Riyadh Technology Incubation Center is the technology incubator that King Saud University (KSU) established in 2008. It is a high-tech incubator on campus to encourage and support innovation and entrepreneurship in the local area and throughout the country. The university with its full range of colleges and educational resources necessary to support the incubator to include science, engineering, medical and business areas.
Riyadh Technology Incubation Center (RTIC) is another project established to achieve the vision of making the Kingdom of Saudi Arabia a knowledge-based economy. It would be another milestone in the overall achievement of the economic development plan, with firm focus on technological development, research and innovation. It would play a vital role in the commercialization of university research and development in various technologies. It will help in increasing employment and economic growth and serving as an investment vehicle.
Stimulate the development and success of innovative start-ups in the Kingdom of Saudi Arabia through the use of technology and business incubation and innovation programs in support of the knowledge based economy.
The Incubator will foster the creation and growth of new technical ideas and businesses through the use of technology and business start-up and innovation commercialization programs and will help create a new industry cluster in the Kingdom of Saudi Arabia.
- Creating a conducive environment for entrepreneurship
- Assist entrepreneurs to create successful companies
- Providing exceptional mentoring services
- Providing professional business facilities
- Exploitation of R&D infrastructure to create innovation based startup companies
- Commercialization of intellectual property
- Consultancy in business planning, market research and corporate development
- Providing and arranging early-stage funding
- Help to grow the technology and business sectors in the Kingdom by generating new opportunities to start businesses
- Attract new companies to the region
- Create high value employment opportunities for area residents
- Develop an approach to assist companies with the commercialization of their technology and with accelerating their business success
- Create incubation programs as an important tool for developing strong partnerships between King Saud University and the regional business and technology communities
- Use incubation good-practices to grow successful companies.