Launched earlier this week, Krypto Labs is an Abu-Dhabi based incubator and co-working space that’s spread across 2,600 square meters in Masdar City.
“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,” said Saleh Al Hashemi, the Managing Director of Krypto Labs.
The incubator is associated with Abu Dhabi Financial Group (ADFG) an investment group that has a global portfolio of more than $6 billion.
“ADFG aims through its association with Krypto labs, to offer all major resources to support the national entrepreneurship growth and to invest knowledge, capital and time onto extraordinary entrepreneurs worldwide.” he added.
To mark the opening, the world-class virtual incubator is offering a great opportunity for both individual innovators and startups to take part in its Start-up Contest. Open to early-stage startups across any industry from any part of the world, the winner of the contest will walk away with an immediate investment of $50,000 and a commitment of a further $200,000 contingent on the continued successful performance of the business.
As mentioned on their website, the idea or early stage start-up represented by the applicant must meet the following conditions:
- If it’s a startup, it should not have more than ten employees.
- It must be for-profit.
- It must be inventive, innovative or disruptive.
- It must be ready for incubation.
- The business proposal must be original work and applicants must hold all applicable rights in it.
- It must be submitted in English.
- A team of up to three people, or the individual representing the idea or start-up, must be available to pitch the project in person on Saturday, October 21, 2017 at Krypto Labs in Abu Dhabi.
Last day to submit applications is Sep 21, 2017. The thirty shortlisted winners will be announced on Sep 25, 2017. They will receive mentoring from Krypto Labs’ pool of external consultants and world-class mentors for three weeks until Oct 15, 2017.
On Oct 15, 2017, Krypto Labs will announce three finalists who will get 10 minutes to pitch their ideas live on-stage at Krypto Labs opening ceremony in Abu Dhabi. All the three finalists will receive the following.
- An opportunity to receive Krypto Labs incubator services.
- Increased visibility for their start-up.
- A round-trip for up to three team members from home country to Abu Dhabi, including air-tickets and hotel accommodation.
A panel of industry experts will judge the three finalists during the opening ceremony to decide who will be offered the investment and enrollment in the Krypto Labs.
The applications can be submitted here until 11:59 PM GMT on September 21, 2017.