Acceptance of 59 startups in the Saudi KAUST Accelerator

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Acceptance of 59 startups in the Saudi KAUST Accelerator


Wednesday – 4 Shaaban 1442 AH – March 17, 2021 AD


Entrepreneurship boom in Saudi Arabia during the Corona crisis (Asharq Al-Awsat)

Jeddah: Aisha Jafari

At a time when the doors for admission were open to apply for the Startup Program, the “Progress” Accelerator of the Entrepreneurship Center at King Abdullah University of Science and Technology (KAUST) announced the acceptance of 59 startups out of the 561 companies that applied to participate, referring to the intense competition for the 2020 batch of the program. .
The startups covered various fields, including e-commerce, medical technology, educational technology and financial technology, as each company presented a virtual three-minute bid in which it presented its project idea to a court and a group of local and international investors.
The director of the center, Hattan Ahmed, explained through a press conference held on the sidelines of hosting the selected projects, that entrepreneurship flourished during the Corona crisis, indicating that through a study of entrepreneurship with crises over the past 100 years, the study found that there is a positive relationship between entrepreneurship and economic crises. And finance.
He said, “We saw the financial crisis in 2007 and how large companies were affected, and emerging companies were established, and during that period the participatory economy model began … Several companies were able to emerge, all of which were based on the sharing economy, and this phenomenon was repeated in many countries.”
Last week, the annual presentation of the “Takadam” accelerator program for startups and businesses, in which 76 founders and entrepreneurs, representing 37 start-up companies, competed for financial prizes of more than 4 million riyals (one million dollars) in the form of financing without equity, during A virtual event, where the number of attendees reached 4,200 people and voted for the “People’s Choice” award.
According to the director of the KAUST Entrepreneurship Center, the acceptance of applicants for the 2021 batch of the “Progress” accelerator program for business and start-up projects opens. Acceptance of applications continues until the date of April 10, and all founders and entrepreneurs residing outside Saudi Arabia are allowed to apply to participate. .
Accepted startups will receive 150,000 riyals ($ 40,000) in royalty-free financing to grow their business, while founders will be linked to mentors, experts and leaders in the field of startups, and given the opportunity to participate in training and mentorship programs, workshops, and access to advanced facilities and laboratories. At the University of «KAUST».


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