SeedStartup: Dubai Based Startup Accelerator and Seed Venture Fund for Startups From Around the World
Things are changing for Arab seed startups, as we are witnessing many programs that funds seed startups being launched across the region: Oasis 500 and Meydan in Jordan, Tahrir Sq. in Alexandria Egypt, PlugandPlayEgypt center in Cairo, and Seeqnce in Lebanon.
The new addition to these programs is SeedStartup a startup accelirator based in Dubai. that focus on web. mobile and software startups.
Seedstartup has similar structure to Ycombinator in USA and Oasis 500 in Jordan, it . Entrepreneurs from anywhere from the world apply for the program through SeedStartup website through out its rounds. 10 startups are then selected to participate in each program round that last 3 month in Dubai. ( entrepreneurs have to move to Dubai for the duration of the program)
The program for selected startup include: mentorship, Seed investment: $25,000 ($20k if your team has 2 co-founders, $25k if you’re 3 or 4 co-founders) in return for a flat 10% equity stake, and Networking & introductions to sources of follow on funding.
During the program time entrepreneurs will build their products under the guidance of their mentors. At the end of the 3 month, entrepreneurs will launch their products and are ready for the next round of funding which SeedStartup will facilitate via an investor day where angel , venture capital investors and the media will be invited for a demo day.
SeedStartup says in its website that it can also provide follow on investment through its fund of up to $250,000 (917,000 UAE Dirhams).
The money for the 3 month period would barley cover the living expenses in Dubai, however moving to Dubai to work full time in your startup and the people and the mentors you get to meet makes the program worth it for seed startups, but I think you gota have a developer cofounder with you if you want to apply in order to develop it for you.
SeedStartup says in its website that the program will start on September 1, 2011 though entrepreneurs are encouraged to start submitting their ideas now.