An article from KAUST discusses the impact of the COVID-19 pandemic on entrepreneurship, drawing parallels with past economic crises. It suggests that while economic stress makes funding difficult, it also creates opportunities for innovation and new ventures. The article highlights how companies like Uber and Airbnb emerged after the 2008 financial crisis by offering solutions to financially stressed individuals. Why it matters: The piece provides a useful perspective on how crises can spur innovation and entrepreneurship in the GCC region, relevant for policymakers and investors.
Hattan Ahmed, Head of the KAUST Entrepreneurship Center, emphasizes the importance of community for entrepreneurial success, noting that even visionary entrepreneurs rely on support networks. A supportive community can be the difference between success and failure for startups. KAUST aims to foster such an environment to attract talent, investment, and encourage future entrepreneurs in Saudi Arabia. Why it matters: This highlights the strategic focus on community building to accelerate startup growth and innovation within Saudi Arabia's evolving entrepreneurial ecosystem.
KAUST's Discovery program supports entrepreneurship. The program appears to have existed since at least 2014, with collaborations including UC Berkeley. Why it matters: Such programs foster innovation and align with Saudi Arabia's Vision 2030 goals for economic diversification.
KAUST's Technology, Innovation, and Entrepreneurship (TIE) program and the National Industrial Development and Logistics Program (NIDLP) are collaborating to train Saudi entrepreneurs. The "Startup Founder Leadership Program," co-developed with SDA Bocconi, provided five-day intensive training to 28 participants selected from 147 applicants. The program focused on marketing, communication, finance, and entrepreneurship management skills. Why it matters: This partnership highlights the focus on developing local talent and fostering innovation within Saudi Arabia's evolving entrepreneurial ecosystem.
KAUST celebrated the first graduating class from its New Ventures Accelerator startup program on February 18. Seven teams completed the six-month mentor-led program, presenting ideas ranging from bioinformatics to customer relationship management. Material Solved, a KAUST IP-based startup using visualization software for materials science, won the best pitch award. Why it matters: The program fosters entrepreneurship in Saudi Arabia, creating job opportunities and contributing to the Kingdom's economy.
KAUST has launched its first Massive Open Online Course (MOOC) titled "Entrepreneurship Adventures" on edX, starting July 4, 2021. The gamified masterclass is the first entrepreneurship course in Arabic on the edX platform. It features industry experts like Amin Al-Nasser (Saudi Aramco) and Lubna Olayan (Saudi British Bank). Why it matters: The course aligns with Saudi Vision 2030, addressing the increasing demand for entrepreneurship education and supporting the Kingdom's startup ecosystem.
KAUST Discovery highlighted Prof. Karl Leo's insights on translating science into business from an Entrepreneurship Center speaker series. Prof. Leo, with 440 publications and 8 co-founded companies, emphasized the importance of curiosity-driven basic research. He envisions organic semiconductors dominating electronics in 20-30 years, noting the success of Novaled, his OLED company in Dresden. Why it matters: This underscores KAUST's focus on fostering entrepreneurship and translating research into practical applications within the Kingdom.
KAUST's Spring Seed Fund Gala recognized three winning teams from its spring funding round. The winning projects include "I3-Waste CO2 to Commercial Products," "ONCOGENOMICS - Highly Accurate Test for Early Detection of Colorectal Cancer," and "ZAD - Microbes to improve agriculture under drought, heat and salinity." The Seed Fund aims to empower faculty, researchers, and students to turn their ideas into successful businesses, providing the Kingdom with innovative startups and jobs. Why it matters: This KAUST Seed Fund supports promising research with commercial potential, fostering innovation and entrepreneurship in Saudi Arabia.