The Ministry of Communications and Information Technology (MCIT), through its Center of Digital Entrepreneurship (CODE), in partnership with Plug and Play, has launched the second edition of the Corporate Innovation Program (CVC), an initiative designed to help Saudi companies embed open innovation as a structured organizational practice and build investment and collaboration models with startups. The program, announced via the Saudi Press Agency (SPA), targets senior leaders at Saudi companies and aims to expand their businesses, sharpen their competitiveness in the digital economy, and deepen ties between established enterprises and the Kingdom’s fast-growing entrepreneurship ecosystem.
Why does this matter now, as Saudi Arabia accelerates its digital transformation under Vision 2030? The answer lies in the scale of the opportunity. Saudi Arabia’s technology and startup landscape has matured rapidly, with a growing number of venture-backed firms, accelerators, and innovation hubs emerging across Riyadh, Jeddah, and the Eastern Province. Yet many large corporations still treat innovation as a peripheral activity rather than a core strategic function. The second edition of the Corporate Innovation Program is designed to close that gap by giving corporate leaders the tools, frameworks, and international exposure needed to move from awareness to execution.
The program reflects a broader shift in the Kingdom’s economic strategy: innovation is no longer viewed solely as the domain of startups. Established companies, with their capital, market reach, and operational scale, are increasingly seen as essential partners in commercializing new technologies and driving sustainable growth. By equipping corporate leaders with open innovation methodologies, MCIT and CODE are working to ensure that Saudi enterprises can both adopt emerging technologies and create new technology-driven ventures of their own.
Context and Background
How did Saudi Arabia arrive at this point, where corporate innovation has become a national priority? The journey began with the launch of Vision 2030 in 2016, which set out a comprehensive plan to diversify the Kingdom’s economy away from oil dependence and build a knowledge-based society. A central pillar of that plan is the development of a vibrant digital economy, supported by world-class infrastructure, a skilled workforce, and an enabling regulatory environment. MCIT has been at the forefront of these efforts, launching numerous initiatives to boost digital entrepreneurship, attract technology investment, and foster collaboration between the public and private sectors.
The Center of Digital Entrepreneurship (CODE), an MCIT-affiliated entity, was established to serve as a catalyst for the Kingdom’s startup ecosystem. CODE provides a range of programs, from incubation and acceleration to mentorship and access to funding, aimed at helping entrepreneurs turn ideas into scalable businesses. Its partnership with Plug and Play, a globally recognized innovation platform and venture capital firm headquartered in Silicon Valley, brings international expertise and a vast network of corporate partners and startups to the Saudi market. Together, they have designed the Corporate Innovation Program to address a specific need: helping Saudi corporations build the internal capabilities required to innovate systematically.
The first edition of the program demonstrated strong demand among Saudi companies for practical, hands-on guidance on open innovation and corporate venture capital. Participants gained insights into how to structure innovation units, evaluate startup partnerships, and align innovation activities with corporate strategy. The second edition builds on that foundation, expanding the curriculum and adding new elements such as in-person executive workshops in Riyadh, international case studies, and hands-on exercises. The program’s evolution reflects a growing recognition that innovation is not a one-time project but a continuous organizational capability that must be cultivated over time.
Key Details of the Second Edition
What exactly will participants gain from the second edition of the Corporate Innovation Program? The program will feature in-person executive workshops in Riyadh from November 23 to 25, 2026, combining specialized knowledge with practical application. The workshops will address four core themes: innovation as a strategic corporate priority, corporate venture capital models, startup solutions adoption through customer relationships, and strategic partnerships. Each theme is designed to give participants a clear understanding of how to translate innovation concepts into actionable plans for their organizations.
The workshops will also include hands-on exercises and international case studies, allowing participants to learn from the experiences of leading global corporations that have successfully integrated open innovation into their operations. These case studies will cover a range of industries and geographies, providing diverse perspectives on how companies can identify, evaluate, and collaborate with startups. Participants will be guided through exercises to help them define their organizations’ innovation strategies, select models aligned with their objectives, and identify priority collaboration opportunities. The goal is for each participant to leave the program with a tailored roadmap for embedding innovation within their company.
