Founder Farah Ghniem and brand strategist Ayah Younis of Gel Together brought a dose of fun to the Amman Tech Tuesday anniversary event last month, attracting attendees to a game-filled booth where they presented the social business, which is designed to fund startups who contribute equity and revenue to a central pool that then funds and supports other startups. This way, they hope to create a community with Gel Together where startup founders are the stakeholders and companies are motivated to foster the development of other businesses. They also plan to seed the central investment pot with the revenue generated from a new startup they are launching to create products for curly hair.
While the idea is completely new in Amman, where current accelerators focus mostly on tech startups, Ghniem hopes to pioneer the model and take it regional. She developed the idea as a student at MIT, she told Wamda, and tailored it to the Jordanian and Arab market by incorporating her experience working in the social sector in Amman. The startup is currently growing its team and looking to expand its network of investors and partners.
While startups investing in other startups may lead to conflicts of interest if any of them are competitors, it will be one experiment to watch.