KACST had concluded today a collaboration agreement with Oxford Innovation and Creativity Center, according to which the latter shall operate a biotechnical incubator under the supervision of qualified experts to establish an executive mechanism for incubator operation.
H.H. Prince Dr. Turkey Bin Saud Bin Mohamed Al Saud, Vice President of KACST for Research Institutes, who had signed this agreement with Dr. David Kingham, Manager of Limited Projects at Oxford Center, had stated that this agreement comes within KACST plan to support joint scientific researches in health and medical fields. He had noted that this collaboration contributes to exchanging technical experiences of the local work team in respect of incubators operation, projects assessment and selection, in addition to the provision of a range of basic services for incubating establishments and companies.
H.H. had also noted that the objective of these incubators is to increase investment returns, increase productivity and increase competitive abilities in international markets which is currently supported by KACST, with multiple advantages, such as time factor acceleration, international competition, comparative advantage sources, quality, timing and price together with the creation of collaboration network and health technical community.
Dr. David Kingham, had stated on the other side that incubator shall be operated under the supervision of Oxford Company, the matter that support investment in know how economy which will support investment in know how economy which will support business in K.S.A., contribute in creating employment opportunities for youth, upgrade business culture based on plans designed by leading businessmen and inventors, and hence result in accelerating growth and ensure a better quality life.
This project shall activate partnership between the public and private sectors, achieve international cooperation and transparency in the regional and international markets, methods of optimal exploitation of technology and commercial usage of innovations including qualified cadre, investors and leading businessmen. This matter requires the availability of tools such as incubators, science and research gardens, technical areas and industrial compounds that would contribute in diversifying the national economy and support private sector, and strategic establishments.
These efforts come within the strive of the Kingdom to establish “Technological Incubators” within what is currently known as “Knowledge Economy” to join businessmen and inventors; convert the registered patents to commercial profitable ideas. The trend deserves consideration for a new investment and technological future lead by many organizations having KACST as the spear tip; who is currently adopting and leading establishment of incubators in K.S.A. through its experts and research institute of the city.
Biotic technology incubator (Badr) is contributing in transforming the resulting ideas of scientific researches to commercial products through helping inventors and innovators to establish new companies that produce and promote the new products. Incubator is also providing technical support to users by benefiting of the scientific research and experiences of researchers in KACST, major universities and health institutions and employing government laboratories to develop products.
It is also expected from the incubator to contribute in finding new strategic plans to benefit of biotic technology in researchers related to health sector service, how to extract from researcher after being proved in his laboratory, nurturing and legally support and adapt to the productive and industrial sectors . This would create a major support for health sector because it shall establish the base for more technical cooperation in order to upgrade medical and health performance, facilitate medical education and training techniques according to the latest technology.
Biotic technology incubator is located in the premises of the faculty of medicine at King Fahad Medical City within the framework of the memorandum of understanding signed by KACST and King Fahad Medical City in earlier time for the joint cooperation in the field of biotic technology incubators and support of joint scientific researches in health and medical fields.