KACST Venture Program Launched To Enhance Innovation And Support Researchers In Saudi Arabia

The King Abdulaziz City for Science and Technology (KACST) has kicked off its second annual KACST Venture Program (KVP) at the Garage headquarters. Supported by the National Technology Development Program (NTDP) and the Garage, this initiative involves researchers from KACST and four Saudi universities: King Saud University, Alfaisal University, Princess Nourah bint Abdulrahman University, and Prince Sultan University.

The program's primary goal is to foster innovation and entrepreneurship. It aims to support researchers in leveraging research-and-development assets effectively. By offering technological solutions aligned with national priorities, it seeks to commercialize applied research outputs. Additionally, it focuses on building an innovation portfolio for KACST and enhancing strategic partnerships with both private and public sectors.

This year, 230 research projects were submitted, with 51 selected based on specific criteria. These criteria included the maturity of the idea, intellectual property presence, applicability, feasibility for implementation, financial sustainability, team competence, investment potential, and market expansion possibilities. The selection process ensures that only projects with significant potential are chosen.

The program includes workshops aimed at boosting entrepreneurial thinking among participants. Researchers are trained in leadership skills, market needs analysis, product selling basics, marketing strategies, and design thinking methodologies. These activities help them create solutions that meet user needs while developing products that align with market expectations.

Last year's inaugural KVP was successful in graduating 46 startups focused on deep technologies. Some of these companies secured technology licenses for private sector use. This success highlights KACST's dedication to supporting researchers in maximizing research benefits and offering promising technological solutions.

The program aligns with Saudi Vision 2030 by contributing to economic diversification through innovation. It strengthens cooperation between KACST and Saudi universities while enhancing opportunities for strategic partnerships across sectors.

With inputs from SPA