Outlier Ventures and NTDP of Saudi Arabia Partner to Launch Riyadh’s First Deep Tech Web3 Accelerator Program
In a groundbreaking collaboration, Outlier Ventures and the National Technology Development Program (NTDP) of Saudi Arabia have joined forces to launch Riyadh’s first deep tech Web3 accelerator program. This initiative is set to support the most promising Web3 startups in the Kingdom and contribute to the development of the Web3 ecosystem in alignment with Saudi Vision 2030.
The partnership, solidified through a Memorandum of Understanding, aims to catalyze the growth of the Web3 ecosystem in Saudi Arabia. This collaboration marks a significant milestone in the technological and economic diversification efforts outlined in Saudi Vision 2030.
The new accelerator program, set to kick off later in 2024, is a testament to the commitment of both Outlier Ventures and NTDP to fostering innovation and technological progress in the Kingdom. Selected startups will have access to Outlier Ventures’ expertise in critical areas such as product development, entity structuring, and token design.
Startups participating in the accelerator program will also benefit from mentorship by leading figures in the Web3 domain and potential investment opportunities. This support is crucial for establishing a robust infrastructure for technological innovation in Saudi Arabia.
Mr. Ibrahim Neyaz, CEO of NTDP, expressed his enthusiasm for the partnership, highlighting the significant contributions expected from Outlier Ventures’ global expertise in the Web3 industry. The collaboration is poised to enhance Saudi Arabia’s technological infrastructure and drive innovation forward.
Outlier Ventures, with a decade of experience in nurturing Web3 startups, brings a wealth of knowledge and success to the partnership. The accelerator program aims to build on Outlier Ventures’ track record of success, which includes partnerships with over 300 startups worldwide.
The collaboration between Outlier Ventures and NTDP underscores their joint dedication to nurturing technological progress in Saudi Arabia. With a focus on supporting early-stage entrepreneurs, the partnership is aligned with Saudi Vision 2030’s goals for rapid economic development and technological advancement.
This latest initiative follows the Ministry of Investment of Saudi Arabia’s partnership with The Hashgraph Association to launch a $250 million DeepTech Venture Studio in Riyadh earlier this year. The Kingdom’s commitment to embracing digital transformation and leading in deep technology sectors promises a new chapter of innovation and economic growth.
Overall, the launch of Riyadh’s first deep tech Web3 accelerator program signifies Saudi Arabia’s readiness to embrace the future of technology and drive innovation in the region.
