Accelerators Enablement Initiative
The Accelerators Enablement Initiative is an initiative aimed at enabling local and international business accelerators to adopt global best practices based on quality standards, in order to empower entrepreneurs in the Kingdom of Saudi Arabia to develop distinctive business models. The initiative was launched by the National Technology Development Program (NTDP) on March 28, 2022.
The initiative was launched through a strategic partnership between the Ministry of Communications and Information Technology, the Small and Medium Enterprises General Authority (Monsha’at), the Saudi Venture Capital Company, and the Center of Digital Entrepreneurship.
The Accelerators Enablement Initiative targets, through local business accelerators, small tech companies in Saudi Arabia with more than two years of experience in their respective fields. It also targets, through global business accelerators, investors looking for opportunities to invest in Saudi-based tech startups with two or more years of experience in their specialties.
Work of the Accelerators Enablement Initiative
The initiative attracts high-performing global accelerators and incentivizes local accelerators by offering support that helps entrepreneurs adopt quality standards, allowing their ventures to emerge with stronger foundations, all in alignment with global business practice standards.
Objectives of the Accelerators Enablement Initiative
The Accelerators Enablement Initiative aims to attract global business accelerators to increase investment opportunities for small companies in Saudi Arabia and position it as a global hub in the technology sector. It also seeks to stimulate and grow local tech companies to reach high-efficiency and high-quality services, in addition to introducing new models that encourage entrepreneurs to establish leading tech companies and generate both direct and indirect employment opportunities.
Benefits of the Accelerators Enablement Initiative
The initiative offers financial support based on performance standards adopted by Saudi Arabia to enable business accelerators. It also educates entrepreneurship enthusiasts about accelerators and enhances the performance of local accelerators to support business development and growth.
Registration in the Accelerators Enablement Initiative
The registration process for the Accelerators Enablement Initiative begins by submitting a participation request through the initiative’s official website and completing the required registration information. The application is then reviewed and submitted to the partners for evaluation. The final steps involve contacting the selected participants, submitting the business plan, and receiving support.
NTDP was established to accelerate and grow the information technology sector in Saudi Arabia. The allocated budget for the program is approximately SAR2.5 billion.