Kaust is preparing for the third phase of its Taqadam startup accelerator, which is supported by a host of Saudi Arabian academic institutions and claims to have achieved a 35% female participation rate.
King Abdullah University of Science and Technology (Kaust) has kicked off the third phase of its multi-university-backed Taqadam startup accelerator catered to Saudi Arabian students, staff and recent graduates, according to Arab News.
Launched in 2016, Taqadam’s initial phase supported 39 startups and has altogether awarded $1.2m in grant funding through the scheme.
Each participant is eligible for an SR75,000 ($20,000) grant as well as entry to a co-working space. Kaust has so far accepted 42 applications for its latest intake from a pool of 518.
Taqadam is based at Kaust’s mixed-sex campus in Thuwal, Saudi Arabia. A total of 133 entrepreneurs are involved with the scheme, 35% of which are reported to be women.
The concept is intended to support the development of a knowledge-based Saudi Arabian economy less dependent on oil production, by providing training in areas including agtech, artificial intelligence (AI), e-commerce, energy, fashion and healthcare.
The full list of universities participating in Taqadam are Princess Nourah bint Abdulrahman University, King Saud University, Prince Mohammed bin Salman College, University of Prince Muqrin, Umm Al-Qura University, Taif University, Prince Sultan University, Jazan University, King Abdulaziz University and King Fahd University of Petroleum and Minerals.
Hattan Ahmed, entrepreneurship collaboration manager and interim head at the Entrepreneurship Center in Kaust’s innovation and economic development unit, said: “We have seen really good outcomes in terms of specific technologies, such as in energy or AI in the last two cohorts. They are resolving some key challenges, not just for Saudi Arabia but the world.”
