6 benefits of joining an accelerator program

Entrepreneurship is an increasingly popular career choice in Saudi Arabia. More than ever, people are looking for opportunities to start their own business and create something of their own. A report published by Endeavor Saudi Arabia in April 2022 highlights the rapid growth of the country's startup sector. Riyadh’s tech sector has grown rapidly with 50 percent of companies in Riyadh’s tech ecosystem founded in the past five years, however only 18 percent of these have managed to scale. It is no surprise then that an increasing number of accelerators, incubators and entrepreneurship programs have emerged, to support these startups and entrepreneurs.

What is an accelerator?

An accelerator is a program that provides resources and mentorship to help startups grow faster. Accelerators typically offer funding, office space, networking opportunities, and other benefits. 

Why should you join an accelerator?

There are many reasons why you should join an accelerator program. It will not only provide you with the necessary funding, but also help develop your skills to become a better entrepreneur. The skills that you’ll gain from an accelerator program are essential for any startup founder and entrepreneur. You will learn how to pitch your idea, get feedback from mentors, and work with other people. 

Here are 6 benefits of joining an accelerator:

1. Business skills: Entrepreneurial skills, such as pitching, sales and marketing, financial management, strategy and business development.
2. Personal skills: Communication skills, leadership skills, and team building.
3. Career opportunities: Accelerator alumni have been offered jobs at some of the world’s best companies. 
4. Investment: Entrepreneurs find funding for their startups through accelerators. These include government grants, angel investors, venture capitalists or even through the accelerator program itself.
5. Networking opportunities: You will be meeting with other entrepreneurs who can become future business partners for your startup or investors for your startup idea.
6. Mentoring: Expert mentors with experience in entrepreneurship work with aspiring entrepreneurs to teach them skills and help them grow their business.

Accelerators in the KSA

Now that you are familiar with the benefits of accelerators, you must be keen to join one! There is currently a big number of accelerators available to startups and entrepreneurs in Saudi Arabia. Here is a list of 5 top accelerators to give you an overview:

1) Misk Accelerator:

The Misk Accelerator program is powered by Plug and Play Middle East. A 12-week non-equity program providing local, regional, and international startups with all the mentorship, resources and tools aimed at accelerating their growth and expansion in the Kingdom of Saudi Arabia.

2) KAUST Innovation Ventures:
King Abdullah University of Science and Technology (KAUST) Innovation Ventures, supports founders and funds early-stage deep tech startups.

3) BIAC Incubators:
A subsidiary of the Saudi Technology Development and Investment Company (TAQNIA) 

4) Taqadam:
A startup accelerator powered by KAUST and the Saudi British Bank (SABB).

5) Falak Business Hub: 
A hybrid of an accelerator, co-working space, angel investors group, and venture capital fund.

The journey towards creating your own business can be tough and full of difficulties, but accelerators are here to empower you. Join one and get your startup off the ground, make an impact, and change the world like we know you can.