BIAC showcases Saudi Arabias ambitious startup scene at Web Summit 2018

Riyadh Mubasher: The Saudi Business Incubators and Accelerators Company (BIAC) on Thursday announced its successful participation at the Web Summit 2018 event held in Lisbon, Portugal this month.

BIAC, which specialises in the establishment, operation, and management of business incubators and accelerators, showcased the kingdoms expertise, experience, potential, and support for business incubators and accelerators for technology startups and entrepreneurs at Europe's largest tech event.

BIAC has also shared details of its various services and achievements in the area of technical entrepreneurship, and its role in implementing the Saudi Vision 2030, an initiative through which the Kingdom aspires to diversify its productive base, enhance its competitiveness and accelerate transformation to a knowledge-based economy, it said in a statement on Tuesday.

The Saudi state-owned firm, which is also a subsidiary of the Saudi Development and Technical Investment Company (TAQNIA), took part in a roundtable discussion on Investing in MENA - the Challenges and Opportunities" during the tech event.

The roundtable tackled and explained the Saudi governments legislation and various startup-support initiatives, indicating that the kingdom was working on creating and fostering a world-class entrepreneurship-friendly ecosystem.

Saudi Arabias ever-growing startup ecosystem has created a conducive environment for innovation, contributing significantly to the economy, commented BIAC CEO Nawaf Al-Sahhaf.

He further revealed that there have been many high-value deals in Saudi Arabias local startup scene, allowing of stronger growth.

Investors are showing confidence in the ecosystem by throwing their support behind startups," he added.

Saudi Arabia has over 40 business incubators alongside several accelerator programmes, half of which are tied to or sponsored by the government.

In the past three years, Saudi Arabia witnessed a surge in startup accelerators and incubators particularly for technology companies, with many government and non-profit organizations directly or indirectly supporting Saudi entrepreneurs.

The Web Summit 2018 event ran from 4 until 8 November, 2018.