Ibrahim Neyaz

The NDTP aims to curate a robust tech ecosystem across the country by supporting start-ups in every way they need.

Can you share specific case studies that prove the success of your vision, including highlights and achievements?

I joined in May 2022 and, from the outset, we engaged with the market to identify gaps in order to build a robust ecosystem. We conducted meetings and workshops involving various stakeholders, including VCs, start-ups at different stages, potential unicorns, private equity firms, corporations, as well as government and semi-government entities. This approach aimed to ensure that we accurately identified market challenges and designed solutions tailored to foster ecosystem development. Rather than duplicating global initiatives or products in a different market and economy, we chose to listen to the market, pinpoint gaps, and create customized solutions. The feedback received from market players helped us identify key challenges and gaps. We initially conceived around 50-60 products, later consolidating some and discarding temporary solutions. Our focus shifted toward creating sustainable products capable of bridging gaps, ensuring market stability; in total, we designed 14 products, with gradual product launches commencing in October 2022. One of the main challenges we identified among market players, particularly accelerators and private equity firms, was the lack of high-quality deal flow to nurture new start-ups in the ecosystem. Most investments were concentrated in the growth and later stages, leaving a gap in seed and pre-seed stage funding. To address this issue and engage early-stage investors, we introduced our first product, MVPLab, with a focus on enhancing high-quality deal flow creation in the ecosystem. Our goal by the end of 2025 is to establish 1,000 new start-ups within the ecosystem. Since launching in October 2022, we have already established 270 start-ups, and our target for the end of 2023 is to reach 400.

In what ways do NTDP initiatives and programs support the growth of local tech start-ups and businesses?

Our program is open to anyone that plans to incorporate their start-up in Saudi Arabia. To become a global hub, we actively seek international talent to join our ecosystem. We are on the verge of becoming a premier launchpad and regional hub for start-ups. Over the past two years, we have observed a trend of start-ups relocating from the MENA region to Saudi Arabia. We offer a wide spectrum of initiatives, such as our Accelerators Enablement Program. In this program, we aim to support global accelerators entering the Saudi market or local VC-backed accelerators. We subsidize up to 75% of their operating expenses, leading to an impressive one-to-seven investment impact; for every SAR1 we invest, they contribute SAR7 toward the ecosystem. This successful model is exemplified by the global accelerators we have attracted to Saudi Arabia. We continue our efforts to unlock more private sector investment and are making great progress. One specific case is the launch of the MENA region’s first and largest generative AI accelerator. We were among the early adopters of this initiative, with Amazon launching its accelerator just two weeks before us. The emergence of Chat GPT and the growing significance of generative AI technology prompted a global race to harness its potential and secure GPU resources for building a generative AI economy. Recognizing the transformative potential of generative AI, NTDP chose to move swiftly to stay competitive on a global scale. We are dedicated to building a generative AI start-up ecosystem, partnering with NewNative, experts in AI native start-ups and products. Together, we have streamlined the process, enabling the transformation of ideas into working prototypes in just 72 hours. Our ecosystem comprises three key elements: a hackathon, an accelerator, and a USD160-million investment fund. Our journey began with the hackathon, launched four months ago, with the goal of establishing 50 generative AI start-ups in Saudi Arabia by year-end. This initiative quickly garnered global interest, attracting over 1,600 participants from around the world within 72 hours. We provide them with essential tools, an environment, and GPUs to build their start-ups, addressing a critical challenge in generative AI entrepreneurship; access to costly resources. During the hackathon, AI developers and entrepreneurs receive a crash course on the first day, learning how to use the tool to turn their ideas into working prototypes. In just 72 hours, they create their prototypes. Across four hackathons in less than 100 days, we have generated over 200 generative AI working prototypes. However, our efforts extend beyond hackathons. We have established a pipeline to our accelerator, where select top projects receive a SAR150,000 or USD40,000 grant from MVPLab to further develop their products. Additionally, each project accepted into the accelerator immediately secures USD100,000 in pre-seed investment from the fund we have established. This integrated approach ensures that start-ups receive comprehensive support, from ideation to funding and beyond.