The King Abdulaziz City for Science and Technology (KACST) in Saudi Arabia has successfully transitioned four of its ten technological innovation projects into fully-fledged startups in the year 2023, as part of its entrepreneurship program. This strategic move was made after confirming market demand for the products developed by these emerging companies and assessing their economic viability and positive contribution to the economy, including the creation of direct and indirect employment opportunities.
By investing in scientific research and development, KACST aims to foster sustainable development in the kingdom through the support of scientific research and technological innovation. It also focuses on conducting applied scientific research and development, and coordinating national activities in the fields of science, technology, and innovation.
To support investors in innovation hubs, KACST has established a comprehensive database of assets. Additionally, through its innovation and asset hubs, named “Enabling Innovation” and “Innovation Assets,” the city has built a database for investors. These hubs work to enhance the culture of innovation and competitiveness by fostering entrepreneurship and supporting companies through various business and activities executed within the innovation ‘garage.’
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According to sources, KACST is currently working on a startup-building program in collaboration with the National Technology Development Program at the Ministry of Communications and Information Technology. This initiative aims to capitalize on scientific research outcomes by supporting over 60 potential entrepreneurial companies, with the goal of launching 20 companies specializing in deep technologies.
KACST is also committed to strengthening local and international partnerships for technology transfer, localization, and development. It offers consultancy services, innovative solutions, and invests in the commercial preparation and development of technologies.
