The programme will finance the companies with amounts of up to half a million Riyals
Out of 800 Saudi startups, five technology companies have qualified for the Badir Business Accelerator Programme, taking place on January 1, 2018, to offer support, funding and guidance over the next three months, in order to guarantee their success in their initial stages.
The Riyadh-based initiative, which will offer services such as training, workshops, business offices and legal support, is one of many launched by Badir Program for Technology Incubators, established by King Abdulaziz City for Science and Technology.
It will finance the startups with amounts of up to half a million Riyals, and help them acquire further investments, in exchange for a share in their capital. The companies’ fields of work range Blockchain technology, virtual reality, e-commerce, e-learning and vehicle services.
The startups were chosen based on the maturity of their ideas and products, their future development and growth potentials, their level of competitiveness and the degree to which their innovations meet the requirements of the market, according to the chief executive of the Badir Program for Technology Incubators, Nawaf Al Sahhaf.
He said the program aims at speeding growth of Saudi startups to establish new technology projects and contribute to improving the national economy, as well as increase productivity and job opportunities for youth.
It also focuses on attracting and supporting both male and female entrepreneurs in ICT, mobile applications and digital media.