder of cross-border payment startup Remitr, in a recent post on Forbes, “UAE has a high appetite for innovation. Investors here are ready to pay for creativity, and disruptive companies stand a fair chance to thrive.”
Several Indian startups have been selected by Abu Dhabi-based incubators. Recently, two Indian startups Rubique and CapitaWorld were selected by RegLab, the regulatory laboratory of Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).
The Forbes report also pointed out that with more than 2.6 Mn members and a 30% population share, Indians constitute the largest expatriate community in the UAE.
Not only the investors and the existing community of wealthy Indians in UAE are helping the Indian innovators, Indian government too is forging good relations between the two startup ecosystems. Substantiating this is the recent announcement of hosting a special startup zone during the upcoming UAE India Economic Forum, scheduled to be held in November 2017 in Dubai.
The timing has certainly been right for the Krypto Labs. While to date the UAE incubators have been seen inclined majorly towards the Indian fintech startups, it will be worth watching which category of Indian startups will make it to the startup incubator programme of Krypto Labs. The last date to apply for the Krypto startup contest is September 21, 2017. The interested candidates can apply here.