The Business Incubators and Accelerators Company (BIAC), a subsidiary of Saudi Technology Development and Investment Company (Taqnia) - wholly-owned by the Public Investment Fund, has joined the Industrial Internet Consortium (IIC).

IIC is now incorporating OpenFog, a world leading organisation transforming business and society by accelerating the adoption of the Industrial Internet of Things (IIoT).

BIAC focus is to establish, operate and manage business incubators and accelerators as well as entrepreneurship support platforms, innovation programmes and technology transfer, said a statement from the company.

One of its important programme's is the Innovation Center for Industry 4.0 (ICI4), an initiative that strives to provide a specialised platform for business and industry activities related to Industry 4.0, it said.

Khalid Al Sulami, senior consultant for Industry 4.0, BIAC, said: “Our organisation seeks to contribute to the growth and development of the innovation and entrepreneurship environment and to support emerging technology companies, in line with Saudi Vision 2030.”

“Our collaboration with IIC will foster the growth of IoT technologies and accelerate the adoption of IIoT in the kingdom,” he added.

Dr Richard Soley, executive director of the IIC, said: “We are delighted to have BIAC as a member of the IIC to share their business expertise with other members as we work together to further the adoption of the IIoT.”

Established in 2017, BIAC focuses on setup, operation, maintenance and management of business incubators and accelerators. It provides entrepreneurship support platforms, innovation programmes and technology transfer along with project management services, specialised consultations and training services to enhance human resource capabilities.

BIAC seeks to contribute to the growth and development of the innovation and entrepreneurship environment and to support emerging technology companies, in line with the Vision 2030 and its objectives that includes supporting entrepreneurship, SMEs and increasing their contribution to gross domestic product (GDP). – TradeArabia News Service