Session Name: The Power of Global Communities

In a panel at STEP Conference 2020, speakers Abe Seksek, Managing Director at  Startupbootcamp, a network of industry-focused startup accelerators, Ryaan Sharif, Managing Director at Flat6Labs – Bahrain, a regional startup accelerator program, Hans Henrik Christensen, Vice President of Dtec, the largest tech startup co-working campus in the Middle East, and moderator Vijay Tirathrai, Managing Director of Techstars Dubai Accelerator, a worldwide network that helps entrepreneurs, discussed how global communities are contributing to the development of startups in emerging markets. 

Firstly, each speaker talked about what they do in their respective institutions for startups – from incubation and acceleration, to building new partnerships and ecosystems – and what each startup will achieve upon graduation. Sharif responded, “We really focus on early stage seed funding. We provide $32,000 for 5-10% equity in the business. Our program is truly international and truly sector agnostic…we try to teach the core principles of lean startup, from A-Z within a four month program, through coaching, mentoring and training. On month four of the program, which is demo day, we hope on the premise that we’ll get a bigger valuation than we invested in the company. Flat6Labs Bahrain specifically specializes in business development, and finding the key people within organizations to be the ones to really push startups into companies, and lastly, trying to get them a better valuation once they’ve graduated.” 

“We’re trying to kickstart an organically growing ecosystem, where startups are doing business with other startups, and it grows on itself…and that is what’s really attracting corporates and government institutions – and this is what we need.”

Hans Henrik Christensen, Vice President, Dtec

Additionally, Christensen noted that, “We’re trying to kickstart an organically growing ecosystem, where startups are doing business with other startups, and it grows on itself…and that is what’s really attracting corporates and government institutions – and this is what we need.” Moreover, the panelists agreed that technology-driven startups aren’t just contributing to economic growth, in many ways, they are economic growth, and they are revitalizing traditional industry sectors through the application of technology.