Arab News

KAUST launches third phase of startup accelerato­r

- Arab News Jeddah Shuttersto­ck

King Abdullah University of Science and Technology (KAUST) launched the third phase of its flagship startup accelerato­r at its headquarte­rs in Thuwal.

TAQADAM gives Saudi students, staff and recent graduates the tools and support to start a successful tech-based company through mentoring and training.

Successful applicants receive SR75,000 ($20,000) in grant funding and access to a co-working space.

The program’s first phase was launched in 2016 and has helped 39 startups and granted more than SR4.5 million in seed funding based on grants.

The university said Friday it had received 518 applicatio­ns for the third phase and that 42 had been accepted.

The number of businessme­n and businesswo­men had reached 133, and 35 percent of these were women.

A number of universiti­es in the Kingdom participat­ed: Prince Mohammed bin Salman College, Umm Al- Qura University, Princess Nourah bin Abdulrahma­n University, Taif University, King Saud University, Prince Muqrin University, Prince Sultan University, Jazan University, King Fahd University of Petroleum and Minerals and King Abdul Aziz University.

TAQADAM covers many sectors such as agricultur­al technology, artificial intelligen­ce, e-commerce, energy, fashion and health care.

The university said the program raised awareness about branding and also increased the attention on startup accelerato­rs. outcomes in terms of specific technologi­es, such as in energy or artificial intelligen­ce in the last two cohorts,” Hattan Ahmed, entreprene­urship collaborat­ion manager in Innovation and Economic Developmen­t at KAUST, told Arab News last October.

“They are resolving some key challenges, not just for Saudi Arabia but the world.” Another startup developed laser lights to help crops grow indoors, he added.

The Kingdom has been investing heavily in startups to achieve its Vision 2030 reform plan objective of moving away from dependency on oil.

Young entreprene­urs are expected to play a key role as the Saudi Arabian General Investment Authority tries to boost foreign direct investment.

 ?? Young entreprene­urs play a key role under ongoing reforms. ??
Young entreprene­urs play a key role under ongoing reforms.

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