President of Umm Al-Qura University Dr. Bakri bin M'atooq bin Bakri Assas who serves also as the Chairman of Board of Directors of Wadi Makkah Company has reviewed the action plan of launching business incubator and accelerator programs at Wadi Makkah so as to contribute to turning creative and innovative ideas into tangible products. This came during his meeting at his office at the university campus in Abdyia with the UQU Vice President for Development and Entrepreneurship, the Deputy Chairman of Board of Directors of Wadi Makkah Company Dr. Hani bin Osman Ghazi and the CEO of Wadi Makkah Company Dr. Faisal bin Ahmed Al-Alaf.
Meanwhile, CEO of Wadi Makkah Dr. Faisal Al-Alaf said business incubator program is designed to support transformation of the idea submitted in the incubator's application form into an initial model which plays as a foundation for startup creation indicating that training, consultation and financial support services are provided for the participants in this program besides allotting a joint office for team work in a competitive and integrative environment which contribute to developing skills of entrepreneurs and supporting them to address legal, administrative or technical problems that might face them.
While business accelerator program, he said is designed to support startups which have successfully passed incubation phase to develop its products, enter into market, achieve growth and increase sales. The program also provides office area, accounting and legal services in addition to financial support amounting to SR 400 thousands in return for acquiring shares in the company, " The money is paid in installments after achieving the tasks of each phase based on the recommendations of the evaluation committee", he expounded.
He went on to add that period of the two program ranges from three to six months in which the participants are evaluated according to the set standards and the supervisors recommendations are implemented so as to turn these companies into real companies in the labor market", he elaborated. He then lauded the support and directives of UQU President and Chairman of Board of Directors of Wadi Makkah Company Dr. Bakri Assas and the close follow up of the UQU Vice President for Development and Entrepreneurship, the deputy Chairman of Board of Directors of Wadi Makkah Company Dr. Hani Ghazi thus contributing to creating programs compatible with the modern technology outcomes prevailing in the world currently.
For his part the UQU Vice President for Development and Entrepreneurship, the Deputy Chairman of Board of Directors of Wadi Makkah Company Dr. Hani Ghazi said the business incubator and accelerator programs will provide services for entrepreneurs and owners of startups in the following fields; medical services technologies, smartphone applications, smart programs technologies, artificial intelligence, e-commerce, clients relations management, robots, virtual reality technology, information security, vehicles technologies, augmented reality technology, mass data, crowd management, systems analysis, smart meters, communication and information technology, internet of things and renewable energy.
He then lauded support and directives of the UQU President, the Chairman of Board of Directors of Wadi Makkah Company Dr. Bakri Assas which led Wadi Makkah to become a true role model, praising also efforts of Wadi Makkah CEO and all team working with him.
In turn, the UQU President Dr. Bakri Assas lauded the support attached and still to Umm Al-Qura University by the wise leadership indicating that launching of business incubator and accelerator programs is in line with the Kingdom Vision 2030 and contribute to supporting, accelerating and correcting paths adopted by Umm Al-Qura to address expected problems in the administrative and legal fields besides creating headquarters for each startups to attract investors and owners of venture capital. He then lauded the lasting support of the Minister of Education Dr. Ahmed bin Mohamed Al-Issa which contributed to turning the scientific research-based ideas into tangible products serving the community.