Malham, March 06, 2024, InspireU, the prominent corporate accelerator operated by stc, has entered into a significant memorandum of understanding (MoU) with Business France, the national agency dedicated to bolstering the global expansion of the French economy. This strategic collaboration seeks to cultivate innovation and fortify the startup ecosystem within both the Kingdom of Saudi Arabia and the French Republic, as announced in a press release by inspireU.
The signing of this MoU marks a pivotal milestone in the partnership between Saudi Arabia and France, particularly in the realms of digital innovation and economic advancement. Occurring amidst the prestigious LEAP24 event, the ceremony witnessed the participation of esteemed dignitaries from both nations. Notable attendees included Mohammed Al-Faisal, Chairman of the Board of stc Group; Eng. Khalid bin Abdulaziz Al-Falih, Saudi Minister of Investment; Franck Riester, French Minister Delegate of Foreign Trade and Economic Attractiveness; Ludovic Pouille, French Ambassador to the Kingdom; Eng. Olayan Al-Wetaid, CEO of stc Group; and Laurent Saint-Martin, CEO of Business France.
As outlined in the press release, the partnership between inspireU and Business France will focus on empowering entrepreneurs and fostering the growth of competitive startups in both Saudi Arabia and France. Through collaborative efforts, the two entities aim to facilitate knowledge exchange, cultivate new avenues for cooperation, and catalyze the digital transformation of their respective nations.
The MoU signifies a shared vision between inspireU and Business France to nurture a thriving ecosystem for startups. Leveraging their expertise and extensive networks, both organizations are committed to equipping entrepreneurs with the necessary tools and resources to establish and scale innovative ventures.
The collaboration is set to continue with the launch of inspireU's 11th intake from its general program, inviting digital startups worldwide to apply for participation.
Since its inception in 2015, inspireU has served as a catalyst for business acceleration, providing aspiring entrepreneurs with the support needed to transform their ideas into successful ventures. The accelerator's focus on innovation has played a pivotal role in advancing the Kingdom's digital economy.
Participating entrepreneurs in the inspireU accelerator have collectively attracted investments exceeding SAR700 million. Moreover, the program has facilitated the development of over 90 digital projects across various sectors, with a combined market value surpassing SAR12 billion through investments and financial transactions. These initiatives have further created over 600,000 direct and indirect employment opportunities, benefitting a user base of 40 million individuals.
