The Business Incubators and Accelerators Company (BIAC) is a subsidiary of the Saudi Technology Development and Investment Company 'TAQNIA,' which is wholly owned by the Public Investment Fund (PIF). Established in 2017, BIAC aims to enable innovation in the Kingdom of Saudi Arabia by building, operating, supporting, and developing an innovation ecosystem, promoting technology, and managing projects across various business sectors.
Field of work of BIAC
BIAC aims to support and advance the innovation movement in Saudi Arabia. It is the first licensed company in Saudi Arabia to manage business incubators and accelerators and has established several local and international partnerships in the field of innovation. BIAC's scope of work includes the establishment and support of technology companies, reaching over one million beneficiaries through various awareness initiatives on innovation. This effort has contributed more than SAR2.1 billion to Saudi Arabia’s GDP and created approximately three thousand direct jobs and two hundred thousand indirect jobs.
Sectors of BIAC
BIAC operates in three key sectors:
- Innovation management: It includes programs aimed at enhancing the innovation ecosystem in Saudi Arabia. These programs include training camps, business accelerators, business incubators, innovation labs, research centers, tech community management, hackathons, innovation centers, virtual hackathons, innovation platforms, specialized training programs, company factories, and virtual training camps.
- Innovation partnership services: They involve attracting emerging technology companies from around the world that offer services and technologies in demand locally. These companies are then connected with local entities seeking their services, with the aim of developing businesses and supporting the entry of global companies into the local market.
- Innovation support: It focuses on providing comprehensive services to meet the business needs of both the public and private sectors. These services include information technology solutions, human resources management and development, marketing and communication services, engineering projects and facilities management, procurement management, accounting and financial management, and legal services.
Related quizzes
