Riyadh, Saudi Arabia
Five startup technology companies have been qualified for Badir Business Accelerator Program in its second cohort this coming year. These startups have been chosen among the 800 Saudi startups and businesses that have competed during the initial qualification phase to win a range of services including support, funding and guidance, from the Business Accelerator, which is one of many initiatives launched by Badir Program for Technology Incubators that was established by King Abdulaziz City for Science and Technology.
In a special ceremony recently held at the headquarters of Badir Program in Riyadh, the Business Accelerator concluded support and guidance agreements with the founders and owners of the startup companies that have been admitted and qualified for the second cohort, which will start on January 1st of next year. The startups fields of work varied between Blockchain technology, virtual reality, e-commerce, e-learning, and vehicle services.
These companies will be incubated over the next three months by the business accelerator and will be supported by numerous advisory services and intensive programs to guarantee their success in the initial stages of incorporation. These services will include training, workshops, business offices, strategic guidance and legal support along with other privileges and benefits.
In addition to the incubation programs and advisory services, Badir Accelerator will finance startup technology companies with amounts up to half a million Riyals in exchange for a share in their capital. The Accelerator will also help companies acquire additional investments through a wide network of local and regional investors.
In this occasion, Nawaf Al Sahhaf, CEO of Badir Program for Technology Incubators, said that participants have been evaluated and the finalists have been selected based on specific criteria, most notably the maturity of the companies’ ideas and products, their future development and growth potentials, their level of competitiveness and the degree to which their innovations meet the requirements of the market. He also noted that the Accelerator’s receipt of such large number of applications reflects the critical need for such initiatives.
He further affirmed that Badir Program Initiative to speed up the growth of Saudi startups aims at establishing new and innovative technology projects and creating a positive impact that contributes to the improvement of national economy, increase of productivity and provision of more job opportunities for youth. The initiative focuses on attracting and supporting entrepreneurs of both male and female in ICT, mobile applications, and digital media.
Badir Program for Technology Incubators is one of King Abdulaziz City for Science and Technology’s’ programs. It is a comprehensive national program that seeks to activate and develop technical business incubators, enhance the concept of technical entrepreneurship and transform projects and technical research into successful business opportunities through the support of entrepreneurship, innovation and technology incubators and the provision of an appropriate environment for the growth of emerging technical institutions based on the principle of risk reduction and focus on business development leading to a knowledge-based society and economy in the Kingdom.