The program is open to leaders of Saudi companies who are interested in adopting open innovation methodologies and developing collaboration and investment models with startups. MCIT has invited interested participants to register through a dedicated online link, which is available on the CODE platform. The registration process is designed to be straightforward, ensuring that companies of various sizes and sectors can participate. By bringing together a diverse cohort of corporate leaders, the program also creates opportunities for peer learning and networking, which are essential for building a culture of innovation across the Saudi business community.
International and Regional Impact
How does Saudi Arabia’s push for corporate innovation resonate beyond its borders? The Kingdom’s efforts are part of a broader regional trend, as Gulf economies seek to diversify and build knowledge-based industries. Saudi Arabia’s approach, however, stands out for its scale, speed, and integration with national strategy. By partnering with Plug and Play, MCIT has connected Saudi companies to a global innovation network that spans Silicon Valley, Europe, Asia, and the Middle East. This connection not only exposes Saudi corporations to best practices from around the world but also positions the Kingdom as a hub for innovation in the region.
The program also has the potential to strengthen cross-border collaboration between Saudi companies and international startups. As Saudi corporations adopt open innovation models, they become more attractive partners for global startups seeking access to the Saudi market and investment capital. In turn, international startups can bring new technologies and business models to the Kingdom, contributing to the transfer of knowledge and the development of local talent. This two-way flow of ideas and capital is a hallmark of mature innovation ecosystems and is essential for Saudi Arabia’s long-term competitiveness.
Regionally, the program reinforces Saudi Arabia’s leadership in digital transformation. Other countries in the Gulf and the wider Middle East are watching the Kingdom’s progress closely, and many are seeking to emulate its approach to innovation and entrepreneurship. By sharing its experience and building a robust corporate innovation ecosystem, Saudi Arabia is setting a benchmark for the region and contributing to the growth of a more integrated and dynamic Middle Eastern economy.
Economic and Strategic Significance
Why is corporate innovation so important for Saudi Arabia’s economic future? The answer lies in the structure of the Saudi economy, which is dominated by large corporations in sectors such as energy, petrochemicals, telecommunications, banking, and retail. These companies have the resources, market access, and operational expertise to scale new technologies and business models. However, they often face challenges in innovating quickly due to legacy systems, risk aversion, and a lack of structured innovation processes. The Corporate Innovation Program addresses these challenges directly by providing leaders with the tools and frameworks to overcome internal barriers and embrace open innovation.
By helping corporations collaborate with startups, the program also supports the growth of the startup ecosystem. Startups gain access to corporate customers, pilot opportunities, and investment, which are critical for their survival and growth. In return, corporations gain access to cutting-edge technologies, agile development practices, and new talent. This symbiotic relationship can lead to the creation of new products, services, and business models that drive economic growth and job creation. Moreover, it can help Saudi Arabia reduce its reliance on oil by fostering innovation in non-oil sectors.
The program’s focus on corporate venture capital (CVC) is particularly significant. CVC allows corporations to invest in startups that are strategically relevant to their business, gaining early access to emerging technologies and markets. For Saudi companies, CVC can be a powerful tool for diversification and growth, enabling them to stay ahead of disruptive trends. By learning how to structure and manage CVC funds, corporate leaders can make more informed investment decisions and create value for their shareholders. This, in turn, can attract more venture capital to the Kingdom, further strengthening the innovation ecosystem.
Vision 2030 Alignment
How does the Corporate Innovation Program contribute to Saudi Vision 2030? The program aligns with several key objectives of the Vision, including economic diversification, private sector growth, and the development of a knowledge-based economy. By empowering Saudi companies to innovate and collaborate with startups, the program supports the creation of new industries and the modernization of existing ones. It also helps build a culture of entrepreneurship and risk-taking, which is essential for long-term economic success.
Furthermore, the program contributes to the Vision’s goal of increasing the contribution of small and medium-sized enterprises (SMEs) to GDP. As corporations partner with startups, they provide these young companies with the scale and resources they need to grow, which can lead to job creation and export opportunities. The program also supports the development of digital skills and talent, as participants learn about emerging technologies and innovation methodologies. By investing in corporate innovation, Saudi Arabia is investing in its future as a global leader in the digital economy.
