TAQNIA’s Relationship with KACST
Considering the ambitious new sector development objectives of the Kingdom of Saudi Arabia and the relative immaturity in certain stages of the R&D value chain, there is a critical need for a company like TAQNIA to play a constructive role. As technology commercialization activities are gradually being deployed by institutions like KACST, the focus for TAQNIA is to ensure the availability of services, technology assets, and investment for new ventures to develop. TAQNIA’s initial role is to ensure that high potential initiatives in new R&D intensive sectors have the necessary enablers, mainly financing, to become sustainable companies. Overall effort must be focused on a limited number of sectors in which the Kingdom has relevant competencies or assets and selection of these priority sectors must be done with two objectives; either increasing country’s self-sustainability or developing a competitive global player or a globally competitive hub. TAQNIA’s structure must be built around the number of selected priority sectors, including a solid governance model and have concrete development objectives, to ensure investment effectiveness and provide necessary comfort to investors.
TAQNIA focuses on the more complex and financially demanding projects. TAQNIA also focuses on areas where the private sector is likely to be less motivated or hindered. Such areas include strategic technologies ventures with low financial attractiveness or a high degree of complexity. Collaboration with the private sector is expected on a variety of ventures.
Ever since its inception, TAQNIA has been adamant to always align with KACST. TAQNIA’s collaboration with KACST can be classified as two types. The first type focuses on innovation or technology that has been developed or ‘Pushed’ by R&D centers to the market, whereas the other focuses on innovation or technology that has demand existing in the market and as such require it to be developed or ‘Pulled’ from R&D centers.