Badir program aims to promote, enhance culture of innovation

Technological investment opportunities in Saudi Arabia will reach SR 13 billion by the end of 2014, with young entrepreneurs acquiring 75 percent of these investments, sources in King Abdulaziz City for Science and Technology said.
“There will be 290,000 young entrepreneurs in the technology sector in the next five years,” said Dr. Abdulaziz Al Harqan, CEO of the Badir Program for Technology Incubators. He explained that KACST, through the SIRB network for individual investments, has started to host a series of business seminars, workshops, and introductory programs to encourage individual investments in the technology sector amongst the youth, in SMEs particularly.
Al Harqan pointed out that the last five years have witnessed a big leap in patents related to new businesses and inventions, mostly from the youth, with an increase of 30 percent. He furthermore stressed that individual investments will help narrow the social, economic and technical gap.
The Badir program aims to promote and enhance the culture of innovation and independent businesses amongst the Saudi youth. It also strives to help young entrepreneurs develop their SMEs and diversify their sources of income.
Al Harqan added that the Kingdom is accelerating the steps needed for promoting the role of individual investors. “There are several institutions that provide support for entrepreneurs in the fields of information and communication technology. KACST is leading them all as it is holding training courses and workshops, and extending logistical support as well.”
He explained that nowadays young entrepreneurs can easily find seed investors.
Al Harqan said KACST has spent SR 8 billion on 1,900 research and technology programs, with the collaboration of international and local institutions.
These initiatives will boost the Kingdom’s technological infrastructure and enable it to achieve the biggest development in research and innovation.
KACST received 14 patent and industrial ownership applications in the last five years, of which 88 percent were processed. The period for handling this process takes 2-3 years, which corresponds with the international figures in granting patents.