Demand and timing key to success in Saudi Arabia
28/06/22
Saudi Arabia’s technology sector is growing rapidly as start-ups, scale-ups and small businesses take advantage of the Kingdom’s ongoing economic reforms.
Specifically, tech start-ups and scale-ups have benefitted from numerous initiatives and the sector has witnessed the success of several national and international enterprises.
There is a great market for fintech (financial technology) start-ups, which refers to technological solutions related to financial services. Consequently, the sector witnessed high demand during the pandemic due to lockdowns and the limited movement of people.
The Kingdom of Saudi Arabia’s efforts to administer incubation and acceleration programs have had a positive impact too. They provide expert mentoring and advisory sessions and help develop business models among many other support services. Most importantly, incubators and accelerators link founders with angel investors or venture capitalists (VCs), who invest at different stages of the business lifecycle.
Saudi Arabia is home to several incubators and accelerators including Taqadam, which is managed and funded by King Abdullah University of Science and Technology (KAUST). In addition, the FintechSaudi accelerator and Monshaat’s accelerators provide specialised support.
It should be noted that start-ups and scale-ups still face a variety of challenges which include intellectual property rights concerns. Due to these risks, it is important to sign confidentiality agreements or non-disclosure agreements in order to protect initial ideas in the early days.
Business Start Up Saudi Arabia has a network of subject matter experts and specialists to assist with activities throughout the lifecycle of a business in the Kingdom of Saudi Arabia. The activities include Market Research & Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study / Business Plan Saudi Arabia, Organizational & Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship & Partnership, Company Formation Saudi Arabia and many others.
Please click on the link to learn more about opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
