InnoVacient launches program to impact economic development capabilities of Saudi Arabia

InnoVacient LLC and Lamarka Consulting have revamped the InspireU Technology and Entrepreneurship Center of Excellence in Riyadh, Saudi Arabia.

InnoVacient LLC and Lamarka Consulting have revamped the InspireU Technology and Entrepreneurship Center of Excellence in Riyadh, Saudi Arabia.

InspireU, a Saudi Telecom Company initiative, aims to advance job creation and economic growth across the kingdom through innovative solutions that will help improve the standard of living in Saudi Arabia and lead the state away from an oil based economy.

“InspireU is the next generation model for entrepreneurial Centers of Excellence which combines the benefits of traditional accelerators and incubators providing entrepreneurs the most comprehensive support structure in the kingdom,” Stephanie Bottom, growth and transformation services partner at InnoVacient, told the Gulf News Journal.  “InnoVacient, working with our partner in the Middle East, LaMarka Consulting Services, has created an extraordinary forward looking program that will enable InspireU to become the powerhouse behind the technology startup community in (Saudi Arabia) and (the Middle East and North Africa).”

InnoVacient, which helps its clients create transformational strategies to address current and future opportunities in technology, is a leader in directed transformation and strategies for Fourth Horizon innovation.

Bottom said InspireU will help shape and drive the ecosystem structures that facilitate job creation and strong financial contribution directly to its sponsors, which will benefit the kingdom financially and encourage entrepreneurship who will support competitive advantages for sponsors, the kingdom and its entrepreneurs.

“These ecosystem structures are even more important with the new breed of ‘techno-entrepreneurs’ that are driving the advancements that will have the most impact in transforming the kingdom and driving new sources of economic development,” Bottom said. “A nation’s entrepreneur support network – the organizations and institutions that make up the entrepreneurs 'ecosystem' – is critical for new techno-entrepreneur firms to succeed.”

In order to accomplish this goal, Bottom said InspireU will strive to develop and maintain a credible and ever growing reputation in the kingdom for entrepreneurial development, performance, standards and results by providing the most recognized and respected entrepreneur training academy, an environment conducive to the quick development of new business and commercial models and an outstanding mentorship program.

InspireU will also offer a platform where partners and customers can interact with entrepreneurs and transform ideas into models that can be explored and tested before commercialization, the use of the center programs to increase the potential of commercial digital technology startup success in the kingdom, and allow entrepreneurs to “leverage the success of the center as the foundation and catalyst of an active ecosystem of capital providers.”

InspireU will launch a project in support of Saudi Vision 2030 in August. Saudi Vision 2030 is a 15-year plan by the government of Saudi Arabia in May to move the country away from its dependence on oil.  

“This program is now being finalized and will be announced by InspireU within the next few weeks,” Bottom said. “More programs will be announced in the winter of 2016.”