Startup Accelerator Flat6Labs Jeddah Launches in Saudi Arabia
The Cairo-based accelerator, was formed in a partnership between the American University of Cairo and the venture capital firm Sarwari Ventures, was founded at the start of 2011.
Flat6Labs gives start-ups accepted into its scheme 60,000 Egyptian pounds to75,000 pounds, a space to work and access to expertise and mentors. In return, it takes a 10 to 15 per cent equity stake.
In Jeddah Qotuf Al Riyadh is partnering with Egyptian Falt6Labs to launch the first private tech startup accelerator program in Saudi Arabia focused on enterprises in the IT and communications sector.
I suspect that the accelerator model will follow that of Egypt which is offering cash and space for 10 -15 % equity in the startup.
Flat6Labs Jeddah plans to begin operations this summer and is scheduled to bring on the first accelerator cycle in Fall 2013 in a new facility.