UAE - EU
DIGITAL INVEST PROGRAM
Cohort 1 of UAE – EU
BøthOfUs selects 6 UAE organisations for Fund raising, digital transformation, development & design and assistance in applying for EU, UN grants and also VC funds
(Commitment fee required)
DIGITAL INVEST PROGRAM
BøthOfUs is excited to announce the launch of Cohort 1 of the Digital Invest Program, specifically focused on empowering UAE-based businesses. This initiative is designed to guide 6 selected organizations through a comprehensive digital transformation journey, fostering growth and innovation in the UAE’s dynamic market.
The Digital Invest Program offers end-to-end support, including the development and design of digital tools, platforms, and strategies tailored to the unique needs of each participating business. Beyond technical assistance, the program provides strategic guidance in securing grants from prominent entities like the EU and UN, as well as accessing venture capital (VC) funding to ensure long-term success and sustainability.
To ensure full commitment and engagement from participants, a commitment fee is required. This fee represents a small investment in exchange for access to an extensive array of resources, expert guidance, and funding opportunities provided by the program.
Through the Digital Invest Program, BøthOfUs is committed to driving the success of UAE-based organizations, helping them thrive in an increasingly digital world.
*Please, note this is not a accelerator or incubator program, this is a collaboration partnership on raising and building your organisation.
BACKGROUND
During the COVID-19 pandemic, it became clear that businesses without digital integration were at a severe disadvantage, often leading to their exit from the market. This was especially true for small, family-owned enterprises, whose closures significantly impacted the livelihoods of the families involved. This situation highlighted the critical need for leveraging digital technology to facilitate the transformation of SMEs, startups, and traditional business owners in the UAE.
In response, BøthOfUs, drawing on over 8 years of expertise in digital technology and the global market, recognized that many technology startups struggled to create essential tools, apps, websites, AI, and machine learning systems required for revenue generation. The high costs associated with developing these digital solutions often led to the failure of these startups.
To address these challenges, BøthOfUs, utilizing funds previously secured from the EU, UN, and foundational investors from the USA, UK, and Sweden, established a dedicated fund aimed at supporting six UAE-based companies, startups, or businesses. This initiative offers substantial assistance in developing digital tools at a reduced cost, providing a 25% to 50% discount on market rates, with BøthOfUs covering the remaining expenses through its fund.
GRANTS & FUNDS
Selected and eligible organizations will collaborate with BøthOfUs to plan strategies, develop presentations, and engage with private investors or pursue grant opportunities.
For the private funding route, BøthOfUs will leverage its database, which includes 3,421 venture capital firms, 1,987 angel investors, and 418 family offices and institutional investors worldwide, to identify and connect with relevant stakeholders.
For the grants route, participating organizations will have the opportunity to apply for EU and U.S. grants, leveraging BøthOfUs’s presence in these regions. BøthOfUs will also identify and present relevant grant opportunities on a weekly basis, working closely with organizations to create and submit strong proposals
See Sept 2024 grants here
CASE STUDY
TIMELINE
Case Study: Journey of the Digital Invest Program in the UAE
If you are interested in applying or expressing interest in the Digital Invest Program, please carefully review the following steps:
Expression of Interest: Complete the application form to express your interest in the program.
Background Verification: Be aware that we will conduct thorough background checks and a due diligence process for all applicant companies.
Selection Notification: If selected to proceed to the next stage, you will receive an email with detailed program information, modules, and a contract.
Commitment Fee: Upon signing the contract, a commitment fee will be required, which ranges from AED 1000 to AED 2900
Payment Schedule: 50% of the commitment fee must be paid before the program begins, with the remaining 50% due after the Phase 1 report presentation.
Non-Payment Consequences: Failure to pay the commitment fee on time will result in the loss of your place in the program and may impact your eligibility for other investment opportunities.
Phase 1 Interview: After enrollment, you will participate in an interview where BøthOfUs will assess your business model and technology needs.
Phase 1 Report: Following Phase 1, you will receive a detailed report, and together with BøthOfUs, will evaluate the market potential of your proposed digital tool. The percentage of funding that BøthOfUs will sponsor for development will also be determined.
Business Contract: A formal business contract will be signed between BøthOfUs and your organization.
Tool Development: BøthOfUs will collaborate with you to scope and develop the necessary digital tools, with our engineers leading the technical development.
Funding Applications: You will work with BøthOfUs to apply for international funds, including those from the EU, UN, GIZ, AFD, and private VCs.
Investment Consideration: If your company and team demonstrate strong potential, BøthOfUs may consider making an investment in your business
ELIGIBILITY
- It is Compulsory that participating organisation/startup/SMEs should contribute to atleast one SDG 2030 goal.
- For profit, non profit, state owned institutions can apply
- Private organisations, Civic and social organisations, non-profit organisations, R&D departments, accelerators, incubators, municipalities and HEIs (For accelerator, Incubators, HEIs, Government hubs, co – Click here)
- Co-working hubs, Click here
- Startup or SME facing challenges in creating, building, or maintaining digital tools, technology, web presence, apps, and design due to high costs
- If you are seeking to raise funds from Private investment
- If you are seeking to raise grants from EU, UN and other international agencies
- Startup/SME focused on expanding into new countries or market
- Pre-seed, seed and revenue generating company can apply
- Need to be a registered organisation
- Would like to expand to EU, UAE, USA
FUND STRUCTURE & WHY COMMITMENT FEE ?
