Wamda X: Inviting Promising Entrepreneurs from across the MENA Region
Deadline: 20 January 2019
Applications are open for Wamda X which is a grant-based programme for founders with the aim to co-found businesses with Fellows by providing them with grants and opening up the Wamda network of mentors to help ease the process of starting and scaling a business.
Wamda X will be the initial financiers for founders and offers access to Wamda Capital, which can continue financing these businesses as they grow.
They have designed an environment to help founders build their startups through a 4-month relationship-focused programme.
Wamda X aims to safe-route the grueling and solitary path to entrepreneurship by offering the entrepreneur, or Fellow, a grant of $16,000 plus in-kind support including mentorship and a working space in the Dubai Design District.
- $16k grant: Converts into 5% only if a business is formed.
- 4 month programme: 2 month emphasis on building early team while in Dubai, and 2 months on solidifying idea.
- $100k follow-on: Wamda reserves the right to invest $100k for 10% post programme.
- Dubai-based: Dubai-based for first half of programme, location flexibility in the second half.
- Relationship-focused: Fellows will be paired with mentors and a “Buddy” from the Wamda Capital team.
What makes this programme unique
- First money in: Easing barriers to starting a business by reducing dependency on family and friends, often the first people founders go to for financing.
- Continuing to finance successful businesses: Businesses will have access to Wamda capital, negating the need to constantly fundraise externally.
- Bespoke value creation: Curriculum light, mentorship and networking heavy. The programme is about the relationships built with the Core Mentors, Wamda Buddies, peers, and the wider Wamda network.
- No Strings Attached: By structuring the investment as a grant, they’re alleviating the pains associated with equity, allowing fellows to focus on their businesses.
- Access to Wamda Network: Regardless of whether or not Fellows start a business, they will attain access to the Wamda portfolio, future events, and future cohorts. Fellows will be part of Wamda’s network for life.
- Access to space & perks: They will provide working space in Dubai as well as various software and support services at discounted rates for fellows.
- Monthly renewable programme: Wamda or the Fellow may end the participation at any point, with no strings attached.
How to Apply
Applicants can apply via given website.
For more information, please visit https://www.wamda.com/wamdax