World rising markets-focused enterprise capital (VC) MSA Novo signed a memorandum of understanding (MoU) with King Abdullah College of Science and Expertise (KAUST) to foster innovation and entrepreneurship in Saudi Arabia.
The partnership is aimed toward bolstering the Saudi startup ecosystem.
“This strategic collaboration will leverage our international community and KAUST’s analysis capabilities to speed up innovation inside the kingdom,” MSA Novo stated in a media launch.
“Our firm has all the time been on the forefront of bringing main international applied sciences to Saudi Arabia that meet strategic demand, and our partnership with KAUST additional solidifies that platform to carry international innovation to the nation by means of the dominion’s preeminent analysis college, permitting us to construct world-class applied sciences domestically,” stated Ben Harburg, Managing Associate at MSA Novo.
The partnership is anticipated to give attention to joint funding initiatives and growing new startup accelerator programmes to assist the expansion of rising firms and foster technological developments in alignment with Saudi Arabia’s Imaginative and prescient 2030.
“KAUST is supporting a wave of innovation in Saudi Arabia, remodeling the economic system and fostering a tradition of entrepreneurship. We’re grateful to our investor companions for his or her assist and imaginative and prescient to assist us construct a vibrant ecosystem,” stated Ian Campbell, Vice President of Nationwide Transformation Initiative at KAUST.
Key areas of collaboration outlined within the MoU embody joint funding and accelerator initiatives, entry to analysis and mentorshipand advisory providers by means of MSA’s companions and {industry} consultants to boost the expansion of college portfolio firms, and entrepreneurship Training and Expertise Growth.
It additionally envisages know-how switch, establishing industry-specific hubs, and facilitating partnerships between startups and established companies inside KAUST and MSA’s networks.
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