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TRANSLATING RESEARCH INTO ENTREPRENEURSHIP

KAUST supports Saudi Arabia’s growing entrepreneurship ecosystem

Starting a business requires more than just good ideas. It takes careful planning and foresight, market knowledge, funding and ongoing support. KAUST has a long track record of supporting entrepreneurs at all stages, from ideation and launch, to funding, commercialization and beyond. Indeed, fostering local entrepreneurship is central to the university’s innovation mission, and is at the heart of the Kingdom’s Vision 2030 goals.

Saudi Arabia’s entrepreneurial ecosystem has been rapidly advancing, helping to lay the foundations of a digital, knowledge-based economy. In this new era of technology and sustainability, young entrepreneurs are leading the charge through innovative startups that address some of the world’s most pressing issues. The Kingdom is no exception: Saudi youth are also looking to shine as business and tech leaders. According to a recent survey by the Global Entrepreneurship Monitor, nearly 77% of Saudis are interested in starting a business – ranking second highest out of 49 countries.

These budding entrepreneurs hold the key to tackling global issues of vital importance, from food security, sustainable technologies and the circular carbon economy, to smart infrastructure, arti cial intelligence, cybersecurity and materials design, among others. They will also be key drivers of job creation in the Kingdom. Small and medium-sized enterprises (SMEs) are the cornerstone of sustainable economies, and under Vision 2030 the Kingdom is aiming to increase the GDP contribution of SMEs to an ambitious 35%.

TONY CHAN President of KAUST

KAUST’S MISSION TO PLANT THE SEEDS OF A DEEP-TECH ENTREPRENEURSHIP ECOSYSTEM IS AT THE HEART OF THE KINGDOM’S 2030 GOALS. IN EDUCATING A BODY OF INTELLIGENT ENTREPRENEURS, WE CREATE A NETWORK OF STARTUPS, INVESTORS AND PARTNERS WHO ARE COMMITTED TO HELPING INNOVATIVE IDEAS SUCCEED.

put in place various initiatives and programs to help local entrepreneurs turn their big ideas into products and companies that can change the world.

There is huge unmet demand for entrepreneurship education in the Kingdom, but access is often a challenge. To address this, last summer, KAUST hosted its rst Massive Open Online Course, where more than 71,000 learners enrolled in the world’s rst Arabic-language entrepreneurship course. Free and open to any aspiring entrepreneur, the course produced some 136 concrete startup ideas that seek to address a range of key economic areas, both in the Kingdom and further a eld.

For entrepreneurs who already have a bold, potentially game-changing idea but lack the means to turn it into a reality, KAUST’s six-month TAQADAM accelerator program can help them get off the ground. Co-hosted with Saudi British Bank, TAQADAM has supported more than 130 local, regional and global startups in the last six years with training, technical support, access to workspaces and over $10 million in funding.

Commercialization is often the final and most significant hurdle entrepreneurs face. KAUST’s various impact-focused technology funding programs aim to accelerate the delivery of impactful technologies into innovative, market-ready products. Each year, KAUST invests $8 million in promising startups, and is putting in place a $200-million fund to accelerate their development.

KAUST’s support for innovative entrepreneurs is reaping rewards. Startups that began as ideas in the minds of faculty have achieved remarkable success, winning major international awards and recognition, attracting millions in venture capital funding, and forging partnerships with government agencies to drive economic growth – achievements made alongside other,

OLAYAN FINANCING COMPANY

“KAUST is especially well positioned to arm entrepreneurs with the skills they need to make a difference. Skills that will serve them well, not only in scientific fields, but also in any field or endeavor they choose to pursue.”

Lubna Olayan, Chair of the Executive Committee and Deputy Chair of Olayan Financing Company

more-established Saudi and global companies that relocated to the KAUST Research & Technology Park in search of an inspiring innovation ecosystem.

The university’s work does not stop there. KAUST is expanding its entrepreneurship programs and facilities in order to accommodate the burgeoning demographic of young entrepreneurs in the Kingdom. Earlier this year, KAUST and the Suliman S. Olayan Foundation broke ground on campus for the construction of the Suliman S. Olayan Institute for Innovation and Entrepreneurship. When completed, the institute will be the new home of KAUST’s award-winning Entrepreneurship Center programs as well as the university’s growing ecosystem of startups.

In time, the Suliman S. Olayan Institute for Innovation and Entrepreneurship will become the center of Saudi Arabia’s nascent deep-tech ecosystem, helping to nurture ideas and technologies into market-ready products that aim to provide world-changing solutions to global problems.