stc Group, the digital transformation enabler in the region, announced that the value of the investments obtained by the entrepreneurs participating in the inspireU accelerator has reached more than 700 million riyals.The accelerator expanded by launching a new program that provides additional support for emerging technology companies, as part of its endeavor to support entrepreneurship, enable innovation in the Kingdom, and contribute to strengthening the digital economy in technical fields.
The announcement came during the graduation ceremony of the ninth batch of the inspireU program, which was held at the King Abdulaziz Complex for Communications in Riyadh, in the presence of His Royal Highness Prince Muhammad bin Khaled Al-Abdullah Al-Faisal, Chairman of the Board of Directors of stc Group, His Excellency the Deputy Minister of Communications and Information Technology, Eng. Haitham bin Abdul Rahman Al-Ohali, and the President The CEO of stc Group, Eng. Olayan bin Muhammad Al-Wateed, witnessed the presentation of a comprehensive presentation dealing with the 71 projects incubated by the program.
On this occasion, Eng. Moataz Al-Anqari, Chief Investment Officer of stc Group, referred to the pioneering role of the inspireU accelerator in supporting entrepreneurs and startups and enabling them to develop new businesses in the technical field, as it is one of the main pillars of stc’s strategy in this field.
Since its launch of the program, the inspireU accelerator has succeeded in enabling more than 90 emerging digital projects in various fields. More than 600,000 job opportunities, which confirms stc’s contribution to promoting the digital economy, creating job opportunities, and supporting local content by transforming entrepreneurs’ ideas into successful projects.
stc, through its business accelerator, inspireUBy launching an advanced program to enable and develop emerging companies, and help them grow their business and increase revenuesAnd improving its competitive capabilities in the market in order to achieve a prosperous and technologically advanced future, on which strategic investments and sustainable growth are based.Eng. Moataz Al-Anqari, Chief Investment Officer, stc Group
The ninth batch included a special track to support projects in the field of cybersecurity, in cooperation with sirar company from stc, the digital provider of cybersecurity services. This track aims to promote local content and enable digital cyber projects, as it witnessed the organization of a number of workshops and specialized technical advisory sessions.
inspireU is positioned as the leading business accelerator in the Kingdom and the region. It incubates technical projects and transforms them into leading companies that contribute to building the digital economy in the Kingdom, in addition to its effective role in attracting and increasing foreign investment in the local market by highlighting projects globally. Through its programs, the accelerator works to enable these projects by providing an environment conducive to growth that includes financial support, logistical and advisory services, in addition to an intensive training program under the supervision of the most important experts and consultants in Silicon Valley covering many diverse fields and includes organizing workshops and meetings with many entrepreneurs. and guides.
The inspireU accelerator supports projects in their quest to obtain investment and link with investors and investment funds in the market, and the value of the free services it provides to emerging projects is about 600 thousand riyals. The program provides entrepreneurs with office space, promotes their projects, and provides opportunities to participate in the most important events, from workshops to national and international exhibitions.