Wamda X is a grant-based program for founders with the aim to safe-route the often financially grueling and solitary path to entrepreneurship. They have designed an environment to help founders build their startups through a 4-month relationship-focused program. Their goal is to co-found businesses with Fellows by providing successful applicants 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.
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Wamda are here to help co-found businesses from their earliest stages. Be it an idea or a revenue generating startup, they want to be a part of it. The program aims to capture a broad range of fellows. Successful businesses are often started by mature founders who have several years of work experience but do not conform to the status quo. That’s why they are looking for mature professionals who have a knack for solving market failures and those who embody leadership and efficient problem-solving qualities. The qualities that make a great entrepreneur are often present before they even start a business. The best businesses are founder-run, so Wamda X is looking to partner with these founders from the early days of starting up. Wamda also has a venture fund and can finance applicants’ business all the way through Series B if they maintain alignment and they like the traction the applicants’ business achieved. They will help businesses fund-raise from the wider investor network in the MENA region and beyond at every stage of financing.
Wamda is a platform of integrated programs that aims to accelerate entrepreneurship ecosystems throughout the MENA region. Its core focus includes media, community development, research, corporate, and government advisory services. Wamda’s headquarter is in Dubai, UAE.
Benefits
- Provides grants easing barriers to starting a business by reducing dependency on family and friends.
- Applicants will receive 15k AED monthly for 4 months, that comes to about $16k in total. The agreement will be monthly renewable, so either party may terminate or extend the grant period.
- Applicants will also receive about $9k worth of in-kind support, in the form of incubation space that they may use for 12 months, along with workshops and seminars that will be paid for by Wamda.
- The program helps to build relationship with the Core Mentors, Wamda Buddies, peers, and the wider 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.
- Businesses will have access to Wamda capital, negating the need to constantly fundraise externally.
- By structuring the investment as a grant, alleviates the pains associated with equity, allowing fellows to focus on their businesses.
- Will provide working space in Dubai as well as various software and support services at discounted rates for fellows.
Eligibilities
- Wamda does not have an eligibility criteria.
- Any successful and matured entrepreneur, regardless of their nationality can apply.
- Applicants can apply at any business stage.They can have a vague idea of what they want to do, or at the point where they already have a product generating revenue.
Application Process
Apply online through the given link.
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Application Deadline: January 20, 2019
Application ClosedOfficial link
