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MITEF Saudi Arabia training more than 260 entrepreneurs

Creating more than 110 job opportunities

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Samar Yahya

Riyadh – :

“MIT Enterprise Forum (MITEF) Saudi Arabia is part of a global network of chapters dedicated to the promotion of entrepreneurship and innovation worldwide. The MITEF Saudi startup competition has three tracks: Startups Track, Social Track and Ideas Track. The competition offers SAR 325,000 cash prize, in addition to workshops and training and guidance sessions supervised by specialists and experts in all economic and social sectors.” Said Bayan Alghamdi, Head – Entrepreneurship Programs & MITEF Saudi at Community Jameel to Al Bilad daily English

“The finalists will have the opportunity to participate in StartSmart Saudi Arabia, a one-day conference that inspires, connects, coaches, and informs entrepreneurs to succeed faster and smarter. It is a place where all entrepreneurs, angel investors, venture capitalist firms, students, business organizations and high leadership and executives from private and government sectors meet and engage at the level of the three tracks. As a part of the MITEF Pan Arab Region, the nine winning teams of the MITEF Saudi Arabia Competition will be invited to participate in the MIT Enterprise Forum Arab Startup Competition.”

On the main focus of the competition, Alghamdi said that the competition focuses on attracting high potential social and business startups and ideas in all social and business fields. The Competition continues to be a hugely significant annual event, attracting thousands of entrepreneurs from across the Kingdom. It is organized by the MIT Enterprise Forum (MITEF) Saudi Arabia, a branch of MIT Enterprise Forum global network, in collaboration with Bab Rizq Jameel, an initiative of Community Jameel that shares the ambition to advance the business sector and create a nurturing environment for entrepreneurial projects. “Given the current global challenges, our mission to support young Saudi talent and to help small businesses develop is now more important than ever.” Alghamdi added

On how the competition helps in promoting the entrepreneurial environment in Saudi Arabia, Alghamdi said: “Founded in 2015 with the goal of promoting and enriching the entrepreneurship ecosystem in Saudi Arabia, MITEF Saudi Startup Competition aims to celebrate and support all potential startups and entrepreneurs in the Kingdom through Startups and Ideas Competition. Since its launch, the competition has succeeded in attracting more than 7,500 participants from all over Saudi, establishing more than 45 startup projects, training more than 260 entrepreneurs and creating more than 110 job opportunities through startups. The winners received a total of 1.6 million Saudi riyals in the form of free investments. In the Startup Investment Forum, which was held during the 4th edition of the MITEF Saudi Startup Competition over a period of three days, the event hosted 65 innovative startups from around the world, including the United Arab Emirates, Egypt, Lebanon, Turkey, Greece, and Poland, in addition to 27 innovative startups participating in the MITEF Saudi Startup Competition 2019-2020.”

On the challenges of this present fully digital edition of MITEF Saudi Startup Competition, Alghamdi said: “ The competition is organized this year under the slogan “Innovate, Inspire, Connect”. A fully digital version that simulates a real event, this year’s competition is held in challenging atmospheres in light of the global health crisis, and the competition’s commitment to continue supporting entrepreneurs in Saudi Arabia to overcome the current challenges, and promoting innovation process and the continuation of the entrepreneurship sector in the Kingdom.”

“Entrepreneurs of all ages, and across a range of industries, can apply. To be considered, the project submitted must be innovative, have the potential for scalability, and must have a positive impact on the community. Teams must consist of at least two members and include at least one Saudi national. All completion’s conditions are available on the website www.mitefsaudi.org,” said Alghamdi on the competition terms and who can participate in it.

On the development of entrepreneurship, startups and innovation in Saudi Arabia and in relation to The Kingdom’s Vision 2030 “The Small and medium enterprises are vital part of the economy in Saudi Arabia, and young entrepreneurs are expected to play a key role to achieve the Kingdom’s Vision 2030 objective of moving away from dependency on oil. According to the 2019 Global Entrepreneurship Monitor report, around 76.3% of the adult population in Saudi Arabia has perceived good opportunities to start a business– with the percentage ranking second highest out of 49 countries analyzed. I think entrepreneurship, startups and innovation in Saudi Arabia is on the fast track.” Alghamdi added

MITEF Saudi Startup Competition opened registration on September 15 and continues till December 10, 2020

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