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Saudi telecom operator stc stated that inspireU program has supported eight intakes since its launch, where more than 75 startups benefited from the support provided.
It added that the value of the program’s investments in the projects reached over SAR 500 million, while the market value of investments and financial transactions for the products of the projects incubated by the program amounted to more than SAR 10 billion.
The projects supported by the program contributed to creating 600,000 participatory jobs in the region's market for more than 40 million persons.
The program offers a financial grant of SAR 100,000, and an intensive training program by experts and consultants from Silicon Valley in several fields.
stc works to support the entrepreneurship system through several initiatives and services, including the inspireU program that supports startups. It is considered one of the best programs and business accelerators in the region.
The telecom operator stated that the program helps projects reach the best investors and investment funds in the market. For example, funds like STV, RAED VC and IMPACT46 invested in several of the program's outputs.
The value of free services the startups get from the program is about SAR 600,000. Such projects find support, development and several stc services and products, as well as linking them to its subsidiaries such as stc pay.
According to the company, the program provides office spaces for entrepreneurs and promotes their projects and the opportunity to participate in several national and international workshops and exhibitions such as LEAP in Saudi Arabia, GITEX in the UAE, VIVATECH in France and MWC in Spain.
Through inspireU, many entrepreneurs and mentors meet to exchange experiences and benefit from free services provided by the program's partners, including government agencies such as the Ministry of Investment as well as the private sector, such as cloud and marketing companies.
The table below shows the most important details of inspireU program and its achievements:
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Details about inspireU Program |
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What about the Program? |
stc launched an accelerator incubator called “InspireU” in 2015 to support the plans of Vision 2030 as it seeks to launch pioneering programs that contribute to increasing non-oil exports to 50% of the national economy, as well as helping small and medium-sized enterprises (SMEs) achieve their target by increasing their contribution to 35% of the national GDP by 2030.
stc supports innovators and entrepreneurs in the field of digital technology through InspireU program, which is the first incubator and accelerator for startups in the Kingdom in the field of information and communications technology (ICT) and digital innovation. The program was designed to advance entrepreneurship and digital innovation in the Kingdom and raise awareness in this important and sensitive field that plays a major role in the development and improvement of the local economy. |
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What are the services provided by the program? |
Startups selected by InspireU benefit from a customized system to incentivize success.
The incubated establishments receive a financial grant of SAR 100,000 to launch their companies. Such facilities receive an extensive, high-quality training program delivered by Silicon Valley consultants and entrepreneurs who achieved breakthroughs locally and regionally.
The program allows startups to communicate with mentors and potential business partners, to provide free services worth more than SAR 600,000 to startups. Entrepreneurs benefit from office space, opportunities to promote their projects at national and international exhibitions and access to investors. |
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What are the program achievements? |
inspireU was launched in 2015, with the number of intakes reaching eight until 2022, from which more than 75 projects benefited in various fields. The value of investments in the projects supported by inspireU exceeded SAR 500 million. The projects supported by inspireU created 600,000 participatory jobs in the region's market for over 40 million persons. The market value of investments and financial transactions for the products of the projects incubated by inspireU reached SAR 10 billion. |
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