Riyadh - Sharikat Mubasher: The Saudi Small and Medium Enterprises General Authority (Monsha’at) celebrated the graduation of 20 university startups from Princess Nourah bint Abdulrahman University (PNU), as part of the University Startup Accelerator Program.

The ceremony was attended by Sami Alhussaini, Governor of Monsha’at, Fawzia bint Suleiman Al-Amro, Acting President of PNU, and several experts in the entrepreneurship ecosystem, the authority announced in a statement yesterday.

During the event, the startups pitched their projects, business models, and investment opportunities to investors and enabling entities. The projects spanned various sectors, including health tech, artificial intelligence, logistics tech, fintech, legal tech, tourism, and education.

Throughout six months, Monsha’at provided participants with various development programs and services to enhance their entrepreneurial capabilities. This included workshops, mentoring sessions, specialized consultations, and access to financing solutions and networking opportunities with investors.

Startups participating in the program witnessed significant growth, achieving more than a 100% increase in customer numbers, a 188% rise in revenues, and over 59% rise in hiring rates. The startups successfully secured investments of SAR 29 million across 45 deals and contracts.

The University Startup Accelerator Program reflects the authority’s ongoing commitment to supporting the university entrepreneurship ecosystem and enabling startups to grow and achieve sustainability, ultimately contributing to the national economy and advancing the goals of Saudi Vision 2030.