Top Startup Accelerators in Saudi Arabia
Last Updated on November 8, 2023 by Ameer Hamza
Startup accelerators are ventures, businesses, or programs that aid early-stage business ventures. Accelerators offer assistance ranging from financial aid, mentorship programs, and training for a fixed period. Accelerators are crucial to mitigate the cost of starting up a new venture which can be about $3,000 on average. This article delves into the top five existing startup accelerators in Saudi Arabia, their features, achievement, and offers.
What are the Five Top Startup Accelerators in Saudi Arabia
Saudi Arabia is mainly known for its accelerators’ quality and success rates. A few of them are below:
Falak Business Company
Falak is a startup accelerator company with a blend of angels network, venture capital funds, networks, and programs for new businesses. Its mission is to give entrepreneurs the much-needed skills to grow their businesses. Since its inception, the company has over 100 jobs in its portfolio and is a partner angel network with SVC. Falak has made 49 investments and has exited one of the ventures.
Taqadam is a top startup accelerator company in Saudi Arabia. The company aims to provide full support to founders to create startups that matter. Since its establishment, more than 130 startups have had access to its mentorship, boot camps, and training programs which run for six months. In addition, the company hosts a yearly showcase where startups get a chance to pitch their businesses for a chance of winning up to a USD 40,000 grant and other benefits.
Riyadh Valley Company
The Riyadh Valley Company was established by Royal Decree No. 116 to be an arm of King Saud University to be the investment arm and take a change of the university’s strategic projects. Its mission is to strategically invest in startups locally and globally to create financial dividends that can aid economic development in Saudi Arabia. The company also works toward partnering with institutions to invest in a joint project that provides experiences with the education of University students and professors. It has made six investments and has five lead assets to its name.
Nomow Incubator, as its name implies, is a platform that allows the incubation and growth of new businesses. The company provides funding, business training, strategic mentorship, and startup support. In addition, the company organizes an annual incubator and speeding programs that offer three programs from three to six months. So far, Nomow has incubated 103 startups and has raised about USD 298,000 in investment.
E3qlha‘s core goal is to provide entrepreneurs with the tools to help them make the right decision confidently to enable the latter to achieve their business goals. E3qlha is very particular about innovation and projects effective plans and strategies. It aids the continuous growth of small and middle-sized businesses through innovative solutions. Likewise, the company provides financial, technical, feasibility studies, and digital marketing services.
A startup accelerator may sometimes be the defining factor of the success or failure of a venture. Therefore, new businesses must not only attach themselves to one but also have their sights on an accelerator that has been tried and has several testimonies to its name. Some of them are above; with those startups, Saudi Arabia cannot go wrong in developing new businesses to boost its economy.