{"id":39197,"date":"2023-01-29T11:43:14","date_gmt":"2023-01-29T08:43:14","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=39197"},"modified":"2026-03-28T02:36:47","modified_gmt":"2026-03-27T23:36:47","slug":"techstars-mcit-raed-ventures-and-saudi-national-bank-announce-the-continuation-of-the-riyadh-techstars-accelerator","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/techstars-mcit-raed-ventures-and-saudi-national-bank-announce-the-continuation-of-the-riyadh-techstars-accelerator\/","title":{"rendered":"<strong>Techstars, MCIT, RAED Ventures and Saudi National Bank Announce the Continuation of The Riyadh Techstars Accelerator<\/strong>"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\">The program is now accepting applications and will help drive more innovation and entrepreneurship in the growing Middle East startup ecosystem<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BOULDER, Colo.&#8211;(<a href=\"http:\/\/www.businesswire.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">BUSINESS WIRE<\/a>\/<a href=\"http:\/\/aetoswire.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">AETOSWire<\/a>)&#8211; Techstars, one of the largest pre-seed investors in the world, in collaboration with the Ministry of Communications and Information Technology of the Kingdom of Saudi Arabia (MCIT), RAED Ventures and Saudi National Bank (SNB) today announce a new partnership to continue\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.techstars.com%2Faccelerators%2Friyadh&amp;esheet=53290426&amp;newsitemid=20230124006083&amp;lan=en-US&amp;anchor=The+Riyadh+Techstars+Accelerator&amp;index=1&amp;md5=35b88ca06cfdda50cc1e9cbd0773e64b\" target=\"_blank\" rel=\"noreferrer noopener\">The Riyadh Techstars Accelerator<\/a>. As a part of Saudi Arabia&#8217;s emerging entrepreneurial ecosystem, the accelerator will work with startups and their founders on building and growing businesses in the Middle East and North Africa. The continuation of this program underscores Techstars\u2019 commitment to making innovation and entrepreneurship more accessible and inclusive for entrepreneurs no matter where they operate around the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Riyadh Techstars Accelerator is now accepting applications and is focused on attracting both Saudi-based entrepreneurs and startups from across the Middle East to pave the way for future innovation in the region\u2019s digital economy. Vijay Tirathrai is the Managing Director of Techstars Riyadh which completed its first program in February 2022, investing in\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.techstars.com%2Fnewsroom%2Fannouncing-techstars-riyadh-2022-the-12-companies&amp;esheet=53290426&amp;newsitemid=20230124006083&amp;lan=en-US&amp;anchor=11+portfolio+companies&amp;index=2&amp;md5=b944fb3f6cc21f43a9f77f65e63b3d25\" target=\"_blank\" rel=\"noreferrer noopener\">11 portfolio companies<\/a>\u00a0including Torod \u2013 an API based, e-commerce enabler.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Faisal Al-Maklas, the CEO and Co-Founder of Torod, described: \u201cThe Techstars program was a game changer for us. It has made us all more tenacious, ambitious, and it has shifted our mindset in areas such as learning, growth, and doing more, faster.\u201d His company has since hired 16 people, launched a new product to market, has an annual revenue projection of $1million and raised $1.5m in seed funding. All of this occurred just under a year after completing the Techstars program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI am extremely enthusiastic about the growth of the Saudi Arabian and broader Middle East startup ecosystem. Between the Kingdom\u2019s investment in entrepreneurship and its central location, Riyadh is able to attract global startup talent for the entire region. Part of what we do at Techstars is to help founders connect their innovation with the rest of the world,\u201d stated Ma\u00eblle Gavet, CEO of Techstars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cEntrepreneurship that is built on technology and innovation is essential to achieving Vision 2030, the roadmap for social change and economic diversification that guides our country. 70% of the population is under the age of twenty. These people are our digital natives, and we want to capitalize on their enthusiasm and curiosity to innovate faster,\u201d stated Abdullah Alshamrani, General Manager of the Digital Entrepreneurship Center at the Ministry of Communications and Information Technology of the Kingdom of Saudi Arabia (MCIT).