Industrial Incubators and Accelerators Initiative (NUMU)
Industrial SectorThe Ministry has developed a comprehensive program to launch a series of industrial incubators and accelerators throughout the Kingdom to meet the specific needs of entrepreneurs in the industrial sector, as well as industrial startups and SMEs. Definitions of Incubator and Accelerator Incubator: An entity that nurtures businesses from the idea generation stage to startup creation, helping them establish, accelerate their growth, and succeed. Incubators primarily focus on early-stage entrepreneurs. Accelerator: Short-term programs that offer business consulting, training, mentorship, and optional financial support with the goal of scaling up startups. Accelerators primarily focus on later-stage startups that have high long-term growth potential.
- To support and empower industrial entrepreneurs, startups, and SMEs in the Kingdom of Saudi Arabia through tailor-made offerings developed based on international best practices.
- To foster and encourage a culture of entrepreneurship within the industrial sector and improve the long-term sustainability of industrial startups.
- To encourage more industrial entrepreneurship and enhance the long-term viability of industrial startups.