Flat6Labs Abu Dhabi, the first startup accelerator in the capital of the United Arab Emirates, celebrates its first year anniversary since launching the initiative at the Abu Dhabi Media Summit in November 2014. Supported by twofour54, Flat6Labs has helped position Abu Dhabi as a premier hub for launching and growing digital media startups from around the globe.
On November 23rd, Flat6Labs Abu Dhabi was awarded the ‘Best Startup Accelerator of the Year’ prize by ArabianBusiness.com’s 2015 Startup Awards held at the Ritz-Carlton in Dubai. The prestigious awards aim to highlight and recognize organizations that have had a positive impact across the region’s business landscape.
The Flat6Labs Abu Dhabi accelerator model has proven successful with over 530 companies from more than 50 countries applying to join the program in its first year with hopes of launching their companies at twofour54, only fourteen companies were accepted into the first two cycles of the highly competitive accelerator program in 2015.
The program has also proven to be a successful tool for seed-stage deal flow creation, as the first cycle of startups that began in March 2015 have gone on to secure more than $2.2M in follow-on funding from local and international investors since their Demo Day graduation in June 2015. Several of Flat6Labs Abu Dhabi’s portfolio companies have been also recognized for accolades and awards such as GitHelp and Sakkini for Forbes Middle East’s ‘Most Promising UAE-Based Startups’, FlipTech for Qualcomm Venture’s Qprize and more from including reputable organizations such as MIT Enterprise Forum Competition and Emirates Foundation 2015 Emirates Award for Arabian Gulf Youth.
CEO of twofour54 Noura Al Kaabi said, “Our investment is Flat6Labs Abu Dhabi is paying dividends for the media, entertainment and digital industries after just one year, with seven new start-ups successfully launched and another seven participating in the current cycle of the programme.
She added: “twofour54 is committed to fostering an entrepreneurial spirit and providing Arab youth with the right environment and support to turn their creative ideas into commercial successes. We are very proud of the work that Flat6Labs is doing to help us grow the next generation of entrepreneurs and employers of the future.”
The accelerator program developed by Flat6Labs encompasses a heavy dose of mentorship, hands-on support, and feedback for early stage startups. More than 200 mentors, coaches, trainers and corporate partners were handpicked and recruited to work with the Flat6Labs Abu Dhabi’s entrepreneurs during the 14-week program, from one-on-one coaching to making personal connections to investors.
“Our successful presence in the UAE supported by twofour54 this last year has demonstrated the Abu Dhabi’s readiness and high potential to actively engage and support global entrepreneurs as well as local talent.” stated Ramez Mohamed, CEO of Flat6Labs.
Flat6Labs Abu Dhabi has been also successful in building a local startup community and grasping the entrepreneurial spirit in Abu Dhabi. The Startup Series launched by Flat6Labs Abu Dhabi in partnership with NYU Abu Dhabi, a bi-monthly gathering of successful technologist, entrepreneurs, and investors, has energized the Abu Dhabi community with tangible advice for the potential entrepreneurs. Flat6Labs Abu Dhabi is also developing recurring programs, tailored to local needs, in partnership with UAE universities, government institutions, and community organizations, to provide value and support for potential local entrepreneurs and investors.
Most recently, Flat6Labs Abu Dhabi has launched the third round of applications for the Spring 2016 cycle and plans to help launch more than 80 companies over the upcoming four years.