Arabnet Arabnet

Saudi Telecom Company (STC) has launched Saudi Arabia’s first corporate digital incubator-accelerator: InspireU.

The digital industry in the MENA region is forecast to grow by three times to an estimated $18B opportunity by 2018. This growth has created a boom in entrepreneurship, which inevitably requires startup incubators and accelerators.

Saudi Arabia is already home to accelerators like Afkar.me and initiatives by the King Abdullah University of Science and Technology (KAUST) like “New Ventures”. The latest among those, InspireU, targets early stage digital and ICT startups. The 6-month program will run twice a year in Riyadh, and is open to applications globally, with a focus on Saudi Arabia.

How the Program Works

Each cycle will begin with a 2-day bootcamp during which candidates will prepare their idea pitches. 10 candidates will then be selected and will receive help in relocating to Riyadh to benefit from the program.

Selected candidates can receive up to $20,000 in seed funding, as well as a full range of services, for a total value of around $100,000, including: office space, access to STC’s infrastructure, mentorship, hands-on trainings, an international exchange program, networking with regional and international partners, and privileged access to MENA markets.

At the end of the program, a jury of experts will choose 4 out of the 10 candidates to help them develop their businesses with InspireU.

The program is already open for applications. Entrepreneurs that don’t make it at any point of the program are welcome to reapply for the next cycle.

See related: 10 Digital Startup Accelerators To Look Out for in 2015