The program provides consulting, mentorship, and international exposure to participating startups. Running for 10 months, the initiative aims to nurture entrepreneurship.
Saudi Arabia’s entertainment industry is poised for expansion as the General Entertainment Authority (GEA) unveils the third iteration of its accelerator program, which will assist 32 startups.
This initiative aims to promote innovation, encourage entrepreneurship, and contribute to the development of the Kingdom’s entertainment sector, as reported by the Saudi Press Agency.
The 10-month accelerator program provides participating startups with a wide range of advantages, including mentorship, consulting services, co-working facilities, and opportunities for international exposure.
Each cohort, comprising 16 companies, will benefit from 192 hours of expert mentorship and two international trips to gain insights into global market trends.
In alignment with Saudi Arabia’s Vision 2030 goals for economic diversification, this program is expected to significantly enhance the entertainment ecosystem. Projections suggest that the sector could create 450,000 jobs and account for 4.2 percent of the nation’s gross domestic product by 2030, with the initiative focusing on boosting innovation, attracting investment, and establishing Saudi Arabia as a regional entertainment center.
This program builds upon the achievements of its predecessors. The inaugural accelerator, launched in 2023, evaluated 260 project submissions and selected 14 startups following a thorough vetting process. Entrepreneurs gained from weekly workshops, tailored consulting, and opportunities to engage with investors.
In the second edition, which commenced in mid-2023, the GEA intensified its efforts to assist startups in overcoming market challenges and achieving sustainable growth. Customized programs were designed to help participants navigate the specific challenges of the entertainment industry, thereby enhancing their prospects for success.
The GEA’s initiative is part of a comprehensive strategy to bolster the Kingdom’s burgeoning entertainment sector. Through this accelerator, the GEA seeks to cultivate an environment conducive to innovation, business development, and the establishment of global partnerships.
Alongside the comprehensive mentorship and training provided, participants benefited from 56 hours of expert counseling in June 2023. Esteemed speakers and consultants from prominent entrepreneurs in Saudi Arabia imparted invaluable insights. The achievements of the initial two accelerator programs established a strong basis for the third edition, which is anticipated to further propel growth in the entertainment sector as it becomes a significant factor in Saudi Arabia’s economic transformation.
