Techstars, a global entrepreneurial network, has teamed up with Dubai-based GINCO Investments to launch a new accelerator program for startups.
According to a statement, the Techstars Dubai Accelerator will be located in the recently launched Area 2071 hub and will host 10 startups a year.
Techstars said that the accelerator program will foster selected startups’ growth by using its network partners including Uber, Digital Ocean, and Sphero.
Area 2071 is a new startup accelerator and meeting space designed to support innovative ideas launched by the Vice President, Prime Minister of the UAE and Ruler of Dubai H.H. Sheikh Mohammed bin Rashid Al Maktoum.
According to Techstars, the 10 startups will be hosted in Dubai from January 21, 2018, and will be given a $20,000 stipend. In addition, GINCO will also provide $100,000 in seed funding and “400 perks worth $1m from ecosystem partners”.
GINCO Investments is part of the GINCO group of companies, a family business founded by Gheyath Mohammed Gheyath in 1974.
The ten startups will then be hosted for a demo day on April 18.