Significant investment in time and money is spent on the Digital Invest Program from BøthOfUs to develop revenue models, digital solutions, tools, websites, and apps, as well as to scale these solutions into new markets and countries.
These services are offered at no cost to startups, SMEs, and organizations as part of the Digital Invest Program.
However, based on experience with previous cohorts and to ensure that only committed candidates and partners with a genuine need for digital solutions, revenue models, and market scalability are selected, the Digital Invest Program has instituted a nominal commitment fee
Special preference
- Any organisation can participate, except business operating in the sector of Gambling, alcohol and illegal activities
- Preference are given to organisation with founder or board of 50% female, youth, or LGBTQ founders.
- Special preference is given to tribal and native people of each countries.
EXPRESSION OF INTEREST
Step 1: Submit the Expression of Interest Application Form.
Step 2: BothOfUs performs due diligence.
Step 3: BothOfUs may request additional information if necessary.
Step 4: If selected, the participating company or organization must pay a commitment fee ranging from AED 1000 to AED 2900 depending on Organisation size.
Step 5: Phase 1 – A workshop will be scheduled between representatives from the EU, UN, and a commercialization expert from BothOfUs to learn about your company’s operations (estimated duration: 40 minutes to 1 hour and 30 minutes).
Step 6: A report of the workshop and a proposal of the plan will be presented one to two weeks after the initial workshop (estimated time: 1 hour).
Phase 2: BothOfUs will evaluate if the startup can participate in the digital grant program sponsored by BothOfUs.
Step 7: Upon selection for the program, BothOfUs will sponsor 25% to 50% of the costs and handle all development of digital solutions and digital presence. This includes the development of websites, tools, apps, ML, AI, deep tech, design, and branding. The cost will be evaluated based on the ongoing market spending of the company.
Step 8: BothOfUs and your organisation will apply for funding to receive funds from grants or venture capital sources.
ADVANTAGES
Cohort III - Fostering Global Peace Through Innovation & Technology
To conduct a comprehensive assessment of your digital tools and design aimed at enhancing financial stability.
Establishing a novel revenue stream within the current business framework
Expanding into new markets to amplify business growth
Formation of a consortium for seeking EU and international funding opportunities
Fostering International Collaborations
Do you have more questions ?
If you are certain of your participation and have reviewed the FAQs without finding answers to your questions, you may schedule a call with our Program Director to discuss any remaining inquiries.
Please only book a call if you are confident in your decision to participate.
The SME Program is designed for startups, small, and medium businesses that require:
- Design or development of digital tools such as apps, websites, and tech tools. This semi-granted program allows participants to pay only 50% of the value, with the remaining cost covered by the BøthOfUs Fund.
- A strong revenue generation model or business model review.
- Access to grants and funds, with BøthOfUs facilitating connections with investors and collaborating with SMEs to apply for funding.
- Support for expansion into the US, EU, or Australian markets.
- Development of a robust company strategy.
The SME Program is a co-funded initiative run by BøthOfUs and EU organizations
To be eligible for the program, the startup, SME, or organization must demonstrate a need for funding and/or digital solutions. This includes needs such as creating an app, website, AI, ML, branding, or design.
As a startup or SME, you will receive up to 50% of the expenses related to the development of software or digital solutions.
For example, if you wish to create an app or website and the market value for this development is €50,000, under this grant program, BøthOfUs will cover €25,000 of the expense and will also undertake the creation of the app or website valued at €25,000. In exceptional cases, companies may receive a digital development grant covering up to 75% of the costs.
Please note, the funds will not be disbursed directly; rather, they will be utilized for the development of the digital solutions
No, BøthOfUs will not take any equity from participating SMEs in this EU program.
BøthOfUs has already received funding from the EU and private investors in the EU and USA for implementing the program. The goal of this program aligns with the EU’s objectives of digitalization and digital transformation.
In the long term, if a startup or SME creates significant social impact on a large scale, BøthOfUs may consider becoming an equity investor, with potential funding of up to €1 million
Yes, you can participate. However, the company must be legally registered to receive any funds.
Yes, startups and SMEs from all countries are eligible to apply.
We plan to support 6 companies in Summer 2024 and 6 companies in Winter 2024.
Phase 1 of the program lasts 1 to 2 weeks.
Phase 2 of the program lasts 3 to 12 months, depending on the app or website that the startup or SME wants to create.
The participating startup/company is required to commit to weekly participation and meetings for the purpose of discussing and defining project scopes.
If a participating startup/company decides to discontinue after initiating the program, they may do so at any time without a binding time commitment. Please note that the commitment fee is non-reimbursable
As the due diligence step, express interest for participation in the form here. (Kindly, attach any information about your company such as slides/presentations).
Then you will receive the confirmation if you are selected or not in the email. If you are selected, then next steps will start.
Please send an email to info@bothofus.se or keep it simple by sending whatsapp/Telegram/Viber message or call to number +46768688418
We’re here to help and provide the information you need.
BøthOfUs Info on EU website
Past funds received by BøthOfUs
BøthOfUs information on EU website
HEI fund
CleanTech Fund
Successful Collaborative Engagements by BøthOfUs
BøthOfUs Featured in News & Media
