High-Caliber Startup Growth is Accelerated in the Kingdom of Saudi Arabia by Global Innovation Giant “Plug and Play”

Riyadh – :

The largest innovation platform in the world, Silicon Valley’s Plug and Play, which supports regional talent and entrepreneurs while sourcing innovation for its clients, recently finished the first year of its meteoric trip in Saudi Arabia with a number of remarkable achievements. More than 90 promising local and regional entrepreneurs in KSA have had their growth and expansion accelerated by the global innovation powerhouse by giving them access to unmatched mentorship, funding support, and everything else needed to gain commercial development possibilities. Through Misk Accelerator startups, Plug and Play also contributed to the development of more than 450 high-skill positions.

Through the creation of a distinctive local ecosystem that links top Saudi companies with the most innovative startups, Plug and Play serves as a catalyst for the innovation and technology scene by keeping all parties abreast of market trends. Plug and Play crosses the divide between Silicon Valley and Saudi Arabia and supports daring initiatives that have a greater impact and real economic benefit. This initiative is completely in line with the Kingdom’s lofty Vision 2030 national transformation goals.

Misk Accelerator powered by Plug and Play quickly become one of the most prestigious and successful accelerators in the Middle East. With the aim of putting them on a rapid growth trajectory through an intensive training program that offers a hybrid experience (in-person and virtual) and several training modules, such as business strategy, product development, growth hacking, pitching, and fundraising, the program targets seed-stage tech startups operating in or expanding into the Saudi market. More than 60 elite entrepreneurs have benefited from Misk Accelerator’s growth after three successful cohorts, which have collectively generated more than $75 Million in funding.

In addition, Plug and Play embarked on a fascinating chapter with the launch of the first-of-its-kind “T5 Accelerator” program focusing on Smart Cities, in partnership with the Saudi Data and AI Authority (SDAIA). Utilizing its worldwide expertise, the Plug and Play professional team successfully identified the most innovative startups with the highest growth potential. To date, the 12 handpicked startups who participated in and graduated from the program have accumulated almost US $30 million in funding.

Plug and Play’s efforts to activate Saudi Arabia’s enormous potential in the tech innovation space immediately attracted the attention of significant Saudi organizations. Together with renowned Saudi partners, the global innovation giant has successfully launched 5 programs in the Kingdom of Saudi Arabia to date. Since networking is in the platform’s DNA, Plug and Play has also organized more than 180 local events to promote knowledge exchange inside Saudi Arabia’s booming and dynamic startup ecosystem.

Henrik Peter Bærentsen, Director at Plug and Play Saudi Arabia, said: “We are thrilled, grateful, and honored to have received such a positive welcome from leading Saudi corporations, government agencies and entities, and venture capitalists. The nation has such an abundance of energy and potential, and Plug and Play is committed to supporting and enabling the growth of local startups and talent, here in the Kingdom and beyond. We are confident about 2023 and eager to launch exciting new initiatives that will touch on even more aspects of Saudi Arabia’s aspiring Vision 2030.”

“We want to play a vital role in supporting the expansion and transformation of the Saudi economy by assisting more businesses to scale and thrive,” added Abdullah Al Akeel, Director at Plug and Play Saudi Arabia. “At Plug and Play, we strive to build an ecosystem of change-makers who will push the Kingdom’s economy faster and more resiliently towards our leadership’s Vision 2030 goals. Thus, we will continue to support the best-of-breed tech startups, whether early-stage or advanced, by providing them with all of the training, resources, and tools they need to accelerate their growth and expand in the Kingdom. After all, this year Saudi Arabia is expected to be one of the world’s fastest-growing economies, which pushes our ambitions higher.”

In 2023, Plug and Play aims to make an even greater impact in the Kingdom of Saudi Arabia. The Silicon Valley-based platform is preparing to launch a new program in collaboration with MCIT, the second cohort of its NCA program, and the fourth cohort of the hugely successful Misk Accelerator.