RIYADH: Some 20 startups launched into the Saudi market at the conclusion of the University Startup Accelerator Program, organized by the General Authority for Small and Medium Enterprises, also known as Monshaat.
A special event was held at the University of Business and Technology in Jeddah, marking the first time a private university has actively participated in this iniative.
According to a press release, Director General of Techno-Valley at the University of Business and Technology Basma El Zein explained that the investment in the program exceeded SR5 million.
Developing the startup ecosystem in Saudi Arabia feeds into the Kingdom's Vision 2030 goal raise small and medium enterprises’ contribution to GDP to 35 percent by the end of the decade, up from 20 percent.
Speaking at the launch ceremony, Sami Al-Husseini, governor of Monshaat, said: “Today, we celebrate the graduation of 20 university startups that, during their accelerator journey, successfully developed more mature business models, achieved promising revenue indicators, created job opportunities, and increased their investment readiness. This reflects the added value of this model and its direct impact on supporting the entrepreneurship ecosystem.”
He added: “This accelerator also represents an extension of the strategic collaboration between Monshaat and Saudi universities, aiming to build a more integrated university-based entrepreneurial ecosystem that contributes to stimulating innovation, expanding the startup base, and enhancing the flow of investment opportunities within the university environment.”
Al-Husseini also thanked the private sector operating partner, Falak Business and Investment Co., for its participation in the investment, in addition to its active role in implementing the accelerator and transferring operational and investment expertise.
Chairman of the Board of Trustees of the University of Business and Technology, Abdullah Dahlan, noted that the University of Business and Technology carefully selected a group of startups that align with its strategic directions, meet market needs, and possess the potential for growth and sustainability.
The aim is to support these startups and explore investment and collaboration opportunities. He emphasized that this step represents the beginning of an ongoing process to enhance the innovation environment and expand the impact of strategic partnerships, thereby contributing to the goals of the Kingdom’s Vision 2030.
