The burgeoning startup scene in Abu Dhabi just got its latest business incubator: Krypto labs.
Krypto Labs is an all-in-one business incubator and co-working space for startups and individuals from anywhere in the world who wish to come up with innovative products and services across any industry, according to a statement released by the company.
What does it do?
Krypto Labs extends across 2,600 square metres and boasts a world-class IT infrastructure and on-site resources, including advanced computing, 3D printing and on-site mentorship.
“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 start-up landscape across the Middle East and beyond, whilst turning ground-breaking concepts into successful, scalable companies,” the statement quoted Saleh Al Hashemi, Managing Director at Krypto Labs, as saying.
Krypto Start-up Contest 2017
The incubator has already started its global search for the most promising innovators across all industries, with the launch of the Krypto Start-up Contest 2017. The winner will be awarded seed funding, mentoring and incubation facilities.
The contest is open to start-up companies with no more than ten employees, as well as individuals from anywhere in the world, across all industries.
Krypto Labs will allocate a total amount of $250,000 to be granted to the winning team following the end of the contest on October 21, 2017 in Abu Dhabi. Applications must be submitted online before September 21, 2017.
“The Krypto Start-up 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,” said Al Hashemi.
The statement added that innovators from around the world will compete for a substantial investment that includes financial support, mentorship and the opportunity to enroll within the incubator program.
Investment will be made in return for a stake in the winner’s business and will be 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.