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.”
