TAQADAM is a global startup accelerator powered by the networks of King Abdullah University of Science and Technology (KAUST) and Saudi Awwal Bank (SAB). Established in 2016, the six-month program supports founders at various stages of growth by providing mentorship, network access, and funding to accelerate their ventures. The mission is to back founders in creating startups that address significant challenges.
Program Structure and Process
• Program Duration: A six-month accelerator program designed for rapid business growth.
• Selection Process: The program is highly competitive, evaluating over 800 applications annually based on team strength, scalability, and market potential. Up to 60 high-potential startups are chosen for a pre-accelerator bootcamp.
• Final Cohort Selection: Following the bootcamp, the strongest teams are selected to continue in the main accelerator program and receive initial funding.
• Delivery Model: The program operates on a hybrid model, with most workshops and meetings held virtually, complemented by several in-person activities. International applicants receive support with visas and flights for mandatory in-person events.
Funding and Benefits for Accepted Teams
• Initial Funding: Accepted startups receive $40,000 in funding.
• Follow-on Funding: At the annual showcase, 10 selected startups are eligible for an additional $100,000 in follow-on funding.
• Mentorship: Participants gain access to one-to-one sessions with a diverse pool of expert mentors and industry leaders from the MENA region.
• Workshops: The curriculum includes sessions on product development, pitching, and marketing, as well as panels and fireside chats with founders and ecosystem players.
• Network Access: Teams can leverage the TAQADAM network of public and private sector partners and investors.
• Community and Resources: Benefits include access to a community of entrepreneurs, co-working spaces, and subsidies for services in design, finance, and legal.
• Incorporation Support: Startups with international founders receive support for incorporation in Saudi Arabia.
Eligibility and Entry Requirements
• Team Composition: Each startup team must have at least two founders.
• Program Exclusivity: Applicants must not be enrolled in any other accelerator program during the bootcamp or at any stage of the TAQADAM program, though exceptions may be considered on a case-by-case basis with staff approval.
• Startup Progress: Applicants must provide evidence of progress, such as customer interviews or signed interest from potential clients.
• Intellectual Property: Teams utilizing intellectual property must have written permission for commercialization from the relevant university or company technology transfer office.
• International Applicants: Startups not based in Saudi Arabia are eligible but must have a clear and obtainable plan to expand to the country within one year of the program's start date.
• Nationality and Stage: The program is open to all nationalities, and both early and late-stage startups, including those that have already received investment, are encouraged to apply.
• Industry Focus: The accelerator is industry-agnostic, having supported startups in sectors such as Energy, FinTech, Health, Logistics, Gaming, and Agriculture.
Ideal Candidate Profile
• Team Strength: The program seeks strong teams with a complete profile of skills and a clear plan for their startup.
• Founder Qualities: Ideal founders are customer-focused, committed to their business, and willing to pivot when necessary.
• Business Potential: The accelerator looks for novel ideas and business models with significant scaling potential.
Program Commitment
• Full Commitment: Teams must commit to the full program. At least two team members must be able to attend all required activities, which may occur during the day, evenings, or on weekends.
• Bootcamp: The program begins with a one-month bootcamp, requiring 1-2 hours daily, plus one in-person week.
• Monthly Sessions: Following the bootcamp, mandatory monthly sessions average eight hours per month.
• Weekly Mentorship: Teams participate in 30-minute mentorship sessions once a week, scheduled based on mentor and entrepreneur availability.
Application Information
• Application Deadline: June 21st.
This overview provides a detailed look at the TAQADAM Startup Accelerator. Entrepreneurs interested in applying or seeking more information are encouraged to visit the program's official channels for the latest updates and contact details.