FIVE projects have been awarded $602,283 from the second KAUST Seed Fund – taking the total amount granted to $1,590,283.

In this round, the selection panel selected five winners from 30 applicants. Among the successful applicants are a post doctoral researcher, senior research scientist, KAUST staff member and an assistant professor.

The winning projects are:

• Triple Water Output Solar Water Tank: Dr Raed Bkayrat and Nasser Al Madhoun
• Series of Catalysts for Producing Optically active Alpha-Amino Acid Derivatives: Dr. Kuo-Wei Huang and Dr Xiao-Yu Guan
• Agendat Web Application Calendar Software: Reem Ibrahim Khojah
• High Surface Area Silica Nanospheres: Dr. Vivek Polshettiwar
• Wireless Vital Signs Monitoring Patch: Dr. Atif Shamim

Each team has been awarded grants to further develop their discoveries and innovations into viable business ventures. All winners receive administrative support services from the University to cover administration costs.

Through the commercialization of their start-up businesses, the five winning projects hope to impact the Kingdom and beyond. The Seed Fund Program helps to pave the way, awarding budding entrepreneurs with funding along with critical support services and facilities.

The mission of the program is to promote the economic competitiveness of Saudi Arabia through investment in technological innovations that lead to the establishment of enterprises.

Winners receive grants of up to $250,000 to fund first steps towards turning their concepts into viable commercial products.

The program works in close collaboration with KAUST Industrial Partners (both within the Kingdom and globally), the Intellectual Property and Technology Transfer department, the KAUST Research Park, and the entrepreneurship and incubation services of the KAUST Innovation Cluster.

The Seed Fund Program is one of a number of initiatives run by KAUST's Economic Development Department to nurture prospective entrepreneurs at the university and help them develop new technologies and establish businesses. Unique to KAUST, it aims to reduce barriers experienced by other early-stage funds to invest.

The funding does not compete with venture capital, but strives to act in a synergistic manner to facilitate very early and early-stage developments toward commercial uptake.

The award panel is comprised of six distinguished judges who assess each case individually, giving valuable feedback regardless of their win status.

Applications are presented anonymously to the judges and then critiqued, based on the:

• maturity of technology or research
• strategic fit of the proposal within KAUST's mission
• applicant's business case and model
• possible intellectual property and technology transfer position
• available entrepreneurial skills
• project's potential economic impact on Saudi Arabia

Applications for Round Three of the Seed Fund are closed. Applications for Round Four will open during the first quarter of 2011.

To find out more about The Seed Fund Program or the application process, please visit the KAUST portal or email seedfund@kaust.edu.sa.

More information

• The Seed Fund Program