Beyond the funds, the accelerator offers startups access to a global network of 8,200 expert mentors in 147 countries.
Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) has partnered with the Raed Ventures Investment Fund for the Riyadh Techstars Accelerator programme, which launched in May and will continue in the kingdom’s capital for four months.
The Riyadh Techstars Accelerator program invites 10 startups to expand their operations and generate partnerships, as well as receive funding of $120,000, as an opportunity for businesses to capitalise on the Saudi government’s support of the startup ecosystem.
Startups seeking to join the accelerator are required to adhere to certain criteria, including showcasing notable innovation and scalability, having a team with integrated skills and full-time work commitment by the founders of the startup, having a product in the market, and to be a revenue-generating startup with a pre-existing customer base. It is preferred that nominated startups are to be registered in Saudi Arabia, or in the process of obtaining a commercial registration in the fingdom.
As per the MCIT’s commitment to supporting emerging companies in line with the main pillars of the kingdom’s ambitious Vision 2030, the ministry continues to showcase the importance of digital entrepreneurship as a driver for the digital economy, and a significant engine fueling the dawn of what has been described as the Fourth Industrial Revolution.
Registration for the Riyadh Techstars Accelerator program began on May 18, 2021 and ends on July 28. The screening committee commences its work in August 2021, before starting the programme on November 7, 2021.