startAD, the Abu Dhabi-based global accelerator anchored at NYU Abu Dhabi (NYUAD) and powered by its partner Tamkeen, has opened applications for its Corporate Sprint Accelerator programme. Applications close on March 10, 2020.
Taking place from April 1to 14, 2020 at NYUAD, the programme will be focused on innovative solutions in the fields of construction and sustainable development. The accelerator will steer global startups specialising in Artificial Intelligence (AI), Internet of Things (IoT), and hardware technologies, to grow and scale in the UAE through potential pilot projects with startAD’s partners ALEC Engineering and Contracting, and the Consolidated Contractors Company (CCC).
The winning startup will receive the ALEC Innovation Award worth $10,000. The programme will also train startups in investment readiness, and all selected startups will be considered for co-investment of up to $250,000 through startAD’s Seed Fund.
Research Professor of Engineering, Vice Provost for Entrepreneurship at NYUAD, and Managing Director of startAD Ramesh Jagannathan commented: “The construction industry continues to play a central role in the UAE economy. Projects such as EXPO 2020 and the Neom Construction Project have led to contracts of $138.5 billion being awarded in 2019 with a growth forecast of six to ten per cent in 2020. Nevertheless, global labour-productivity growth in construction has averaged at about one per cent over the past twenty years, in comparison to a three to four per cent in other sectors according to McKinsey and Company.
“Analysts expect that digital solutions can reduce construction project costs by 45 per cent, which is a significant saving for the future development of the engineering and construction sector. Our Corporate Sprint Accelerator partners industry leaders with early-stage startups, enabling knowledge sharing that can create entrepreneurial innovations tailored to real business needs and enhancing the regional construction sector with new technological implementation.”
Since the first cycle in September 2017, the startAD Corporate Sprint Accelerator has worked with 112 startups from 24 countries. These alumni are creating significant impact globally having raised $45 million in investment, generating $15 million in revenue, securing over 50 pilot projects with corporations, and creating over 230 jobs. -- Tradearabia News Service