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.techstars.com%2Faccelerators%2Friyadh&amp;esheet=53290426&amp;newsitemid=20230124006083&amp;lan=en-US&amp;anchor=The+Riyadh+Techstars+Accelerator&amp;index=3&amp;md5=d32bb1b5ab3aede65769f8ed9f193bb9\" target=\"_blank\" rel=\"noreferrer noopener\">The Riyadh Techstars Accelerator<\/a>\u00a0is a 13-week program that will take place from June through September 2023. Each company admitted into the program will benefit from Techstars proven model that provides funding and fundraising opportunities, workshops and curated resources, as well as mentors and access to an unrivaled network of partners, investors, and alumni. The program also benefits from the deep connections with the leadership and mentors from MCIT, SNB and RAED Ventures. Once the program is complete, the portfolio will have lifetime access to the Techstars global network of more than 3,300 other startups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commenting on the announcement, Mr. Saeed Mohammed Al Ghamdi, Managing Director and Group CEO at the Saudi National Bank stated: \u201cSNB is focused on empowering young entrepreneurs, encouraging them to pursue an entrepreneurial spirit and start their own successful projects and supporting them to contribute to the development of the nation\u2019s economy and advance development in line with the goals of the Kingdom\u2019s Vision 2030. This is why the Bank launched a number of business accelerators to support innovation, facilitate starting businesses, and develop capacities, in the process creating job opportunities for Saudi nationals across the Kingdom. This partnership coincides with the objectives of SNB\u2019s corporate social responsibility programs in supporting entrepreneurs in the field of technology.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSince the beginning of RAED Ventures, we have committed to building the tech ecosystem alongside our partners. We are thrilled to continue our support to all early-stage founders by announcing our participation in the second cohort of The Riyadh Techstars Accelerator. Having witnessed the rapid growth of some promising startups from the first group, we are excited and look forward to the next cohort of this exceptional program,&#8221; said Talal Alasmarim, founding partner of RAED Ventures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSaudi Arabia\u2019s tech market has grown significantly over the years and is now worth more than $40 billion with over 318,000 jobs in the sector. The nation is also making significant strides in enabling diversity in the workforce with more and more women employed in the ICT industry. Agility and resilience, powered by talent and technology, have enabled Saudi Arabia to reach new heights\u201d stated HE Eng. Abdullah Alswaha, the Kingdom\u2019s Minister for Communications and Information Technology. \u201cThe ministry and Techstars will come together to scale the impact of their combined resources and capabilities to truly accelerate digital entrepreneurship, across the Kingdom. We are already witnessing the growth of a vibrant venture capital investment community, rapid technology adoption, and how digital transformation is allowing companies to re-imagine themselves to become more competitive.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Startups interested in the accelerator are encouraged to apply by visiting\u00a0<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.techstars.com%2Faccelerators%2Friyadh&amp;esheet=53290426&amp;newsitemid=20230124006083&amp;lan=en-US&amp;anchor=The+Riyadh+Techstars+Accelerator&amp;index=4&amp;md5=0564f9f5c7de68286fa252acbeedccce\" target=\"_blank\" rel=\"noreferrer noopener\">The Riyadh Techstars Accelerator<\/a>\u00a0page or by<a href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.techstars.com%2Fgeneral-interest&amp;esheet=53290426&amp;newsitemid=20230124006083&amp;lan=en-US&amp;anchor=expressing+interest+here&amp;index=5&amp;md5=0f8eb8c2213975831e73f68964750646\">\u00a0expressing interest here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The program is now accepting applications and will help drive more innovation and entrepreneurship in the growing Middle East startup ecosystem BOULDER, Colo.&#8211;(BUSINESS WIRE\/AETOSWire)&#8211; Techstars, one of the largest pre-seed investors in the world, in collaboration with the Ministry of Communications and Information Technology of the Kingdom of Saudi Arabia (MCIT), RAED Ventures and Saudi [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":39198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"1","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":22,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-39197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecom","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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