MSA Novo has entered into a strategic memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to nurture Saudi Arabia’s startup ecosystem. The partnership between MSA Novo and KAUST is expected to focus on joint investment initiatives and developing new start-up accelerator programs.
MSA Novo aims to bolster the growth of emerging companies and drive technological advancements in line with Saudi Arabia’s Vision 2030.
Ben Harburg, Managing Partner at MSA Novo, said in a press note the strategic collaboration will leverage their global network and KAUST’s research capabilities to accelerate innovation with Saudi Arabia.
“MSA Novo has always been at the forefront of bringing leading global technologies to Saudi Arabia that meet strategic demand, and our partnership with KAUST further solidifies that platform to bring global innovation to Saudi Arabia through the Kingdom’s preeminent research university, allowing us to build world-class technologies domestically,” said Harburg.
The MoU outlines several key areas of collaboration:
- Joint investment and accelerator initiatives: Establishing a joint investment strategy and collaborating on flagship start-up acceleration and incubation programs to support emerging companies, particularly in cutting-edge technologies like artificial intelligence (AI).
- Access to research and mentorship: Providing access to research and innovations from KAUST’s departments and offering mentorship and advisory services through MSA’s partners and industry experts to enhance the growth of university portfolio companies.
- Entrepreneurship education and talent development: Designing and implementing entrepreneurship education programs, developing internship opportunities, and creating a talent pipeline by giving students hands-on start-up experience within MSA’s portfolio.
- Technology transfer and industry-specific hubs: Collaborating with the Technology Transfer Office to facilitate the transfer of intellectual property and establishing industry-specific innovation hubs or labs to foster collaboration between start-ups and established companies.
- Joint Events and corporate partnerships: Hosting joint events, conferences, and forums to bring together key stakeholders and facilitating partnerships between start-ups and established corporations within KAUST and MSA’s networks.
“KAUST is supporting a wave of innovation in Saudi Arabia, transforming the economy and fostering a culture of entrepreneurship. We are grateful to our investor partners for their support and vision, helping us build a vibrant ecosystem,” said Ian Campbell, Vice President of the National Transformation Initiative at KAUST.
This dynamic collaboration is set to ignite mutual growth and innovation, promising exciting opportunities for all involved.
