Injazat and Hub71 join forces to connect UAE start-ups with large businesses
16 Jun 2020
Injazat, a subsidiary of Abu Dhabi’s Mubadala Investment Company, is partnering with tech accelerator Hub71 to support local start-ups by connecting them to large enterprises in the UAE.
Data systems provider Injazat will connect its portfolio of corporate and government clients to selected start-ups operating under Hub71, the companies said in a joint statement on Tuesday.
The agreement will focus on developing “value chain capabilities” and bringing out the best “talent and emerging technologies”.
“This unique engagement will allow us to identify the most promising local start-ups … bringing solutions that are most relevant to our customers, working with them to provide insights, guidance, expertise and to create viable solutions that are ready for business,” Khaled Al Melhi, chief executive of Injazat, said.
“In turn, our enterprise customers are able to leverage cutting-edge technologies, made possible by the agility of a start-up.”
Injazat will invite selected Hub71 start-ups to participate in innovation hackathons, roundtables and other events to recognise capabilities that could meet its clients’ specific needs.
InGenuis, Injazat’s innovation lab, will form the bedrock of this collaboration, acting as the springboard from which start-ups will be given support and guidance.
Hub71 will provide workspaces for innovative projects and incentives for participating start-ups, the statement said.
Organisations that are yet to fully embrace digitisation are “seeing the impact of the Covid-19 pandemic more readily”, according to Ibrahim Ajami, interim chief executive of Hub71 and head of ventures at Mubadala Investment.
The internet and digitisation of enterprises are core to every business model and strategy, Mr Ajami said.
“Through our partnership with Injazat, Hub71 start-up founders will now have access to valuable market insights as well as significant business opportunities to grow their products and offerings.”
Hub71, which was set up in March 2019 by the Abu Dhabi government, Mubadala Investment Company, Abu Dhabi Global Market, Microsoft and SoftBank, is a flagship initiative of the Dh50 billion economic stimulus programme, Ghadan 21.
In May, the government rolled out a Dh535 million Ghadan Ventures Fund, managed by the Abu Dhabi Investment Office, specifically to invest in start-ups.
The selected start-ups will work closely with Injazat and its partners, across various sectors, advancing methods to help them optimise operations, accelerate innovation and create new lines of business, Injazat said.
The agreement will also help enterprises to identify the latest technologies that will address their digital transformation plans.
Source: The National