What is The “Industrial Enterprises Accelerator”?
The “Industrial Enterprisess Accelerator”, is the first business accelerator specialized in start-up industrial projects, which was set up under the umbrella of the Badir Program, and aims to support start-up industrial projects of economic feasibility that have not been able to fulfil the terms and requirements necessary to receive financial and consulting support from the Saudi Industrial Development Fund (SIDF)
The SIDF and Badir Program will cooperate through the Industrial Enterprises Accelerator to allocate the resources for their support and experiences to those projects and to fill the various gaps and needs in the industrial, technical, financial, administrative and commercial fields. They will enable founders of such projects to fulfill the terms and requirements of the industrial development.
What Do Accelerators Do ?
The Industrial Enterprises Accelerator will assist with several consulting services, such as training, workshops, labor offices, strategic guidance, legal support and other privileges and benefits, and extensive programs to succeed in the first development phases.
What is the role of the SIDF in this Accelerator?
The SIDF will provide an exclusive track for the projects accepted in the Industrial Enterprises Accelerator, through which loan applications will be accepted - on an exceptional basis - before the fulfillment of the solvency condition, to study and evaluate their feasibility, pending completion of the legal procedures and documents. Furthermore, the price offer and the engineering fees will be worked upon by the accelerator and in cooperation between the SIDF and Badir Program.
Also, the SIDF will provide loans for the projects which enjoy the economic and commercial feasible within the industrial enterprises accelerator, provided they fulfill the requirements of capital funding and present the necessary funding requirements.
What is the grace period for loans granted by the SIDF ?
The SIDF will award the projects accepted in the Industrial Enterprises Accelerator a grace period of no less than 24 months after award of the conditioned credit, in order to give the entrepreneurs sufficient time to complete the required procedures and documents and to provide the guarantees necessary to obtain the loan.
How Accelerators Help Start-ups Get Funding
The “Industrial Enterprises Accelerator” will provide initial funding for the start-up industrial projects which have been accepted by the Accelerator with the highest cap of SR 650,000, to cover pre-operation and marketing costs and to facilitate reception of investment funding.
The new accelerator will work at the same time in helping such projects to obtain subsequent additional forms of investment through an extensive network of local and regional investors.
What are the main stages for operating the Industrial Enterprises Accelerator?
The Industrial Enterprises Accelerator operates according to three main stages as follows:
1. Stage for nominating industrial projects for the Accelerator by Badir Program and the Industrial Development Fund in addition to electronic applications through the registration link below :
2. Project interview and evaluation stage
3. The processing stage for accepted projects and inclusion in the Accelerator.
What are the terms for joining the Industrial Enterprises Accelerator?
- Full knowledge by the applicant of the technical, marketing and financial basics of the project by defining clear objectives for the project
- The team must have the relevant experience to manage and follow up the project
- Scope of project from funded industries from the Industrial Development Fund
- Having sufficient information about the project (technical, marketing and financial information)
- Having the opportunity to the targeted market and competitive advantage of the project to enable it to grow and add economic value
- Priority is given to projects with potential for export and which have a high level of automation
- Passing interviews with the Accelerator committee