Start-Up Business Accelerators in the Kingdom: A Unique Tool to Ease the Leadership Experience
Business accelerators in Saudi Arabia stand as irrefutable proof of the Kingdom’s firm commitment to supporting male and female entrepreneurs, removing obstacles for startups, and propelling them forward.
These accelerators are divided into two primary categories: those affiliated with the General Authority for Small and Medium Enterprises (Monsha’at), and those linked with other entities, such as KAUST’s Taqaddam Accelerator.
Business Accelerators in the Kingdom
In this article, we highlight some notable business accelerators in Saudi Arabia:
Health Sector Accelerator
The Health Sector Accelerator focuses on high-potential startups aimed at improving services in the healthcare field. It encourages innovation, supports entrepreneurship, and fosters investment to increase the contribution of small and medium enterprises (SMEs) in the sector from 10% to 21%, in alignment with Vision 2030 goals.
To join the accelerator, project ideas must address specific challenges within the health sector, be feasible, innovative, and unique, and demonstrate market demand, sustainability, and scalability. Furthermore, the projects must exhibit significant potential for growth and expansion.
FinTech Accelerator
The FinTech Accelerator is designed to fast-track the growth and expansion of leading and emerging companies in the financial technology sector. It offers an integrated program that provides a range of services and resources.
In collaboration with the National Commercial Bank, Monsha’at aims to empower entrepreneurs by offering a variety of services and resources to help their financial technology ventures thrive. The accelerator supports entrepreneurs and emerging companies in the FinTech sector and contributes to the digital transformation of Saudi Arabia’s financial industry, in line with Vision 2030.
Taqaddam Accelerator
The Taqaddam Accelerator, established in 2016 with the support of King Abdullah University of Science and Technology (KAUST) and the Saudi British Bank (SABB), has successfully helped innovators turn their ideas into reality.
The accelerator works with startups from various sectors and at all stages of growth. Over six months, it guides entrepreneurs through training and mentorship to transform their ideas into tangible projects. Taqaddam also provides a SAR 150,000 financing grant without taking equity in the company, along with access to co-working spaces across multiple regions of Saudi Arabia.
Taqaddam’s approach is centered on empowering entrepreneurs by equipping them with an integrated set of tools to accelerate their projects, engage clients, and build a valuable network with mentors and investors.
Entertainment Business Accelerator
The Entertainment Business Accelerator aims to foster the growth of entrepreneurs and SMEs in the entertainment sector by enhancing their capabilities, incubating ideas, transforming them into startups, and promoting innovation and creativity.
Offered by Monsha’at, this accelerator is the first of its kind in the entertainment sector. It seeks to accelerate the development of SMEs through the application of both local and international standards, providing training programs, counseling, advisory sessions, and investment opportunities.
The accelerator supports the development of team capabilities, builds organizational structures, and helps create or refine business plans. It also focuses on financing strategies, sales development, and intellectual property rights. Additionally, it offers financial grants to startups, helping them grow.
Aligned with Vision 2030, the accelerator aims to increase the contribution of SMEs to the GDP from 20% to 35%. It also supports innovation in the entertainment sector, streamlines government processes, and enables the sector’s growth.
This initiative focuses on discovering and investing in young Saudi talents while providing investment opportunities for SMEs, attracting global best practices, and nurturing emerging companies with high potential in the Saudi market.
Education Technologies Business Accelerator
Launched by Monsha’at, the Education Technologies Business Accelerator is dedicated to supporting the education sector. It offers intensive programs designed to accelerate the growth of pioneering and emerging companies in the field of educational technology over a period of up to 13 weeks.
The accelerator aims to establish startups on solid foundations with high potential for success in the education sector. It contributes to increasing the share of SMEs in the local economy while creating sustainable job opportunities for Saudi youth in education.
