In the presence of His Royal Highness Prince Mohammed K. ALFaisal, chairman of the board of stc, and a group of government officials and investors, as well as the GCEO of stc Group, Eng. Olayan Alwetaid, stc celebrated the graduation of the seventh and eighth batches of the Entrepreneurs Support Program at the King Abdulaziz Communications Complex in Riyadh.
Carrying the slogan “To go further” for this year, the support of entrepreneurs in the program had reached the roof of 500 million riyals. This endeavor aims to support and develop entrepreneurship in the Kingdom as well as contribute to supporting innovation and promoting the digital economy in the entire technical fields.
Eng. Alwetaid emphasized the role of the InspireU program in supporting entrepreneurs, creative youth, and their emerging projects in the field of digital transformation which is considered an essential part of stc's strategy in this field. He indicated that this year has seen a doubling in the number of projects incubated by the InspireU program while incubating two additional batches for the first time in the same year, adding that the program has been able, since its launch in 2015, to support 75 start-up projects in various fields, which contributed to scoring a volume of financial transactions worth more than SAR 10 billion. As a result, InspireU projects benefited more than 40 million users and provided more than 600,000 participatory jobs in the local market.
The InspireU program is one of the most important business incubators in the Kingdom which provides many services to emerging projects through an intensive, high-quality training program provided by experts and consultants from Silicon Valley in several fields, including meetings with many entrepreneurs and mentors. The program also provides office space for entrepreneurs to promote their projects with an opportunity to be present and participate in many events starting from workshops, national and international exhibitions, and helping projects to reach the best investors and investment funds in the market.
stc, through its work strategy within the social responsibility and sustainable development sector, focuses on activating the advantages offered by the InspireU program that aim at supporting entrepreneurships represented by small and medium enterprises, facilitating financing opportunities and providing administrative and technical support to develop the capabilities of these companies.