Meet In­spireu, Saudi Ara­bia’s First In­cu­ba­tor-ac­cel­er­a­tor

Arabnet - The Quarterly - - Industry Stories -

Saudi Tele­com Com­pany (STC) has launched Saudi Ara­bia’s first cor­po­rate dig­i­tal in­cu­ba­tor-ac­cel­er­a­tor: In­spireu. Saudi Ara­bia is al­ready home to ac­cel­er­a­tors like Flat6labs Jeddah and ini­tia­tives by the King Ab­dul­lah Univer­sity of Science and Tech­nol­ogy (KAUST) like “New Ven­tures”. The latest among those, In­spireu, tar­gets early stage dig­i­tal and ICT star­tups. The 6-month pro­gram will run twice a year in Riyadh, and is open to ap­pli­ca­tions glob­ally, with a fo­cus on Saudi Ara­bia. Each cy­cle will se­lect 10 can­di­dates to re­lo­cate to Riyadh and ben­e­fit from the pro­gram. Can­di­dates can re­ceive up to $20,000 in seed fund­ing, as well as a full range of ser­vices, for a to­tal value of around $100,000, in­clud­ing: of­fice space, ac­cess to STC’S in­fra­struc­ture, men­tor­ship, hands-on train­ings, an in­ter­na­tional ex­change pro­gram, net­work­ing with re­gional and in­ter­na­tional part­ners, and priv­i­leged ac­cess to MENA mar­kets. Fi­nally, In­spireu will choose 4 can­di­dates and help them de­velop their busi­nesses through pro­mo­tion and ex­po­sure to ad­di­tional in­vest­ment op­por­tu­ni­ties.

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