Flat6Labs Jeddah Launches Ten Saudi Technology-Enabled Startups During Demo Day
Monday 25 May, 2015
Cairo, May 23rd, 2015 – The Startup Accelerator Flat6Labs Jeddah, founded by Qotuf AlRiyadah, introduced an exciting line-up of 10 Saudi technology-enabled startups at its 3rd Demo Day event last night. The Demo Day was held under the patronage of HE. Eng. Abdullatif Al-Othman, the Governor of SAGIA, and attended by His Royal Highness Prince Saud Bin Khalid Al Faisal Al Saud, SAGIA Deputy Governor for investment affairs.
Supported by IKEA and the Arabian Cement ‘s Corporate Entrepreneurship Responsibility CER Program, Flat6Labs Jeddah’s Business Accelerator was able to invest and mentor the participating Saudi teams, through a comprehensive 90-day entrepreneurship program for startups.
The start-up businesses participating in Demo Day included a diverse group of Saudi entrepreneurs, whose projects and services included the delivery of educational and career guidance programs, recruitment platforms, recycling and advertising solutions, localized gaming platforms, online cultural platforms and finally, cloud-based software solutions.
Highlighting on the success of Flat6Labs Jeddah, Tuba Terekli, CEO and Co-founder of Qotuf and the General Manager of Flat6Labs Jeddah, stated “entrepreneurship in Saudi Arabia is steadily growing and the Flat6Labs Jeddah program success shows the potential of Saudi youth and what they can achieve with the right mixture of mentoring, nurturing, and resources. The building blocks that will support Saudi entrepreneurs to successfully launch their businesses and which will lead to the creation of skilled and high quality job opportunities in the Saudi market, requires that all the stakeholders are aligned and committed to supporting our young entrepreneurs”.
As Saudi Arabia’s first private-sector non-profit entrepreneurship foundation, Qotuf aims to foster the sustainable development of entrepreneurship in Saudi Arabia through the business accelerator program, which is the first of its kind in the kingdom. Flat6Labs Jeddah has thus far graduated 22 Saudi technology-enabled start-ups, which were founded by 65 Saudi entrepreneurs, with investments totalling over SAR 8 million. In addition, the startups received in-kind services, which includes; office space, company formation, legal advice, professional and technical advisory services and perks through its Global Accelerator Network, GAN partnership, whose membership includes the top 50 accelerators in the world. Flat6Labs Jeddah has also provided these startups with more than 120 hours of training in various business disciplines through more than 20 mentors, all of which are accomplished Saudi businessmen and senior executives.