Ultimately, the second edition of the Corporate Innovation Program represents a concrete step toward realizing the ambitious goals of Vision 2030. It demonstrates the Kingdom’s commitment to fostering a dynamic and inclusive innovation ecosystem, where established companies and startups work together to drive progress. As Saudi Arabia continues its transformation, initiatives like this will play a vital role in unlocking new growth opportunities and ensuring that the benefits of innovation are shared across the economy and society.
20 Questions
Q1. What is the Corporate Innovation Program (CVC)?
A1. It is an initiative by MCIT’s Center of Digital Entrepreneurship (CODE) and Plug and Play to help Saudi corporate leaders adopt open innovation and develop collaboration and investment models with startups.
Q2. Who launched the second edition of the program?
A2. The Ministry of Communications and Information Technology (MCIT), through its Center of Digital Entrepreneurship (CODE), in partnership with Plug and Play, launched the second edition.
Q3. When and where will the workshops take place?
A3. The in-person executive workshops will be held in Riyadh from November 23 to 25, 2026, combining specialized knowledge with practical application.
Q4. What are the main themes of the workshops?
A4. The workshops cover innovation as a strategic corporate priority, corporate venture capital models, startup solutions adoption through customer relationships, and strategic partnerships.
Q5. Who is eligible to participate in the program?
A5. Leaders of Saudi companies interested in adopting open innovation methodologies and developing collaboration and investment models with startups are invited to register.
Q6. How can interested companies register?
A6. They can register through the dedicated online link provided by MCIT on the CODE platform, which is available for interested participants.
Q7. What is the role of Plug and Play in the program?
A7. Plug and Play, a global innovation platform and venture capital firm, brings international expertise, case studies, and a network of corporate partners and startups to the program.
Q8. What is the Center of Digital Entrepreneurship (CODE)?
A8. CODE is an MCIT-affiliated entity that supports Saudi Arabia’s startup ecosystem through incubation, acceleration, mentorship, and access to funding programs.
Q9. How does the program benefit Saudi companies?
A9. It equips them with tools and frameworks to embed innovation, adopt emerging technologies, develop new technology-driven businesses, and strengthen their competitiveness in the digital economy.
Q10. How does the program benefit startups?
A10. Startups gain access to corporate partnerships, pilot opportunities, investment, and markets, which help them scale and grow their businesses.
Q11. What is corporate venture capital (CVC)?
A11. CVC refers to investments made by established corporations in startups that are strategically relevant to their business, providing early access to emerging technologies and markets.
Q12. Why is open innovation important for Saudi Arabia?
A12. Open innovation helps Saudi companies diversify, stay competitive, and contribute to a knowledge-based economy, which is a key goal of Saudi Vision 2030.
Q13. What is the expected impact of the program on the Saudi economy?
A13. It is expected to enhance corporate innovation, support startup growth, create jobs, and strengthen the technology innovation ecosystem’s contribution to Vision 2030.
Q14. How does the program align with Vision 2030?
A14. It aligns with Vision 2030’s objectives of economic diversification, private sector growth, SME development, and building a knowledge-based economy.
Q15. What was the outcome of the first edition of the program?
A15. The first edition demonstrated strong demand and provided participants with practical guidance on open innovation and corporate venture capital, leading to the expanded second edition.
Q16. What kind of exercises will participants engage in?
A16. Participants will take part in hands-on exercises and analyze international case studies to define innovation strategies, select models, and identify collaboration opportunities.
Q17. How does the program support Saudi Arabia’s digital transformation?
A17. By helping corporations adopt emerging technologies and innovate, the program accelerates digital transformation across industries, enhancing the Kingdom’s digital economy.
Q18. What is the role of MCIT in the program?
A18. MCIT, through CODE, leads the program, providing strategic direction, oversight, and coordination with partners like Plug and Play.
Q19. Can non-Saudi companies participate in the program?
A19. The program is primarily aimed at leaders of Saudi companies, but international startups may benefit indirectly through partnerships with participating corporations.
Q20. What is the long-term vision for corporate innovation in Saudi Arabia?
A20. The long-term vision is to build a dynamic innovation ecosystem where corporations and startups collaborate to drive sustainable growth, in line with Vision 2030.
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