Saudi Arabia's Economic Diversification: Paving the Way for Innovation-Led Growth

Saudi Arabia is undergoing a transformational change, bringing Vision 2030 to life by modernising and diversifying its economy. The strategic shift away from oil dependency towards embracing innovation and technology is not only reshaping the country’s economic foundation but also nurturing environments that foster startup growth and the creation of a thriving startup ecosystem. The transformation has been significantly facilitated by initiatives that help navigate the challenges associated with building sustainable businesses, for example:?

• The Public Investment Fund?has injected significant capital into the startup ecosystem?

• Regulatory Reforms have implemented friendlier business regulations that make it easier for startups to establish and operate in the Kingdom

• Incubators and Accelerators have increased, providing more support, connections, and resources to startups?

At The Bakery, we are thrilled to be immersed in this landscape, actively contributing to the dynamic shift. For the second year in a row, we have the privilege of working as a partner to the Ithra Creative Solutions Programme, playing a crucial role in supporting the development of XR technologies. Guided by experts and mentors, finalists of the program will produce working prototypes over a period of 4 months, to showcase in an exhibition to investors and industry professionals In CSRP’s culminating event, Demo Day.

The Bakery is the partner providing the Entrepreneurial Track of the programme, which aids the development of the cohorts’ entrepreneurial skills to facilitate the successful development of the XR solutions into viable startups and business.?

We will be shortly starting our journey working closely with 20 entrepreneurs spanning various sectors, providing interactive workshops, 1:1 coaching and mentor sessions. Having had a preview glimpse at the XR solutions, we are super excited to be supporting the development of the thriving ecosystem and aiding the evolution of world-class XR solutions.??

Saudi Arabia’s startup ecosystem is looking to have a prosperous and innovative future, and it is great to be part of this journey. Stay tuned for insights into the XR technologies of the future!?