Leading Startup Accelerator Programs in Saudi Arabia 2023:
If there is anything Saudi Arabia has going for itself, it is the strong will to distinctly take the lead in all ventures, including the development of startups. The country has recorded significant growth in its startup ecosystem recently. This development can be directly traced to the several accelerator programs built to support innovation and startups in the country. These programs provide, among others, mentorship, resources, and funding. Likewise, while some may be government-sponsored, others are limited to the private realm. Here are some of the four essential startup accelerator programs in Saudi Arabia.
What are the Key Leading Accelerator Programs in Saudi Arabia
- KAUST Innovation Funds
KAUST Innovation is a venture fund that provides a series of stage A seeds for early-stage startups for growth and innovation community. It was created to advance science and technology by hinging on partnerships and research for innovation and economic development. As part of its mission, it aims to create public benefit by building a stronghold of entrepreneurship and attracting industry investment based on research and innovation.
- Oqal Angel Investors Network
Oqal Investors is an angel investor network that provides funding, mentorship, and support to Saudi Arabian startups. The network was founded in 2012 and is currently located in Riyadh, Saudi Arabia. Its mission is to promote and increase support of funding and networking opportunities for early-stage startups. It aims to offer various services like funding, marketing, and partnership. So far, the network has funded startups like Carriage, Ekar, and Careem.
- Raed Ventures
Raed Ventures is a venture capital firm specializing in early-stage investment and startups. Its focal points are on companies in Saudi Arabia and other areas of the Middle East. Raed ventures aim to leverage disruptive technology to drive innovation and reinvest in industries. The company offers funding and networking opportunities and conducts due diligence on startups before investments. Interested in healthcare, education, and technology, it has provided financing for startups like Almentor and Tamate
- Misk Innovation Accelerator
Misk Accelerator provides the perfect blend of funding and mentorships to early startups. It was founded in 2018 by Prince Mohammed bin Salman to promote innovation among youths n the country. The acceleration program is geared toward the e-commerce, technology, health care, and education sectors. The program is particular about funding, training, mentorship, and a hub for office startups. It has invested in companies like Hesagi and Lean technologies
The Kingdom of Saudi Arabia has been on everyone’s lips, and tales of its government’s commitment and significant investment in the startup ecosystem have been told. The country has also supported this venture by launching the Vision 2030 plan, which, among other things, is to make entrepreneurship and innovation the key drivers of economic growth within its territory. To do this, the government and even private stakeholders are expanding startups’ capabilities through various programs and investments.