stc says inspireU program supports 75 startups with investments worth SAR 500 mln

Details about inspireU Program

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Details

What about the Program?

stc launched an accelerator incubator called “InspireU” in 2015 to support the plans of Vision 2030 as it seeks to launch pioneering programs that contribute to increasing non-oil exports to 50% of the national economy, as well as helping small and medium-sized enterprises (SMEs) achieve their target by increasing their contribution to 35% of the national GDP by 2030.

stc supports innovators and entrepreneurs in the field of digital technology through InspireU program, which is the first incubator and accelerator for startups in the Kingdom in the field of information and communications technology (ICT) and digital innovation. The program was designed to advance entrepreneurship and digital innovation in the Kingdom and raise awareness in this important and sensitive field that plays a major role in the development and improvement of the local economy.

What are the services provided by the program?

Startups selected by InspireU benefit from a customized system to incentivize success.

The incubated establishments receive a financial grant of SAR 100,000 to launch their companies. Such facilities receive an extensive, high-quality training program delivered by Silicon Valley consultants and entrepreneurs who achieved breakthroughs locally and regionally.

The program allows startups to communicate with mentors and potential business partners, to provide free services worth more than SAR 600,000 to startups. Entrepreneurs benefit from office space, opportunities to promote their projects at national and international exhibitions and access to investors.

What are the program achievements?

inspireU was launched in 2015, with the number of intakes reaching eight until 2022, from which more than 75 projects benefited in various fields.

The value of investments in the projects supported by inspireU exceeded SAR 500 million.

The projects supported by inspireU created 600,000 participatory jobs in the region's market for over 40 million persons.

The market value of investments and financial transactions for the products of the projects incubated by inspireU reached SAR 10 billion.