Saudi Arabia is rapidly emerging as a prime destination for startups aiming to scale. With the Kingdom’s Vision 2030 guiding its transformation, the focus remains on diversifying the economy and fostering innovation across a wide range of industries. From its market size, strategic location in the Middle East, growing investment opportunities, and strong government support, Saudi Arabia is an ideal place for entrepreneurs to turn their ambitions into reality.
In line with its goal to accelerate innovation, the Kingdom has introduced the MISA “Entrepreneurship License” for foreign entrepreneurs. Combined with programs like Blossom Accelerator’s Soft Landing, these initiatives provide startups with essential resources, mentorship, and access to valuable networks to grow and scale. The supportive ecosystem, which includes funding opportunities and tailored programs, offers the perfect foundation for startups to grow expand from the Middle East to the world.
To dive deeper into the opportunities for startups in Saudi Arabia, we sat down with the Blossom Accelerator (BA) team to learn more about their Soft Landing Program.
BDD: Why is Saudi Arabia a prime location for startups to excel?
BA: Saudi Arabia is the fastest-growing economy in the world and a G20 powerhouse, making it an unparalleled destination for startups. Backed by the ambitious Vision 2030, the Kingdom is diversifying its economy with massive investments in technology, sustainability, and innovation. It features the largest disposable income in the GCC, the highest VC deployment in MENA, and it is a strategic location connecting Europe, Africa, and Asia.
Ranked among the top 10 countries for ease of doing business by the World Bank, Saudi Arabia offers startups 100% foreign ownership, government-backed incentives, and access to a fast-growing market. With initiatives like Blossom Accelerator’s Soft Landing Program, startups can seamlessly enter this thriving ecosystem and leverage the country’s unmatched potential for growth and innovation.
BDD: Who is eligible to apply to the Soft Landing Program?
BA: The Soft Landing Program is tailored for startups from pre-seed to pre-IPO with scalable and innovative business models aligned with Vision 2030. The eligibility criteria include:
- Innovative Technology: Startups with disruptive technologies or unique business models.
- Scalable Business Model: A clear potential for growth and sustainability.
- Committed Founders: A strong founding team willing to relocate their HQ to Riyadh.
- Market Traction: Evidence of initial customer acquisition or revenue generation.
- Strategic Alignment: Startups that align with Saudi’s key focus areas, such as AI, fintech, DeepTech, and green technology.
Even if a startup does not meet all the criteria, compelling value propositions are still welcomed for consideration.
BDD: What are the phases of the program?
BA: The Blossom Soft Landing Program is divided into two key phases, with an optional third phase:
Phase 1 (Free):
- MISA Entrepreneurship License: Blossom offers a support letter and facilitates the process to secure this essential license, enabling 100% foreign ownership for companies that have passed our due diligence phase.
- Market Onboarding: Startups receive guidance on aligning with Saudi regulatory and market requirements.
Phase 2 (Optional Paid Services):
At Blossom Accelerator, we render the following services and ensure seamless company set up on your behalf:
- Legal, HR, and Tax Setup: Support with Articles of Association, Chamber of Commerce registration, VAT & Zakat, and Saudization compliance.
- Operational Support: Support with payroll, employee visas, and national address setup.
- Banking Access: Support with opening corporate bank accounts, often a challenge for foreign entities.
Phase 3 (Optional Paid Services):
Go-to-Market Strategy:
Blossom works closely with startups to create a strong go-to-market strategy, offering:
- Warm Introductions: Direct access to key clients, partners, investors, and government stakeholders.
- Investor Network: Tailored support in preparing pitch decks, refining business models, and closing funding rounds.
- Growth Acceleration: Strategic mentorship and connections to scale operations in record time.
BDD: What can startups participating in the program expect to achieve?
BA: Our track record has shown the following tangible outcomes for startups:
- Rapid Market Entry: Startups can establish operations in Saudi within 60 days.
- Funding Success: Many startups secure funding within six months of joining the program.
- Sustainable Growth: Startups are empowered to integrate into Saudi’s thriving tech ecosystem, contribute to the local market, and scale globally.
BDD: Are there any Lebanese companies that have been supported? And can you share their impact post-program?
BA: Blossom Accelerator has supported 50+ Lebanese startups, helping them expand into Saudi Arabia while creating meaningful impact. Here are just two examples:
- FinSmart Solutions (Fintech):
- Expanded their financial literacy app to Saudi Arabia, onboarding thousands of users, including underserved communities.
- Impact: Helped 15,000 individuals improve financial knowledge and budgeting skills, supporting financial inclusion in the Kingdom.
- EduGrow (Edtech):
- Partnered with local schools to implement an AI-powered learning platform tailored to Saudi students.
- Impact: Improved learning outcomes for over 10,000 students, with a 25% increase in STEM test scores and enhanced digital skills.
Is your startup ready to take off and grow from the Kingdom to the world? Learn more about Blossom’s Soft Landing Program here: https://blossom.sa/founders-startups/soft-landing/ and apply here: https://blossom.sa/founders-startups/soft-landing/soft-landing-form/
