On December 12, 2023, the Saudi capital Riyadh hosted a significant event in the entrepreneurial world: the Techstars Accelerator Startup Demo Day. This event marked the culmination of the Techstars Riyadh Accelerator program, a three-month initiative aimed at supporting Saudi startups.
On this day, 12 companies from various sectors, including financial technology, e-commerce, and artificial intelligence, graduated. These companies delivered brief presentations to potential investors, showcasing their products, services, and future plans.
According to Vijay Tirathrai, the General Manager of Techstars Accelerator:
“We are excited to announce our 2nd Techstars Riyadh Accelerator class. The momentum reflects our long-time commitment in investing in the Kingdom of Saudi Arabia.”
A portion of the speech by Engineer Mohammed Al-Rabiean, the Ministry’s Undersecretary for Technology at TechXpand:
“The growth of the technology market in the Kingdom is a success story, and today we commend all companies that spare no effort in directing investment towards technology and enhancing confidence in it.”
Techstars Accelerator Supporting Entrepreneurs
Techstars accelerator aims to help entrepreneurs achieve success. During its intensive three-month program, the accelerator provides startups with top experts and an unparalleled network of partners, investors, and alumni. Additionally, the accelerator offers funding, workshops, necessary resources, and limitless opportunities for learning from their peers.
Intensive 3-Month Journey with Techstars Accelerator
First Month: Unparalleled Network
The first month kicks off with a hallmark of the Techstars Accelerator: an unparalleled network. You and your company will meet approximately 100 experts from the Techstars network, each an expert in their field with extensive connections. During this phase, known as ‘Mentor Madness’ by Techstars, you’ll engage with a diverse array of experts and later select 3-5 of them to become your primary advisors throughout the program, alongside a virtual advisory board. Many of these relationships are known to persist and bear fruit through collaboration even after the program concludes.
The advisors provide support across various aspects of your company, including:
- Product development
- Market fit
- Marketing
- Technology
- Hiring and firing
- Fundraising
- Company culture
- Unit economics
- Business development
- Customer discovery
- Product launch strategy
- Legal matters
Second Month: Execution and Growth
The second month is the time to leverage all that you’ve learned in the first month and translate it into tangible reality. Working alongside the program manager and operations director, you’ll collaborate with your primary advisors to deepen your understanding of your goals, overcome obstacles, and achieve significant milestones, whether that involves designing the initial prototype, progressing to the next stage of product development, or acquiring your first customer.
This month is dedicated to identifying and achieving key performance indicators (KPIs). If the program is supported by institutional partners, this time might be ideal for preparing and conducting concept tests.
Third Month: Fundraising Strategy and Pitch Presentation
The third month is dedicated to enhancing your skills in crafting a compelling company narrative, a crucial skill for fundraising and preparing for a successful pitch presentation.
Working with your advisors and program managers, you’ll refine your pitch narrative and design and develop your pitch presentation. Additionally, you’ll prepare promotional materials specifically tailored for potential investors. The ability to tell an impactful story is not limited to fundraising but extends to conveying your vision to both your future customers and employees.
12 Companies Have Graduated from Techstars Accelerator
- amplifAI, health: thermography AI for early diabetics detection.
- Elmetr: SaaS solution for legal practitioners.
- Secretskin: technology enabled platform for sustainable beauty.
- STHRIVE: frontline workforce engagement platform for the retail and hospitality industries.
- Permitech: AI powered workplace safety for manufacturing sectors.
- ithnain (Techstars ’23): online healthcare coaching.
- Flawless: B2C Career Coaching Platform for Youth
- CERPRO GmbH: Next generation cloud manufacturing solution.
- Revent: The most trusted destination for pre-owned electronics.
- BeeInvites: Scheduling tool for multi-users
- doos: Quick commerce for Lifestyle products delivered in minutes.
- Almakhfi: Enabling high school students to reach peak performance in SAAT and GAT.
Techstars Accelerator offers startups an opportunity for growth and success. Through a robust network of mentors, investors, and alumni, Techstars provides the support and guidance that startups need to achieve their goals.
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