InspireU from stc Program Hits SR500 million

The Saudi Telecom Company, best known as stc’s investments received by entrepreneurs, in the Inspire U program reached a ceiling of SR500 million, as part of its efforts to support and develop the entrepreneurship system, in the Kingdom.

As well as to contribute to supporting innovation and promoting the digital economy, in the technical fields.

This was unfolded as stc celebrates  the graduation of the 7th and 8th batches of the InspireU program, at King Abdulaziz Communications Complex in Riyadh.

The ceremony included a presentation of the incubated projects and a review of their most prominent achievements under the slogan “To go further” for this year, in the presence of Prince Muhammad bin Khalid Al Abdullah Al-Faisal, Chairman of the Board of stc.

The role of the InspireU program in supporting entrepreneurs and creative youth and their emerging projects, in the field of digital transformation, is a part of stc’s strategy.

The last year witnessed a doubling of the number of projects incubated by the program.

In addition, stc has incubated two batches for the first time in the same year, since its launch in 2015.

The program has been able to support 75 start-up projects in various fields, which contributed to reaching a volume of financial transactions worth more than SR10 billion, and more than 40 million users benefited from InspireU’s pioneering projects, providing more than 600,000 participatory jobs in the local market. Company’s commitment to contributing to the promotion of the digital economy, providing job opportunities and supporting local content by transforming entrepreneurs’ ideas into existing projects, is a priority.

The InspireU program is considered among the most important business accelerators, in the Kingdom, as the promising projects incubated by the program have turned into leading companies that contribute to the digital economy.

The program also provides office spaces for entrepreneurs, promote their projects, and put at their avail diverse opportunities to be present and participate, in many events, including workshops, national and international exhibitions, and help projects to reach the best investors and investment funds, in the market.

Through its work strategy within the framework of social responsibility and sustainable development, stc focuses on activating the advantages offered by the InspireU program, by providing specialized training programs to develop and accelerate the plans of emerging companies to enter the markets, and to benefit from the best practices and successful experiences, in order to support entrepreneurship, represented in small and medium sized enterprises.

In addition to facilitate financing opportunities, provide administrative and technical support, and back up to develop the capabilities of these companies.