Flat6Labs, a venture capital firm, commenced its 4-day Bootcamp for 20 of the most innovative entrants. Over the course of the week, these start-ups will receive training, based on the ‘Lean Start-up’ approach. Following which, they will vie for just 10 spots in the third cycle of the Flat6Labs flagship seed programme in Abu Dhabi.
Flat6Labs claims to have successfully nurtured 18 start-ups, that have cumulatively received over AED18 million in funding, in the previous two cycles of Flat6Labs Ignite — a specialized AED120 million seed program run in partnership with DisruptAD, ADQ’s venture capital platform, to support up to 60 start-ups in Abu Dhabi over three years.
“Flat6Labs in partnership with ADQ is here to support this thriving start-up ecosystem and the resounding success we have had over the first two cycles — which have seen companies like RemotePass and Dharma rapidly grow to become dominant players in their respective industries — is testament to the effectiveness of our program,” said Ryaan Sharif, General Manager at Flat6Labs UAE.
The mentorship offered to the start-ups over the course of the Bootcamp includes insight on creation of the minimum viable product/service, customer discovery, marketing, go-to-market strategy development, and financial modelling. In conclusion of this training, each start-up will have the opportunity to present its pitch to a Selection Committee comprised of Flat6Labs Management, ADQ’s representatives, veteran venture capitalists and top executives from the region’s leading enterprises.
The companies that are chosen by the Selection Committee will be eligible for seed funding of up to AED1.15 million, and follow-on funding of up to AED2 million. Furthermore, inclusion in the Flat6Labs Ignite program gives selected start-ups tailored support, mentorship, and access to ADQ’s considerable network and resources.