Saudi Arabia-Based Beta Lab Launches The 2024 DeepTech Startups Program
In a move to nurture talent and foster innovation within the Kingdom, Saudi Arabia-based venture capital and co-creation studio, Beta Lab, has launched the 2024 DeepTech Startups Program. Through strategic partnerships with the Kingdom’s Ministry of Investment, the Future Investment Institute (FII), and KBW Ventures, the program aims to support deep technology startups and offer wider market access and investment opportunities.
The program, which is open to entrepreneurs in the deep tech space, including biotech, foodtech, and artificial intelligence (AI), will provide mentorship from industry experts such as HRH Prince Khaled bin Alwaleed bin Talal, founder and CEO of KBW Investments, H.E. Eng. Khaled Al-Falih, Saudi Arabia’s Minister of Investment, and Salwa Akhannouch, founder and CEO of Aksal Holding.
In addition to mentorship, the 2024 DeepTech Startups Program will offer management consulting and specialized training for professionals interested in exploring long-term opportunities in deep tech industries. The program has been divided into four stages, beginning with the registration process. The second stage will involve a rigorous selection process to identify projects with significant impact potential. The selected business ideas will then undergo an intensive development framework in the third stage, and the final stage will include a final evaluation and potential grants of up to US$1,000,000 for the most promising ventures.
The goal of the 2024 DeepTech Startups Program is to nurture deep tech talent within Saudi Arabia while creating a pathway for innovative solutions and entrepreneurial success on a global scale. With its strategic partnerships and focus on the future of technology, the program aims to drive growth and innovation in the Kingdom’s deep tech industries.
Analyst comment
Positive news. The launch of the 2024 DeepTech Startups Program by Saudi Arabia-based Beta Lab, in collaboration with strategic partners, will support deep technology startups and provide wider market access and investment opportunities. The program offers mentorship, management consulting, and specialized training, with potential grants of up to $1,000,000 for promising ventures. This initiative aims to foster innovation, nurture talent, and drive growth in Saudi Arabia’s deep tech industries. Expect increased investment and advancements in biotech, foodtech, and artificial intelligence sectors.
