Prime Highlights:
- Hub71 has signed its first international partnership with the New Jersey Economic Development Authority (NJEDA) to support cross-border startup growth and innovation.
- The agreement aims to connect startup ecosystems in Abu Dhabi and New Jersey, offering founders access to investors, regulators, and tailored market entry programs.
Key Facts:
- The MoU was signed during the Abu Dhabi Investment Forum in New York, following Governor Phil Murphy’s economic mission to the UAE in April.
- This partnership adds to Hub71’s global expansion efforts, which include collaborations with Asia and Europe, such as its recent deal with Japan’s JETRO.
Background
Abu Dhabi’s Hub71 has partnered with the New Jersey Economic Development Authority (NJEDA) to help startups expand internationally. The Memorandum of Understanding (MoU) was signed at the Abu Dhabi Investment Forum in New York, the first international collaboration of Hub71.
The agreement provides a mutual opportunity between Abu Dhabi and the New Jersey startup ecosystems. Founders will get access to combined classes, market tours, and tailored introductions to investors, regulators, and corporates, which will provide an easy entrance into the market to grow their businesses in both markets. The partnership also builds on US-UAE cooperation in artificial intelligence (AI), clean energy, and innovation sectors.
Ahmad Ali Alwan, CEO of Hub71, said, “Technology goes beyond borders, and innovation ecosystems need to link up to help founders achieve their global goals. Our partnership with Choose New Jersey creates opportunities for startups to grow internationally while exchanging knowledge, talent, and innovation between both regions.”
Tim Sullivan, CEO of NJEDA, added, “New Jersey is fostering important international partnerships that bring investments into new industries and strengthen our economy. Working with Hub71 highlights the exciting opportunities in Abu Dhabi and the Garden State.”
The MoU follows Governor Phil Murphy’s economic mission to the UAE in April, which included a visit to Hub71’s headquarters at Abu Dhabi Global Market. The partnership reinforces Abu Dhabi’s role as a gateway for US startups entering the MENA region.
This partnership supports Hub71’s global growth plan and adds to partnerships in Asia and Europe, including a recent deal with the Japan External Trade Organisation (JETRO). These efforts aim to create a worldwide network that encourages innovation and helps startups grow globally.
