The Saudi General Authority for Small and Medium Enterprises (Monsha’at) has on Thursday unveiled the Virtual Lab, its latest bid to empower entrepreneurs and innovators, reported the Saudi Press Agency (SPA).
During Biban24 Forum, held from November 5-9, 2024 in Riyadh, the Deputy Head of Research, Development and Innovation Authority (RDIA), Hani Choudhry, inaugurated the Virtual Lab.
It aims to enable entrepreneurs and innovators to transform their ideas into applicable business blueprints, whether products or software solutions, by providing a fully integrated innovation ecosystem.
To this end, the Virtual Lab provides high-quality technical support, including 3D printers, electronic chips, and other cutting-edge tools to enable affordable access to business modeling services.
Moreover, the Virtual Lab offers financial voucher support to enable access to business modeling services from private sector’s service providers. It focuses on evaluating ideas and ensuring their compatibility with market demands.
This, in turn, enhances the quality of innovative outputs and contributes to advancing economic growth and innovation in Saudi Arabia.
The Virtual Lab is part of Monsha’at‘s efforts to promote innovation ecosystem in the Kingdom, through connecting entrepreneurs, university labs, startups, and technical services’ providers, creating a fertile environment for turning ideas into feasible projects.
Furthermore, the Virtual Lab marks a major stride towards achieving the objectives of Saudi Vision 2030, through supporting innovation economy, enhancing the ability of small and medium enterprises (SMEs) to expand and compete in local and global markets.
