Hub71 in Abu Dhabi introduces a novel ecosystem to aid Web3 start-ups.
Abu Dhabi’s Hub71, a global technology hub backed by the Abu Dhabi government and Mubadala Investment Company, has unveiled a new ecosystem called Hub71+ Digital Assets. The ecosystem is designed to accelerate the growth of Web3 startups, and will offer access to venture capital companies, customers, technology providers, blockchain platforms, and the regulator, the Abu Dhabi Global Market. The venture capital companies will offer a $2 billion investment to qualifying companies, with plans to further expand the investor network for digital assets.
Web3 is the emerging third generation of the World Wide Web, and it is expected to have a market size of about $6.2 billion in 2023, growing at a compound annual rate of 44.6% from 2023 to 2030, according to Market Research Future. The core components of Web3 include blockchain, decentralization, openness, and greater user utility. Hub71’s new ecosystem aims to support startups in this emerging space by providing them with the necessary resources to grow and succeed.
“We look at how experienced and qualified the founders are, [their] product market fit and fund-raising by the start-up. We leverage insights from our partners to know which start-ups can be regulated,” Peter Abou Hachem, head of strategy and product at Hub71 said.
The ecosystem’s anchor partners are Hub71, ADGM, and First Abu Dhabi Bank. The startups in the ecosystem will have market access in the form of customers or corporations, venture capital firms that invest in Web3, blockchain platforms, technology providers like Amazon Web Services and Mastercard, and digital asset exchanges like MidChains and Binance that will facilitate the trading and custody of digital assets. The startups will be able to leverage the expertise and resources of these partners to grow their businesses.
The venture capital funds that will initially offer $2 billion worth of investment will play a critical role in supporting the growth of Web3 startups. Startups often struggle to secure funding, especially in emerging industries like Web3. The investment from venture capital firms will provide startups with the necessary capital to grow their businesses, hire talent, and develop their products and services.
The ecosystem will also provide startups with access to customers and corporations. This is crucial for startups, as they need to secure customers to generate revenue and grow their businesses. The access to customers and corporations will give startups the opportunity to showcase their products and services and build relationships with potential customers.
The ecosystem will also provide startups with access to blockchain platforms and technology providers. This is important because Web3 is built on blockchain technology, and startups need to have access to the best technology to develop their products and services. The access to technology providers like Amazon Web Services and Mastercard will give startups the tools they need to build their businesses.
Finally, the ecosystem will provide startups with access to digital asset exchanges like MidChains and Binance. This is important because digital assets are a critical component of Web3. Startups need to have access to digital asset exchanges to trade and custody digital assets, which are the backbone of Web3.
Hub71’s new ecosystem is a significant development for Web3 startups. The ecosystem will provide startups with access to venture capital firms, customers and corporations, blockchain platforms, technology providers, and digital asset exchanges. This will give startups the resources they need to grow and succeed in the emerging Web3 industry. The $2 billion investment from venture capital firms is especially important, as it will provide startups with the necessary capital to grow their businesses. Hub71’s new ecosystem is a testament to Abu Dhabi’s commitment to supporting innovation and entrepreneurship, and it is a model for other regions looking to foster the growth of emerging industries like Web3.
