“STC” supports innovation and enhances the digital economy in the Kingdom within the InspireU program

The Saudi Telecom Company, stc, announced that the investments received by entrepreneurs in the InspireU program reached a ceiling of 500 million riyals, as part of its efforts to support and develop the entrepreneurship system in the Kingdom, and with the aim of contributing to supporting innovation and promoting the digital economy in the technical fields.

This came in its celebration today of the graduation of the seventh and eighth batch of the InspireU program, at the King Abdulaziz Communications Complex in Riyadh, which included a presentation of the incubated projects, numbering 20, and a review of their most prominent achievements under the slogan “To go further” for this year, in the presence of His Royal Highness Prince Muhammad bin Khalid Al Abdullah Al-Faisal, Chairman of the Board of Directors of stc and a number of their Excellencies, and the CEO of stc Group, Eng. Elayan Al-Wati.

In his speech, the CEO of stc Group, Eng. Olayan bin Muhammad Al Weteed, emphasized the role of the InspireU program in supporting entrepreneurs and creative youth and their emerging projects in the field of digital transformation, as it is part of stc’s strategy in this field, noting that this year witnessed a doubling of the number of projects incubated by the program. And incubating two batches for the first time in the same year, and that since its launch in 2015, the program has been able to support 75 start-up projects in various fields, which contributed to reaching a volume of financial transactions worth more than 10 billion riyals, and more than 40 million users benefited from InspireU’s pioneering projects, providing More than 600,000 participatory jobs in the local market, stressing stc’s commitment to contributing to the promotion of the digital economy, providing job opportunities and supporting local content by transforming entrepreneurs’ ideas into existing projects.

The InspireU program is considered one of the most important business accelerators in the Kingdom, as the promising projects incubated by the program have turned into leading companies that contribute to the digital economy. And consultants from Silicon Valley in several fields and meetings with many entrepreneurs and mentors.

The program also provides office spaces for entrepreneurs, promote their projects, and the opportunity to be present and participate in many events, including workshops, national and international exhibitions, and help projects to reach the best investors and investment funds in the market.

Through its work strategy within the framework of social responsibility and sustainable development, stc focuses on activating the advantages offered by the InspireU program, by providing specialized training programs to develop and accelerate the plans of emerging companies to enter the markets, and to benefit from the best practices and successful experiences in order to support entrepreneurship represented in small and medium enterprises. Facilitate financing opportunities, provide administrative and technical support, and support to develop the capabilities of these companies.


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