Riyadh: The second annual KACST Venture Program (KVP) launched today, organized by King Abdulaziz City for Science and Technology (KACST) at the Garage headquarters, with the support of the National Technology Development Program (NTDP) and the Garage, and with the participation of researchers from KACST and four Saudi universities: King Saud University, Alfaisal University, Princess Nourah bint Abdulrahman University, and Prince Sultan University.
According to Saudi Press Agency, the program aims to promote a culture of innovation and entrepreneurship, support researchers and innovators to maximize the benefit from research-and-development assets, and offer technological solutions that support strategic sectors linked to national research, development, and innovation priorities. It also aims to commercialize the outputs of applied research, build an innovation portfolio for KACST, enhance the potential for establishing strategic partnerships with the private and public sectors, and strengthen cooperation with Saudi universities.
The number of research projects submitted for this year's program reached 230, of which 51 were selected based on the eligibility criteria. The criteria included the maturity and clarity of the proposed idea, the presence of intellectual property or an innovative idea that reflects excellence and uniqueness, applicability and feasibility for practical implementation and financial sustainability, the competence of the project team, investment opportunities for the project, and its potential for market expansion.
The program's activities include organizing programs and workshops focusing on enhancing entrepreneurial thinking, building leadership qualities among researchers, developing their skills in studying market needs, training them on the basics of effective product selling and marketing, applying design thinking methodologies to creatively design solutions that address user needs, and developing attractive and practical products that meet market expectations and enhance user experience.
The launch of this year's KVP follows the success of the inaugural program, which saw the graduation of 46 startups in deep technologies and the granting of technology licenses to the private sector for some of these technologies. The graduating companies presented innovative solutions reflecting KACST's commitment to supporting researchers and innovators in maximizing the benefits of research and development assets, offering promising technological solutions, contributing to diversifying the national economy, and enhancing innovation in line with the objectives of Saudi Vision 2030.