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Saudi Arabia launches new accelerator to boost SME growth
The new initiative aims to meet the needs of small and medium enterprises and industrial project owners.
Entrepreneurs in Saudi Arabia, this one’s for you – the Ministry of Industry and Mineral Resources has launched the new Industrial Business Accelerator and Incubator Initiative to meet the needs of small and medium enterprises and industrial project owners.
While incubators focus on early-stage startups and accelerators mainly focus on late-stage startups, the program will offer an overall experience with pooled industry system resources and other government agencies, leading national universities, and large industrial companies.
Other supporters of the program include financial investors, leading international operators of incubators, and accelerator networks. Participants of the program will receive support from all parties.
Jarrah bin Muhammad Al Jarrah, the Ministry of Industry and Mineral Resources spokesman said that the initiative aligns with the kingdom’s Vision 2030 and the objectives of the National Industrial Strategy by increasing the base of mature, innovative, and globally competitive SMEs.
This will help address the challenges of industrial entrepreneurs and SMEs in the kingdom, thereby encouraging more industrial entrepreneurship and improving the continuity of industrial startups in the long run.