MSA Novo, KAUST in deal to boost Saudi start-up ecosystem
RIYADH, June 9, 2024
In a significant move to bolster the Saudi start-up ecosystem, MSA Novo, a multi-stage global emerging markets-focused venture capital firm, has signed a MoU with King Abdullah University of Science and Technology (KAUST).
This partnership underscores MSA Novo’s commitment to fostering innovation and entrepreneurship in Saudi Arabia.
On the key deal, MSA Novo said its partnership with KAUST will significantly impact the local start-up landscape.
By focusing on joint investment initiatives and developing new start-up accelerator programmes, MSA Novo aims to support the growth of emerging companies and foster technological advancements in alignment with Saudi Arabia’s Vision 2030, it stated.
"This strategic collaboration will leverage our global network and KAUST’s research capabilities to accelerate innovation within the Kingdom," said Ben Harburg, Managing Partner at MSA Novo.
"MSA Novo has always been at the forefront of bringing leading global technologies to Saudi Arabia that meet strategic demand, and our partnership with KAUST further solidifies that platform to bring global innovation to Saudi Arabia through the Kingdom’s preeminent research university, allowing us to build world-class technologies domestically," he noted.
Key areas of collaboration outlined in the MoU include:
*Joint Investment and Accelerator Initiatives: Establishing a joint investment strategy and collaborating on flagship start-up acceleration and incubation programmes to support emerging companies, particularly in cutting-edge technologies like artificial intelligence.
*Access to Research and Mentorship: Gaining access to research and innovations from KAUST’s departments and providing mentorship and advisory services through MSA’s partners and industry experts to enhance the growth of university portfolio companies.
*Entrepreneurship Education and Talent Development: Designing and implementing entrepreneurship education programmes, developing internship programmes, and creating a talent pipeline by providing students with hands-on start-up experience within MSA’s portfolio.
*Technology Transfer and Industry-Specific Hubs: Collaborating with the Technology Transfer Office to facilitate the transfer of intellectual property and establishing industry-specific innovation hubs or labs to foster collaboration between start-ups and established companies.
*Joint Events and Corporate Partnerships: Hosting joint events, conferences, and forums to bring together key stakeholders, and facilitating partnerships between start-ups and established corporations within KAUST and MSA’s networks. This dynamic collaboration is set to ignite a spark of mutual growth and innovation, promising exciting opportunities for all involved.
Ian Campbell, the Vice President of National Transformation Initiative at KAUST, said the university is supporting a wave of innovation in Saudi Arabia, transforming the economy and fostering a culture of entrepreneurship.
"We are grateful to our investor partners for their support and vision, helping us build a vibrant ecosystem," observed Campbell.
By fostering collaborations and leveraging global technologies, MSA Novo and KAUST are set to drive significant economic growth and technological advancement in the kingdom, he added.-TradeArabia News Service
