Saudi Arabia’s General Authority for Small and Medium Enterprises, Monsha’at, has celebrated the graduation of 20 university-based startups from its business accelerator at Princess Nourah bint Abdulrahman University (PNU). The event, part of the University Startups Accelerator Program, showcased the early success of the cohort, which has already attracted significant investment interest. The graduation ceremony was attended by Monsha’at Governor Sami bin Ibrahim Al-Husseini and acting PNU President Dr. Fawzia bint Suleiman Al-Amro.
Quick Facts
- 20 university-based startups graduated from the program.
- The cohort secured SAR 29 million in investment deals.
- Participant revenues grew by over 188% during the program.
Fostering University-Level Entrepreneurship
The accelerator program is a key initiative under Saudi Arabia’s Human Capacity Development Program, designed to equip university students and recent graduates with the tools to develop their ventures and improve their investment readiness. Over a six-month period, Monsha’at provided participants with a suite of developmental services, including specialized workshops, mentorship sessions, and expert consultations. The program also focused on connecting the founders with financing solutions and building relationships with investors.
Impressive Growth Metrics
During the graduation ceremony, the 20 startups pitched their business models and investment opportunities to a room of investors and industry enablers. The results from the six-month program highlight significant traction. Collectively, the participating companies increased their customer base by over 100% and grew revenues by more than 188%. Employment rates within the startups also saw a 59% increase. The cohort’s progress translated into tangible financial backing, with around SAR 29 million raised across 45 separate investment deals and contracts.
A Diverse Cohort for a Diversified Economy
The graduating startups span a range of vital sectors, reflecting the diverse opportunities emerging from Saudi Arabia’s university ecosystem. The cohort included ventures in healthtech, artificial intelligence, logistics, fintech, and legaltech, as well as companies operating in the tourism and education industries. An accompanying exhibition allowed the startups to showcase their products and services, giving attendees a direct look at the projects and facilitating discussions for potential investment and partnerships.
About Monsha’at
The General Authority for Small and Medium Enterprises (Monsha’at) is the primary government body in Saudi Arabia responsible for supporting and developing the SME sector. Its initiatives aim to increase the economic contribution of SMEs and foster a culture of entrepreneurship in line with the objectives of Saudi Vision 2030. The University Startups Accelerator Program is part of this broader effort, which has successfully graduated 280 startups from incubators and accelerators across 12 universities in the Kingdom.
Source: Mrj3y
