Saudi Arabia startups shine at GITEX Future Stars
GITEX Future Stars played host to Saudi Accelerator Day
GITEX Future Stars played host to Saudi Accelerator Day on Monday, to promote the startup ecosystem and entrepreneurship drive in the Kingdom.
The event featured a panel of prominent speakers who discussed the Kingdom's accelerating start up scene at the GITEX Future Stars Unbox Lounge
According to latest reports by Wamda, the number of entrepreneurship support organisations in Saudi Arabia, including funds, co-working spaces, incubators and accelerators, has nearly tripled from 2011 to 2015.
Among the participants for Saudi Accelerator Day was Wa'ed Ventures, the venture capital arm of Saudi Aramco Entrepreneurship Center. Wa'ed Ventures has venture capital fund of $200m, to enable it in its mission to ignite the spirit of entrepreneurship in Saudi Arabia.
Trey Goede, Head of Portfolio and Investment Management at Wa'ed Ventures says: "We are extremely excited to be a part of a bold, new platform that seeks to redefine the global startup agenda through unique GITEX programs and look forward to drawing out the best innovations and ideas from across the world. GITEX Future Stars gives us the perfect opportunity to engage with our peers, inspire a new generation of entrepreneurs and outline new opportunities to complement our portfolio of successful ventures while seeking to empower our national agenda and accelerate the strategic direction for the global innovation roadmap."
Other prominent Saudi players in the startup sphere who are participating in GITEX Future Stars include Badir, the incubator of King Abdulaziz City for Science and Technology (KACST), and STC InspireU Program. Both are engaging with emerging startups in their chosen spheres and highlighting their offerings for the sector.
"GITEX Future Stars extends the perfect mesh of opportunity and learning; offering our startups the key platform for seeking out and attracting like-minded investors but also engaging with their peers to help bring a global adaptation to a locally-born idea," says Feras S Alheraish, Program Head, STC InspireU.