Saudi Arabia has launched ‘The Garage’ a world-class innovation hub to support emerging and disruptive technology-based startups. 

 

“The Garage is designed to allow entrepreneurs to experiment with their ideas rapidly and to foster cutting-edge technology startups by providing integrated services that include business incubation, mentorship programmes, enrichment activities and an open area workspace,” said Dr Munir Eldesouki, President of the King Abdulaziz City for Science and Technology (KACST), at the global technology event Leap held in Riyadh from February 1 to 3, a Saudi Press Agency report said.

 

“The launching of The Garage is a direct result of the unlimited support and commitment from the kingdom’s leadership in enhancing Saudi Arabia’s innovation ecosystem and encouraging the establishment of emerging technology startup companies,” Dr Eldesoukion said on the sidelines of Leap. The project has received immense empowerment from Crown Prince Mohammed bin Salman bin Abdulaziz, he said.

 

"It is the product of sincere collaborative efforts and a multi-stakeholder partnership between KACST, Ministry of Communications and Information Technology (MCIT), and the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), to facilitate closely aligned activities and open access to KACST’s labs, rapid prototyping facilities and specialised capabilities that will provide additional support and technical services to entrepreneurs, especially in ‘deep-tech’ startups,” he added.

 

The name The Garage was inspired by the origin stories of the world’s top tech companies such as Apple, Google and Amazon, which famously launched their businesses from inside a garage, he explained.

 

He continued: “Driven by this inspirational concept, the team worked to transform a multi-level parking lot structure strategically located in the heart of Riyadh into an innovation hub, in addition to enabling access to KACST’s elite group of researchers and scientists.”

 

Highlighting the subtle aspects of The Garage, Dr Eldesouki said: "The Garage seeks to establish a successfully proven innovative environment, such as Silicon Valley, Station F and others. It aims to create a similar startup culture that integrates innovation processes, creative thinking, design testing, and entrepreneurship under one roof, while attracting the brightest minds from across the kingdom and abroad, encouraging them to turn their dreams into realities, their ideas into innovations, and their startups into unicorns.”

 

The Garage will become the ideal place to engage with entrepreneurs and promote the establishment of startups to achieve economic growth and financial sustainability by the commercialisation of innovative solutions into products and services. At the same time it will work to develop the business skills of entrepreneurs through mentorship programmes and workshops with stakeholders, said Dr Eldesouki.

 

The CEO of SAFCSP (Saudi Federation for Cyber Security and Programming), Eng Muteb Alqany, said: “The Garage project is a perfect bridge to connect high-tech startups with potential investors.” 

 

He elaborated by indicating that grants could reach up to SR100,000 ($26,656) per qualified business idea, while investments may exceed SR500,000 for the most promising startups.

 

Additionally, Eng Alqany indicated that incubation at The Garage passes through several stages. It starts from the evaluation and selection of business ideas, then engagement and incubation stage, including a wide range of services, such as technical and administrative support, mentoring and skills development.

 

The programmes offered within The Garage will focus mainly on incubating business ideas in emerging and disruptive technologies, for instance, solutions related to the Fourth Industrial Revolution (4IR) and Digital Technologies of the Future, he concluded.-- TradeArabia News Service