Top 10 Accelerators in the Middle East and North Africa
So you’ve written a quick pitch of your idea, sketched out your
market, come up with some monetization options, taken stock of your
competitors, and determined what (you hope) is your competitive
advantage. Now you’re looking for a quick few months of investment
and mentorship that will bring your startup from idea stage to
funding.
Fortunately, in the Middle East and North Africa, a new slew of
accelerators have emerged in the past year to bring Silicon Valley
models to the region. Most of them borrow heavily from the Y Combinator model, in which
startups are given a relatively small amount of seed investment in
exchange for a slice of equity, and then sent through a period-
typically three months- of intensive mentorship. The model has
proved successful in Silicon Valley, as Y Combinator alone has
churned out 316 startups, including Dropbox, Posterous, Scribd,
reddit, and Disqus.
Here are some accelerators that you can apply to in the MENA
region:
Oasis 500
Based: in Amman, Jordan.
Launched: September, 2010 by a board of directors led
by Usama Fayyad, previously Yahoo’s Chief Data Officer.
Model: Tech-oriented startups must first apply and
complete a six-day intensive Boot Camp. Qualified startups proceed
to receive 10,000 JD (~ $14,000) and three of mentorship at
Oasis500, for 10% equity. Startups that demonstrate growth qualify
for a second round of investment up to 50,000 JD (~ $70,000),
another three months of incubation, and a chance to pitch to a
global network of investors at Oasis500’s Angel Network
event.
Famous Alumni: MarkaVIP, Wheels Express
Meydan
Based: in Amman, Jordan.
Launched: May, 2010, by Maher Kaddoura, of Hikmat Road
Safety.
Model: Meydan offers 100 days of training for free
and then invests in bringing startups from the idea stage to the
funding stage.
Plug and Play Egypt
Based: In Cairo, Egypt.
Launched: February 2011, by Dr. Ossama Hassanein of Rising
Tide Fund; Saeed Amidi of Plug and Play
International; and Hazem El Wassimy of Plug and Play
Egypt.
Model: Rising Tide Fund provides funds for startups on a
case-by-case basis, ranging from $10,000 to $1 million. Plug and
Play provides office space and fulltime mentorship in Cairo,
bringing startups to their facilities in Silicon Valley four times
a year for bootcamps to prepare for potential venture capital
investment.
Famous Alumni: Offerna.com, WirelessStars
Tahrir2 (Tahrir
Squared)
Based: in Alexandria, Egypt.
Launched: April 1st, 2011, by Samer al
Sahn, the former CEO of software development company eSpace and
Mohammed Gawdat, the Managing Director of Eastern and Emerging
Europe, Africa, and the Middle East at Google.
Model: Funding is on a case-by-case basis,
beginning at $15,000.
Seeqnce
Based: in Beirut, Lebanon.
Launched: July, 2011, by Samer Karam, co-founder at Think
Green.
Model: Web and mobile startups can apply to
receive mentorship from Seeqnce, which provides incubation from the
idea stage to the growth stage. Seeqnce also offers co-working
spaces for tech entrepreneurs generally.
Alumni You May Know: Monaqasat, Cuevox
Berytech
Based: In Beirut, Lebanon.
Launched: June 2010.
Model: Through its non-profit incubator, Berytech offers
direct grants starting at $10,000 and up to $50K or $100K, which
may include hosting. Through its seed capital fund, Berytech
invests in tech companies, anywhere between $50,000 and $1.2M for
the first round, for a share of equity.
Tenmou
Based: in Manama, Bahrain.
Launched: July 2011, by a board of
directors led by Sami M. Jalal of Mohammed Jalal &
Sons.
Model: Tenmou typically invests around 20,000 BHD
(~$50,000) for a 20-40% equity stake. Startups must have a team of
2-4 Bahraini founders, but need not have a business plan.
Tenmou don’t offer workspace, but does provide three months of
intensive mentorship, culminating in an Investor Day in which
startups pitch to investors.
SeedStartup
Based: in Dubai, UAE.
Launched: September, 2011, by Rony El-Nashar.
Model: SeedStartup invests $20,000 in teams with 2
founders and $25,000 in teams with 3 or more, in exchange for 10%
equity. Startup founders must quit their jobs and relocate to Dubai
for three months of intensive mentorship, culminating in a pitch to
a global network of investors and attendance at the Techstars
Founder’s conference. Seed Startup itself may also invest up to
$250,000.
N2V Labs
Based: In Amman, with access to their centers in Riyadh ,
Dubai, Cairo, and Silicon Valley.
Launched: Feb 2011, by parent company National Net
Ventures.
Model: In addition to N2V's funding vehicles for seed ,
early stage and Joint Venture startups, N2V recruits web and mobile
talent as entrepreneurs-in-residence, providing salaries, seed
funding and 3-6 months of mentorship and training to accelerate
their ideas into startups.
Twofour54’s Ibtikar Creative
Lab
Based: in Abu Dhabi, UAE.
Launched: October 2009, by parent company
twofour54.
Model: Ibtikar invests from $50,000 to $5 million
in early stage or growth capital for ventures in the media and
entertainment sector, providing ongoing mentorship for startups
that relocate to Abu Dhabi. It uniquely also funds individuals for
specific projects.
A newly launched #11:
Flat6Labs
Based: in Cairo, Egypt.
Launched: June 2011
Model: Flat6Labs chooses teams from all over Egypt, and
brings to Cairo to receive three months of intensive mentorship and
training, culminating in a Demo Day. Flat6Labs invests
50,000-75,000 EGP (~$8,000 - $12,500) in its startups in exchange
for a 10-15% equity stake, and offer further investment of 250,000
EGP (~$40,000) in startups that demonstrate promise.