Ten startups were awarded $1 million cash prizes at the Saudi Arabian accelerator program finale.

One of the oldest accelerator programs in the Middle East, TAQADAM, recently granted ten businesses a cash pool totaling $1 million.

The initiative, started by King Abdullah University of Science and Technology in collaboration with the Saudi British Bank, has been running for six years as of the prize ceremony, which took place at the program's annual accelerator showcase.

One hundred fifty startup teams have graduated from the accelerator so far, and they have raised more than $58 million in funding.

The proposals made by the graduates of the sixth cohort were evaluated by a jury of 24 foreign and domestic investors, including Amal Dokhan of 500 Startups, Dalal Al-Mutlaq of Iliad Partners, and Ian Witkopp of Sino Global Capital.

"This accelerator is an extension of the social and innovative efforts adopted by SABB in line with its vision and strong belief in its social responsibility towards the community," SABB's Chief Digital Officer Saeed Assiri said during the ceremony.

"TAQADAM is an excellent indication of the SABB's aspirations to promote the SMEs sector, and innovations entrepreneurship, both of which are essential tributaries of the sustainable development of the Kingdom's economy," according to the SABB. 

It also serves as an illustration of a significant endeavor that supports the Kingdom's Vision 2030.

The most recent accelerator batch includes 132 founders from 11 different countries and 47 firms pushing the limits of science and technology. Ten firms were each given $100,000 in non-dilutive capital to help them grow their companies, and they will also have the chance to enroll in the runway program of the KAUST Entrepreneurship Center.

Plastus, a biotech company that creates bioplastics from organic waste, and Kitchefy, a B2B that develops food brands through virtual kitchens, are just a few of the startups that received funding. Tamawal, a marketplace for customized loans; DESAISIV, a B2B for enhancing insurance underwriting; Terraxy, a startup enhancing plant survival in arid environments; Barakah, a commercial food waste-tackling startup; BRIDGR, a SaaS platform automating consultancy operations; Beekeeper, a startup enhancing honeybee health through software, IoT, and biotech; SuperCommerce, another startup aiming to enable large-scale, self-man

According to Saudi businessman Omar Shabaan, TAQADAM sources some of the greatest companies in the MENA region and around the globe. He claimed it is crucial to have access to them and look at potential investment opportunities in the future.

Manager of the KAUST Entrepreneurship startup accelerator Abdulrahman Al-Jiffry claimed that his team serves as advisors and investors.

"Our money is non-dilutive because our top priority has a long-term, positive impact. " This means we can take risks on the founders committed to resolving some of our biggest global concerns and look beyond short-term profitability," he said.

With a 72 percent increase in investment in 2022, Saudi Arabia's backing for entrepreneurship and cutting-edge technology is propelling the creation of startups rapidly.

Applications for the upcoming cohort of the TAQADAM Accelerator are already being accepted, according to KAUST. The six-month program provides access to a global network of companies, investors, and partners, mentorship, workshops, non-dilutive capital of up to $140,000 per firm, and non-dilutive funding options.