Key Takeaways
- Outlier Ventures and the National Technology Development Program (NTDP) of Saudi Arabia have formed a partnership to launch Riyadh’s first deep tech Web3 accelerator program.
- This program is specifically designed to support the most promising Web3 startups in the Kingdom and aims to bolster the developing Web3 ecosystem in alignment with Saudi Vision 2030.
Today, leading Web3 accelerator Outlier Ventures announced a new accelerator program in the MENA region, in partnership with the National Technology Development Program (NTDP) of Saudi Arabia. This collaboration marks the inception of the first deep tech web3 accelerator program in Riyadh, slated to kick off later in 2024.
The partnership, solidified through a Memorandum of Understanding, aims to catalyze the growth of the web3 ecosystem in the Kingdom, aligning with Saudi Arabia’s Vision 2030 for technological and economic diversification.
The initiative seeks to nurture the most promising web3 startups within the Kingdom, providing them with access to Outlier Ventures’ extensive expertise on critical aspects such as product development, entity structuring, and token design.
Startups selected for this accelerator program will benefit from mentorship by leading figures in the web3 domain and potential investment opportunities, a crucial step towards establishing a robust infrastructure for technological innovation in Saudi Arabia.
“This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. Through Outlier Ventures’ ‘global expertise and advanced capabilities’ in the web3 industry, we anticipate significant contributions to enhancing the Kingdom’s technological infrastructure,” Mr. Ibrahim Neyaz, CEO of NTDP, mentioned in a press release shared with AlexaBlockchain.
Outlier Ventures, with a decade of experience nurturing web3 startups, brings a track record of success, including partnerships with over 300 startups worldwide.
Among its distinguished alumni are notable web3 projects such as Boson Protocol, Futureverse, IOTA, Ocean Protocol along with MENA-based startups like Fetch.AI and Biconomy.
Stephan Apel, CEO and Founding Partner of Outlier Ventures, remarked on the partnership’s alignment with Saudi Arabia’s Vision 2030, emphasizing the rapid pace of change and development across the Kingdom’s economy.
“Our strategic collaboration underscores our joint dedication to nurturing technological progress. We are looking forward to leveraging our experience and expertise to support early-stage entrepreneurs in Saudi Arabia,” said Apel.
Earlier this year, the Ministry of Investment of Saudi Arabia partnered with The Hashgraph Association (THA) to launch a $250 million DeepTech Venture Studio in Riyadh. The proposed venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.
The latest deep tech web3 accelerator initiative signifies the Kingdom’s readiness to embrace and lead in the era of digital transformation, promising a new chapter of innovation and economic growth.
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