stc Bahrain Launches Call for Applications for inspire Accelerator Program
stc Bahrain has announced the opening of applications for its general inspire accelerator program within the Kingdom. This initiative aims to cultivate and accelerate the growth of local tech startups across various sectors, reinforcing stc Bahrain's commitment to the nation's entrepreneurial ecosystem and Economic Vision 2030.
Boosting Bahrain's Startup Ecosystem
This announcement underscores stc Bahrain's strategic commitment to driving economic growth in line with Bahrain's Economic Vision 2030. The company actively seeks to bolster the local SME landscape and stimulate innovation, contributing to a prosperous future for the Kingdom. Eng. Khalid Al-Osaimi, CEO of stc Bahrain, stated, "We are delighted to introduce the inspire by stc accelerator in the Kingdom of Bahrain, a vital platform to support entrepreneurship." He highlighted the previous cohort's impressive participants, noting, "These outstanding entrepreneurial models actively contribute to shaping the prosperous digital economy's future in Bahrain."
Program Details and Opportunity
The inspire program serves as a crucial launchpad for Bahraini startups. Eng. Al-Osaimi encouraged ambitious local startups to seize this "unique opportunity," which provides essential support for achieving success and distinction in the entrepreneurial world. While specific program details for this cohort were not detailed in the announcement, the focus is on providing comprehensive support for growth and sustainability.
inspire Accelerator Track Record
Launched initially in Saudi Arabia in 2015, the inspire accelerator achieved significant success, leading to its expansion into Kuwait and subsequently Bahrain. The program boasts an impressive track record across the region:
Supported over 130 digital projects.
Facilitated investments exceeding SAR 1 billion.
Generated a market value of over SAR 15 billion through incubated companies' products and services transactions.
Contributed to creating over 660,000 job opportunities.
Reached more than 50 million users through its portfolio companies.
Previous Bahraini Success Stories
The first iteration of the program in Bahrain included a training camp hosted at stc Bahrain headquarters. Three standout local startups were selected and received comprehensive support packages:
Rizq: A fintech aiming to revolutionize B2B financial technology with a platform for Sharia-compliant corporate credit cards and smart expense management.
Siin: Focused on reshaping regional e-commerce through a live shopping platform connecting consumers with trusted sellers via interactive live shows and auctions.
Verrt: An ad-tech company offering an integrated platform simplifying the process for businesses to book advertising spaces.
Support for these companies included collaboration opportunities with the stc Group, assistance for Saudi market expansion, financial backing, logistical and consulting services, and training workshops led by inspireU accelerator management and experts from Silicon Valley.
Looking Ahead
stc Bahrain extends an open invitation to all ambitious local startups in the Kingdom to apply for the inspire accelerator program. This presents a valuable opportunity for emerging tech companies to gain significant support, mentorship, and potential investment to scale their ventures within Bahrain and potentially the wider region.
Source: Akhbar Al-Khaleej