Riyadh, February 01, 2022, SPA — The global technology event \u201cLEAP\u201d, which is hosted in Riyadh, has witnessed a historic moment today, the announcement to launch \u201cThe Garage\u201d a world-class innovation hub to support emerging and disruptive technology based startups. During the event Dr. Munir Eldesouki, President of the King Abdulaziz City for Science and Technology (KACST) stated, that \u201cThe 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 programs, enrichment activities and an open area workspace\u201d.<\/p>\n\n\n\n
\u201cThe launching of The Garage is a direct result of the unlimited support and commitment from the Kingdom\u2019s leadership in enhancing Saudi Arabia\u2019s innovation ecosystem and encouraging the establishment of emerging technology startup companies,\u201d commented Dr. Eldesoukion the sidelines of the conference, the project has received immense empowerment from His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz.
“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\u2019s labs, rapid prototyping facilities and specialized capabilities that will provide additional support and technical services to entrepreneurs,
especially in \u201cdeep-tech\u201d startups\u201d he added.<\/p>\n\n\n\n
Dr. Eldesouki explained the name behind \u201cThe Garage\u201d by revealing, \u201cit was inspired by the origin stories of the world\u2019s top tech companies like Apple, Google and Amazon, which famously launched their businesses from the inside of a Garage\u201d.<\/p>\n\n\n\n
His Excellency continued, \u201cDriven 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\u2019s elite group of researchers and scientists\u201d.<\/p>\n\n\n\n
In highlighting the subtle aspects of \u201cThe Garage\u201d, Dr. Eldesouki stated that “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.\u201d<\/p>\n\n\n\n
\u201cThe 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 commercialization of innovative solutions into products and services. At the same time working to develop the business skills of entrepreneurs through mentorship programs and workshops with stakeholders,\u201d said Dr. Eldesouki.<\/p>\n\n\n\n
From another point of view, the CEO of SAFCSP, Eng. Muteb Alqany, stated that \u201cThe Garage project is a perfect bridge to connect high-tech startups with potential investors.\u201d He elaborated by indicating that \u201cgrants could reach up to 100,000 SAR per qualified business idea, while investments may exceed 500,000 SAR for the most promising startups.\u201d<\/p>\n\n\n\n
Additionally, Eng. Alqany indicated that \u201cincubation 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.\u201d<\/p>\n\n\n\n