Krypto Labs, an all-in-one incubator, accelerator and co-working space for start-ups and enterpenuers, will mark the official opening of its building in Masdar City, Abu Dhabi by announcing the winner of its global start up competition. The official opening event on Sunday October 22, 2017 will see three shortlisted start-ups pitch their business ideas to a distinguished panel of judges.
The winner will receive a $250,000 incubation package of funding and mentoring support. Krypto Labs launched the competition in August 2017 and received over 2,000 applications from entrepreneurs and startups representing 75 countries around the world. Applications were received from Silicon Valley California, India, China, and from some of the best business universities in the world such as MIT, INSEAD and LBS.
The three short-listed companies are: ModelMe3D – a modelling platform allowing users to click on buildings, surfaces and markers to learn more about their surroundings; The Difference – the maker of heelless athletic shoes; and ToonYou.com – the creator of animation series for kids that families can customize with their own pictures.
Dr. Saleh Al Hashemi, Managing Director at Krypto Labs, said: “Krypto Labs is bringing the best minds and the most innovative ideas from around the world to a unique space so they can collaborate, thrive and grow. Our mission is to turn ground breaking concepts into scalable companies. This is another milestone for Abu Dhabi and the UAE on its path to lead the world in driving forward innovation and new thinking.
“We have had a fantastic response from entrepreneurs and start-ups from all over the world. It has been inspiring to see the creativity, imagination and technological acumen that is behind these transformational ideas. It is also a great testimonial for Krypto Labs that these start-ups want to come to Abu Dhabi to be part of this special ecosystem. We are proud to be taking a leading role in bringing further technological advancements and supporting the global start-up economy form our base in Abu Dhabi,” he said.
Designed and purpose built to facilitate disruptive thinking, Krypto Labs’ custom-built all-in-one incubator and co-working space spans 2,600 square-metres and comprises world class on-site resources, including advanced computing, 3D printing, and on-site mentorship intertwined within the fabric of its global entrepreneurial ecosystem. Krypto Labs uses over 45 used shipping containers to create a unique co-working space and a first for Abu Dhabi.
Krypto Labs will look to support start-ups linked to any industry anywhere in the world, and will also incubate companies virtually. The incubator will accept applications for funding of companies in various stages of development, in return for a negotiated investment in the projects.