Beta Lab, a VC and co-creation studio for startups dedicated to fostering the growth of deep technology startups, has launched in Saudi Arabia with a number of partners. The partners include the Saudi Ministry of Investment, Future Investment Initiative Institute (FII), KBW Ventures and a number of global partners.
The new studio will provide a range of services to help entrepreneurs turn their innovative ideas into successful businesses. These services include product development, business development, capital, and more. The studio's team of experienced professionals will work closely with each startup to help them navigate the unique challenges of the startup lifecycle.
"Beta Lab's launch is in line with the kingdom's Vision 2030, which aims to diversify the economy and support the growth of innovative startups," said the Minister of Investment, Khalid Al-Falih. "We are confident that the studio's focus on deep technology will bring significant value to the kingdom's startup ecosystem and help drive economic growth.”
"We are excited to launch Beta Lab and to play a role in shaping the future of the startup ecosystem in Saudi and the region,” said Abdulrahman Alolayan, CEO, Beta Lab. “Deep tech has the potential to change the world in countless ways, and we believe that by providing the resources and support that these startups need, we can help them achieve their full potential.”
Founder and CEO of KBW Ventures, Prince Khaled bin Alwaleed bin Talal Al Saud, applauded the strong and ever-growing investment infrastructure in the country, and discussed his optimism for the new launchpad. As the region’s first venture capitalist to invest in deep technology startups, Prince Khaled will support Beta Lab’s cohorts with his considerable industry expertise and background in the sector.
Rakan W Tarabzoni also took part in the proceedings, in his role as Chief Operating Officer of FII Institute.
The studio aims to attract global founders, talents, and startups to Riyadh, and capitalise on the kingdom's strategy to act as a regional hub for global talent, while fostering local potential with a homegrown launchpad.-- TradeArabia News Service