The MCIT aka Saudi Arabia’s Ministry of Communications and Information Technology has teamed up with the Raed Ventures Investment Fund for the Riyadh Techstars Accelerator program. The program was established back in May and will proceed in the same region for about 4 months. The Riyadh Techstars Accelerator program welcomes 10 new companies to expand their operations in the region while receiving about $120k, as a chance for organizations to capitalize on the Saudi government’s help of the startup system and that’s not all.
New companies trying to join the accelerator program are needed to strictly follow some specific rules, including exhibiting prominent improvement within the platform and their adaptability, having a group with incorporated abilities and commitment among the workforce by the originators of the startup. That also includes having an item on the market of their own and being an income-producing startup with a prior client base which is a must to have.
According to the MCIT’s obligation to supporting new rising organizations in accordance with the fundamental Vision 2030, the service proceeds to withstand the significance of advanced business venture as an example for the online economy to go even further, and a huge accelerator program at the beginning of what has been depicted as the Fourth Industrial Revolution.
The applications for the Riyadh Techstars Accelerator program started on May 18 and closes on July 28.