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INNOVATIVE SOLUTIONS
SUPPORTING TOMORROW’S BUSINESS LEADERS KAUST’s start-up accelerator continues to turn ideas into reality Budding entrepreneurs face a myriad of obstacles when looking to turn their ideas into successful businesses. Many lack adequate funding or the appropriate mentorship; some have great ideas but lack the know-how to bring them to the market. As a result, most entrepreneurial endeavors in Saudi Arabia fail within three years. One of the key strategic aims of Vision 2030 is to establish the country as the region’s premier start-up hub. To achieve this the authorities are working to not only ensure that innovators have access to adequate funding, but also create an entrepreneurial ecosystem of knowledge-sharing and support. Through its TAQADAM start-up accelerator program, KAUST continues to actively support the development of Kingdom’s vibrant and growing start-up scene. Launched in partnership with SABB in 2016, TAQADAM is one of KAUST’s flagship innovation financing initiatives. Since its creation, TAQADAM has awarded more than SAR16 million in funding and graduated 126 start-ups. Every year, TAQADAM invites applicants from Saudi Arabia and abroad to join a cohort of promising start-ups, each receiving SAR150,000 in zero-equity grant funding, in addition to access to co-working spaces, training and expert mentors. Acceptance is highly competitive: in 2020
only 59 of the 561 start-ups that applied were accepted, and 37 went on to graduate. Submissions are judged based on the strength of the idea: its viability, scalability and team makeup. Saudi start-ups at all stages from any sector are encouraged to apply, as are international start-ups with plans to expand in the Kingdom. During the six-month accelerator program, teams learn the main elements of successful entrepreneurship, with workshops and sessions focused on product design, market fit, business-model planning, team development and fundraising. They also receive access to a network of mentors and program alumni, as well as co-working and lab facilities on KAUST’s campus. The cumulation of the program is TAQADAM’s showcase event, during which participants pitch their ideas to a panel of judges. Each start-up founder has one goal in mind: secure a share of the approximately SAR4 million in zero-equity funding on offer, while attracting attention from potential investors and partners. In March 2021, 37 start-ups from the class of 2020 gave three-minute virtual presentations to a panel of leading domestic and international
