Majid Al Futtaim Launches Accelerator Program To Attract SMEs And Startups In Strategic Sectors In partnership with MENA ecosystem builder AstroLabs, the Majid Al Futtaim Launchpad will foster support on homegrown brands, as well as those in the health and beauty space, and proptech sector.
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Retail group Majid Al Futtaim has launched an accelerator program for startups and SMEs to turbo-charge their growth plans and support the growth of economic development.
In partnership with MENA ecosystem builder AstroLabs, the Majid Al Futtaim Launchpad will foster support on homegrown brands, as well as those in the health and beauty space, and proptech sector.
The program will offer participating startups with access to a wide network, monetary incentives, and mentorship opportunities. Some of these perks includes access to Majid Al Futtaim's retail spaces and online channels, cost reduction on fees and upfront payments, fast track integration into Majid Al Futtaim's ecosystem, and market insights and knowledge from Majid Al Futtaim's data network, among others.
"Our new Majid Al Futtaim Launchpad program aims to facilitate state-of-the-art solutions and services while inspiring, nurturing and growing the startup and SME ecosystem that exists today," said Joe Abi Akl, Chief Corporate Development Office at Majid Al Futtaim - Holding, in a release. "As a partner of choice for pioneering initiatives and investments in the region, our long-term ambition is to foster entrepreneurship and knowledge sharing to accelerate economic growth throughout the region."
"Established organizations like Majid Al Futtaim can leverage market access and recognize the need to integrate startups into their value chain to stay ahead of disruption," Roland Daher, CEO at AstroLabs stated. "At the other end of the spectrum, SMEs and startups have a solid grip on digitalization, but find it difficult to infiltrate and grow in their industry." Given the cultural and technological differences between the corporations and SMEs, Daher highlighted how the partnership will give an avenue for entrepreneurs to gain "organic access" to the market.
Applications are now open, followed by the selection process of the shortlisted participants, and culminating with a bootcamp and a pitching event in September. Winners will then be integrated to Majid Al Futtaim's network. Interested companies can apply to the program on the website before the deadline on July 5, 2022.