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.

ABDULRAHMAN ALJIFFRY Collaboration Manager of KAUST Entrepreneurship Center

WE ARE SEEING THE PROGRAM SCALE AND ATTRACT TOP LOCAL AND INTERNATIONAL TALENT WITH THIS FOURTH COHORT – OUR MOST AMBITIOUS YET. THE PANDEMIC REQUIRED ALL OF OUR START-UPS TO PRESS THE RESET BUTTON AND NAVIGATE NEW TERRITORY, AND WE’VE SEEN SOME INCREDIBLE RESULTS.

SAUDI BRITISH BANK

“We are honored to join KAUST in offering such a valuable opportunity for the next generation of entrepreneurs. Start-ups will be key to the recovery, so this is a great opportunity for entrepreneurs to learn what it takes to run a successful business – and most importantly, secure funding that can boost growth and job creation. We should be proud to have such a successful program for entrepreneurs here in Saudi Arabia.”

Majed Najm, Deputy Managing Director of Corporate and Institutional Banking at Saudi British Bank

investors and judges. The 2021 cohort featured the most diverse representation of industries to date, including health, education, financial technology and e-commerce. The participants themselves were also diverse: in 2021, 46% of the start-ups were run by women, and the teams came from 10 cities in Saudi Arabia, as well as from Bahrain, Egypt, Algeria and Lebanon. The quality of ideas pitched was equally impressive, and the judges had the difficult task of narrowing down a competitive field to 10 winners, each of whom would receive SAR375,000 in funding. In addition, an audience of over 4,200 virtual attendees vote on a People’s Choice Award winner, for a prize of SAR375,000.

The winning start-ups are set to disrupt the market and change the way communities manufacture, study, stay healthy and much more. Their solutions and products align well with the Kingdom’s Vision 2030 roadmap. One of the winners, mobile education platform AlGooru, matches students with qualified and vetted tutors, thereby cutting out the stress and uncertainty of searching for educational support online. The People’s Choice Award winner, Tmyyoz, an online education platform for standardized test preparation, similarly aligns with Vision 2030’s emphasis on growing digital education solutions.

Another winner, sustainable materials manufacturer Polymeron, has developed an innovative process that produces 100%-biodegradable polymeric materials using organic waste from the agricultural date industry. Single-use plastics and plastic pollution threaten coastal tourism, food safety and quality, and human health, and contribute to climate change. By creating renewable and accessible resources to create safe, environmentally friendly, single-use plastics at competitive prices, Polymeron’s contributes to Vision 2030’s environmental protection goals.

AlGooru, Tmyyoz, Polymeron and the other 2020 winners join a growing network of TAQADAM graduates. The scale and quality of the program continues to increase each year, and 2021 is expected to be the best yet. Following another successful round of applications, TAQADAM will welcome up to 60 new start-ups from around the world later this year.