SPA — stc Group, an engine of digital transformation in the region, announces that inspireU’s enablement to more than 90 startups since inception resulted in more than SAR 700 million of total investment gathered by Saudi entrepreneurs. The group also announced the expansion of the accelerator by launching a new track that provides additional support for startups in their growth phase as part of its endeavor to support entrepreneurship, enable innovation in the Kingdom, and contribute to strengthening the digital economy in the region.
The new advanced track is part of the group’s continued efforts to enable SMEs to reinforce Saudi Arabia’s position as a major digital hub for the MENA region.
A ceremony was held in the presence of, His Royal Highness Prince Mohammed bin Khalid Al-Abdullah Al-Faisal, Chairman of the Board of Directors of stc Group, His Excellency the Deputy Minister of Communications and Information Technology, Eng. Haitham bin Abdul Rahman Al-Ohali, and the CEO of stc Group, Eng. Olayan bin Mohammed Alwetaid. The ceremony included pitches from 17 startup founders and was held in King Abdulaziz Telecom Complex in Riyadh.
During the ceremony, stc Group CIO, Eng. Motaz Alanqari said: “inspireU is playing a vital role in enabling entrepreneurs and startups to maximize and realize their full potential in developing new businesses within the digital economy landscape. Our continued investment in local SMEs supports our ongoing efforts to drive Saudi Arabia’s position as a major digital hub, enhance the digital economy, and enable digital transformation in the Kingdom and beyond. Since its inception, more than 40 million users have benefited from inspireU’s alumni startups, and more than 600,000 jobs have been created. This confirms stc’s commitment and contribution to promoting the digital economy, creating job opportunities, and supporting local content by transforming entrepreneurs’ ideas into successful projects.”
Alanqari concluded, “stc intends to expand the accelerator by launching inspireU advanced to enable leading startups in their growth stage. It aims to help them grow their business, increase revenues, and improve their competitive advantage in the market to achieve a prosperous and technologically advanced future based on strategic investments and sustainable growth”.
The ninth batch of the program included a special track that supports startups in the field of cybersecurity in cooperation with sirar by stc, the digital provider of cybersecurity services. This track aims to promote local content and enable digital cyber projects, as it witnessed the organization of several workshops and specialized technical advisory sessions.
inspireU is a leading business accelerator in Saudi Arabia, providing local entrepreneurs with a network of successful entrepreneurs and mentors, logistical and advisory services, financial support, and access to an intensive training program provided by experts and consultants from Silicon Valley.
inspireU accelerator supports startups in their endeavours by linking them with investors and venture capitalists in the market. The value of the free services it provides startups is about 600 thousand riyals. In addition, the program provides entrepreneurs with office space, promotes their startups, and provides opportunities to participate in the most important events, from workshops to national and international exhibitions.