23 IMPACTFUL RESEARCH
EXPANDING THE KINGDOM’S ENTREPRENEURIAL ECOSYSTEM Funding from KAUST flows to educational programs that are creating the next generation of Saudi entrepreneurs Through funding and educational training programs for start-ups and small and medium-sized enterprises (SMEs), KAUST is inspiring innovators from around Saudi Arabia to create companies that can change the world. Over the past decade, KAUST has trained nearly 11,600 innovators, supported more than 250 start-ups and helped raise $60 million in investment funding. The university’s entrepreneurship ecosystem consists of various funding initiatives, teaching and training programs, and integrated work spaces such as the KAUST Research and Technology Park. Launched by KAUST in partnership with Saudi British Bank (SABB) in 2016, the TAQADAM Start-up Accelerator program is one of the university’s key innovation initiatives. In 2020, 59 start-ups from different industries – including agriculture, logistics, health care, real estate and education – joined TAQADAM’s latest cohort. This was double the number accepted in 2019, and KAUST and SABB also doubled the grant funding for each start-up to $40,000. In addition to funding, the selected startups receive expert mentorship and training, as well as industry exposure to bring their ideas to life. Success stories include 2018 program graduate UnitX, an artificial intelligence and supercomputing company that has since gone on to secure an additional $2 million in funding.
ANKITA SHREE Co-founder of UnitX
THE FUNDING WE RECEIVED AT THE BEGINNING FROM TAQADAM HAS HELPED OUR START-UP IN MANY ASPECTS, ESPECIALLY WITH BUSINESS DEVELOPMENT.
TAQADAM is just one branch of the university’s venture capital arm, the KAUST Innovation Fund, which is a deep-tech venture capital fund that makes equity investments in start-ups and early-stage companies ranging from $200,000 to $2 million. KAUST becomes a long-term strategic partner in these new ventures and is supported by major co-investment partners such as Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed Ventures), Research Products Development Company and Saudi Venture Capital Company. The ultimate aim of the fund is to foster a thriving innovation and technology investment community in Saudi Arabia, and to attract international investors and venture capitalists to the country’s emerging technology ecosystem. KAUST is also creating a strong entrepreneurial environment in the Kingdom via education and business support programs. For several years, KAUST’s Innovation and Economic Development department has been running university courses to help students learn the basics of business and recognize commercialization opportunities. In November 2020, the department launched SME Innovation Services, Saudi Arabia’s first university engagement program to foster the growth of smaller businesses in the Kingdom. By giving them access to KAUST’s innovation ecosystem, the program helps SMEs increase their customer base and reach new markets.
SAUDI BRITISH BANK “Thanks to the support of KAUST, the TAQADAM program has built a proud legacy in making sure the businesses our Kingdom needs most are getting the best possible start.” Majed Najm, Deputy Managing Director for Corporate & Institutional Banking at Saudi British Bank
