Azerbaijani startups set to participate in new Riyadh accelerator program

The Al-Farabi Innovation Hub has announced the launch of the inaugural stream of the Al-Farabi ScaleUp program, aimed at supporting startups from Central Asia.

In collaboration with Astana Hub and Plug and Play Saudi, the program will take place in Riyadh, Saudi Arabia, and is specifically designed for startups looking to expand in the MENA region, which includes countries such as the UAE, Saudi Arabia, Qatar, Egypt, and Algeria, Caliber.Az reports via local media.

Applications are open until October 25, 2024. The program targets IT projects at the Product-Market Fit (PMF) stage, as well as established technology companies from Azerbaijan, Kazakhstan, Tajikistan, Uzbekistan, and Kyrgyzstan. After a selection process, the top 15 startups will gain access to the Saudi Arabian market and opportunities to connect with leading corporations and venture capital funds in the area.

With extensive experience in the MENA market, Plug and Play will provide mentoring support and facilitate international market entry for participants. The program consists of six weeks of online training followed by eight weeks of hands-on work in Saudi Arabia.

Participants will receive guidance on adapting their products for the regional market and have the chance to attract investment from top regional funds and investors, along with two months of accommodation in Riyadh. The most promising projects will also be eligible for investment from the Tumar Venture Fund.

The Al-Farabi Innovation Hub, established in March this year, is a joint initiative of the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan and the Tumar Venture Fund. Its mission is to attract talented entrepreneurs and innovative startups from Kazakhstan to Saudi Arabia, providing initial investments, acceleration programs, industry expertise, and networking opportunities to support their growth in the region.

By Tamilla Hasanova