A landmark agreement has been forged between MSA Novo, a venture capital firm with a focus on emerging markets, and the King Abdullah University of Science and Technology (KAUST) to support and strengthen the innovation and entrepreneurship landscape in Saudi Arabia. The initiative is intended to enhance the country’s startup ecosystem.
The collaboration will utilize MSA Novo’s extensive global network alongside KAUST’s research prowess to spur innovation within the kingdom, according to an official statement from the venture capital company.
“Our collaboration with KAUST is a testament to our commitment to importing premier global technologies into Saudi Arabia that align with strategic demands. By partnering with the nation’s leading research university, we are poised to develop top-tier technologies domestically,” said Ben Harburg, Managing Partner at MSA Novo.
The partnership aims to introduce joint investment endeavors and startup accelerator programs that will aid in the expansion of nascent companies. This aligns with the objectives of Saudi Arabia’s Vision 2030, which is focused on technological progress and economic transformation.
“KAUST is at the helm of a new era of innovation in Saudi Arabia, revolutionizing the economy and cultivating a vibrant culture of entrepreneurship. We are thankful to our investor partners for their support and shared vision in the creation of a dynamic ecosystem,” commented Ian Campbell, Vice President of the National Transformation Initiative at KAUST.
The MoU highlights several key areas for collaboration, including joint investment and accelerator programs, leveraging research, mentorship, advisory services through MSA’s network of industry experts, and fostering entrepreneurship education and talent development.
Furthermore, the agreement encompasses technology transfer, the establishment of industry-specific hubs, and the facilitation of partnerships between startups and established corporations within the networks of KAUST and MSA Novo.