Global emerging markets-focused venture capital (VC) firm MSA Novo has signed an agreement with King Abdullah University of Science and Technology (KAUST) to promote innovation and entrepreneurship in Saudi Arabia.
The aim of this collaboration is to strengthen the startup ecosystem in Saudi Arabia. MSA Novo stated, “This strategic partnership will utilise our worldwide connections and KAUST’s research capabilities to speed up innovation within the kingdom.”
Ben Harburg, Managing Partner at MSA Novo, commented, “Our company has consistently led in bringing top global technologies to Saudi Arabia to meet strategic needs, and our alliance with KAUST further reinforces our platform to introduce global innovation to the country through its premier research university, enabling us to develop cutting-edge technologies domestically.”
The partnership will concentrate on collaborative investment projects and establishing new startup accelerator programmes to aid the growth of emerging businesses and promote technological progress in line with Saudi Arabia’s Vision 2030.
Ian Campbell, Vice President of National Transformation Initiative at KAUST, stated, “KAUST is driving a wave of innovation in Saudi Arabia, reshaping the economy and nurturing an entrepreneurial culture. We appreciate our investor partners for their backing and foresight in assisting us in creating a dynamic ecosystem.”
The MoU highlights key areas of cooperation, including joint investment and accelerator schemes, access to research and mentoring services through MSA’s partners and industry experts to enhance the growth of university portfolio companies, as well as entrepreneurship education and talent development.
It also includes plans for technology transfer, establishing hubs tailored to specific industries, and facilitating collaborations between startups and established corporations within KAUST and MSA’s networks.
