A Brand New MENA Startup Accelerator Afkar.Me Takes In Its First Cohort
.ME is a popular name with startups, partly because of the punny-ness of it (in more that one language), but mostly because it gives a special personal note to any name or site. Now a new startup accelerator program is opening its doors in the Middle East and it too has chosen to end its name in .ME.
Afkar.Me, a joint venture between Saudi Telecom Company and All Asia Networks, is dedicated to supporting the growth of the region’s digital sector by sourcing, incubating and developing innovative business ideas from startups and entrepreneurs. It is the first full spectrum digital incubator developed in the MENA region, that gives entrepreneurs everything they require to take their ideas and make them come to life, adding long term value to the digital ecosystem of the Middle East.
The accelerator values diversity and original thinking and has recently successfully ended its search for smart, inspiring and hardworking teams developing a digital product. Altogether 70 startups from 18 countries applied to join the program, 10 of which were shortlisted and got to pitch on Saturday in front of Juan Jose De La Torre, vice president of strategy, technology and operations at Intigral, which is running the accelerator.
The Select Three
Only three of them were chosen to be in the Afkar.Me’s first cohort and will get a 20 thousand dollar seed investment as well as mentorship and guidance. The first of them is the Dubai-based ecommerce platform The Dress Room, a website that sells designer dresses in the Gulf region, a service that Afkar.Me judges believe the region is lacking.
The Dress Room will be joined in the program by Bitesized, an idea for an e-commerce platform that delivers a monthly subscription box filled with healthy snacks, as well as TheCurve-ME, a website aggregating classes and hobbies for adults in the Gulf. Although startup accelerator scene in the region is developing rather quickly, investors are still sparse, according to the Wall Street Journal. And yet, seed investment is not what the startups were primarily after- it was rather the expertise and reach in Saudi Arabia.
The accelerator and Intigral will make an initial investment in the three companies and take no equity to begin with, but instead earn a percentage of each company’s revenues, which is perfectly suited for these startups who aim to become profitable businesses, rather then sell quickly.
Best of luck to the new accelerator and its first of hopefully many succesful startup cohorts!
