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RIYADH: Winners of the fourth Industrial Hackathon will gain access to a special program that helps turn their ideas into reality through implementation by Saudi factories for potential investment returns, revealed a senior minister.
In an interview with Al-Eqtisadiah, Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi Industrial Development Fund Bandar Alkhorayef emphasized the importance of supporting young innovators and following up on their projects.
The camp featured 229 contestants representing 60 teams across four main tracks: design, production, sustainability, and automation 鈥� the latter newly introduced for this edition.
According to a statement, total prize money exceeded SR1.7 million ($450,000), distributed among the top three entries in each of the four challenge tracks: Design, Production, Sustainability, and Automation.
The winners in each track received SR120,000, second-place teams were awarded SR80,000, and those in third-place got SR60,000, recognizing their creative efforts and innovative contributions across diverse industrial fields.
He noted that the initiative鈥檚 partners from companies and factories play a key role in helping these entrepreneurs develop their ideas, expressing hope that some will become industrialists in the near future.
This initiative aligns with the hackathon鈥檚 broader goal of harnessing the creative potential of citizens and residents to develop innovative solutions to challenges faced by national factories, in support of SIDF鈥檚 strategy to foster innovation and industrial development.
It also reflects the fund鈥檚 long-term contribution to the Kingdom鈥檚 industrial growth. Over the past 50 years, SIDF has extended loans worth more than SR180 billion to various projects, according to figures released in 2024 to mark its half-century milestone.
鈥淭he Minister of Industry honored the winners of the fourth edition of the Industrial Hackathon training camp, organized by the SIDF. It aims to enable participants to develop their ideas and transform them into innovative industrial solutions, reflecting the Kingdom鈥檚 ambitions to support innovation and the industrial sector,鈥� Al-Eqtisadiah reported.
The event also included hands-on learning components such as the 鈥淔abrication Lab,鈥� where participants could experiment with ideas and build prototypes, and the 鈥淚deas Factory,鈥� a collaborative space for problem-solving and experience sharing. Workshops and enrichment sessions further enhanced participants鈥� innovation and teamwork skills.
The Industrial Hackathon is organized in partnership with Riyad Bank, Sipchem, King Abdullah University of Science and Technology, and King Abdulaziz City for Science and Technology, with platinum sponsorship from Ma鈥檃den.
Established in 1974, SIDF serves as the Kingdom鈥檚 main enabler of industrial development. Over the past five decades, it has provided innovative financial and advisory solutions that have supported 黑料社区鈥檚 sustainable industrial transformation