The fund will both benefit startups affected by the pandemic and support founders developing COVID-related solutions.
Sharjah Entrepreneurship Centre (Sheraa) has decided to redirect efforts from its now-cancelled annual events to set up a $1 million grant to benefit startups suffering due to the coronavirus pandemic.
The fund, distributed through equity-free grants and commissioned projects, will both assist existing startups affected by the pandemic and support founders who are developing COVID-related solutions.
“When times get tough, we have a choice: we can either be reactors or creators,” said Najla Al Midfa, CEO of Sheraa. “We believe that the entrepreneurial community will play a critical role in the recovery of our society and so these grants will be used not only to help our startups survive, but also to enable founders to develop solutions that will create a better future for our world.”
Sign up for the daily Startup Digest.