The incredible cohort comprises teams from countries including Saudi Arabia, the United States of America, the United Kingdom, United Arab Emirates, Portugal and The Marshall Islands. Collectively the founders are developing cutting-edge technologies across Gaming, Artificial Intelligence (AI), Payment Solutions, Real World Assets (RWA) and Digital Identity, helping advance the Web3 ecosystem in the region and driving technological advancements across Saudi Arabia as part of Vision2030.

Announcing the first FutureSpark Base Camp cohort with the support of NTDP is an exciting moment in Outlier Ventures’ commitment to accelerating the development of high-growth Web3 ecosystems globally.

“We are very excited to welcome the founders participating in the first FutureSpark Base Camp program in Saudi Arabia. Over the 12-week program, the cohort is gaining invaluable tailored guidance from Outlier Ventures’ team of experts, the incredible mentors and support from NTDP.” Said Stephan Apel, CEO and Founding Partner. “This unique experience will not only accelerate their growth, but also help forge meaningful connections within the rapidly developing Web3 ecosystem in Saudi Arabia. We look forward to supporting the founders as we continue to build on our mission to help grow Web3 ecosystems globally.”

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Eight Years of Data Reflects Growth in Women’s Entrepreneurial Intentions
The 2023-2024 GEM KSA Women’s Report, encompassing eight years of data, reveals that nearly half of Saudi women express intentions to start a business within the next three years—a 30% increase over previous years. This rise reflects the success of Saudi Arabia’s efforts to nurture an inclusive environment where women thrive at all phases of business development, contributing positively to society across all age groups, education levels, and income brackets.

Societal Impact and Innovation on the Forefront
Highlighting the influence of women entrepreneurs in the consumer sector and beyond, the report shows a strong commitment to societal value, with over 75% of women entrepreneurs implementing strategies to maximize social impact and reduce environmental impact. As the report was unveiled at Biban 24, it highlighted the importance of the event in fostering global connections and encouraging new ventures, in alignment with Saudi Vision 2030.

Building a Network of Opportunity
Saudi women entrepreneurs benefit from strong personal and professional networks, with 86% of women knowing another entrepreneur personally. Additionally, a significant proportion of women investors support close family and friends in launching new ventures. This trend is driving not only economic growth but also community resilience and self-reliance, as women investors support other women to strengthen the Kingdom’s business landscape.

“Saudi Arabia’s entrepreneurial landscape is enriched by the contributions of women, whose role continues to expand across all areas of business,” stated Dr. Zeger Degraeve, Dean of MBSC. “The GEM KSA Women’s Report demonstrates Saudi Arabia’s commitment to fostering innovation and inclusivity, and we are proud to contribute to this vital progress.”

Launched as part of a strategic partnership with Monsha’at, the Babson Global Center for Entrepreneurial Leadership, and MBSC, the 2023-2024 GEM Women’s Report emphasizes the role of Biban 24 as a global platform for showcasing Saudi Arabia’s vibrant entrepreneurial ecosystem and reinforcing the Kingdom’s role as a gateway to opportunities for entrepreneurs worldwide.

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The SDB pledge was announced alongside innovative partnerships and initiatives established to transform the country into a world-class SME hub and global investment destination.

Building on its work to advance entrepreneurship in the Kingdom, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (Monsha’at) signed an MoU with InspireU – STC to provide the Kingdom’s burgeoning community of SMEs and investors access to Monsha’at’s business accelerators, ensuring they benefit from vital resources and provisions.

Biban 2023 also hosted the final round of the Entrepreneurship World Cup (EWC), which was one of the day’s major highlights. First established in 2019 by the Global Entrepreneurship Network (GEN) and Saudi Arabia’s Misk Foundation, the tournament invites businessmen and -women from around the world to take part in the ultimate startup pitch competition.

White Helmet, was announced on the fourth day of the Biban forum as the 2023 EWC winner, taking home the grand prize of $300,000 US.

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Co-hosted by the Global Entrepreneurship Network (GEN) and Monsha’at – the Small and Medium Enterprises General Authority in Saudi Arabia – EWC is one of the world’s largest pitch competitions and startup support programs.

Since launching in 2019, EWC has engaged more than 400,000 entrepreneurs from 200 countries and connected founders with over US$4 million in cash prizes and another US$266 million worth of perks and free support and services.

The latest edition of the competition has attracted more than 30,000 founders, with 100 of the top-performing countries invited to pitch to a panel of international judges at the Global Finals after several qualifying rounds. The final pitches were held as part of Biban 2023, the largest forum for entrepreneurs and small-to-medium-sized enterprises in Saudi Arabia.

Providing over 105,000 participants a platform to network, advance entrepreneurship in the Kingdom and pioneer solutions to global business challenges, the theme of this year’s Biban forum is “Attract-Connect-Achieve”.

In addition to the grand $300,000 prize, 10 startups from diverse countries received cash prizes of $25,000-$200,000 to take their innovative solutions to the next level.

Sami Ibrahim Alhussaini, Governor of Monsha’at, said “Saudi innovation and ingenuity has driven the advancement of the Kingdom’s startup and SME ecosystem forward over the past years. We are proud to have a Saudi company named the champion of the latest edition of the EWC. We hope that this win will inspire more of our people to take that step forward and realize their entrepreneurial ambitions.”

“These founders and their companies are disrupting their industries and testing big ideas with potential to transform our world,” said Jonathan Ortmans, president of GEN. “GEN is proud to co-host the Entrepreneurship World Cup for the fourth year, giving promising companies the opportunity to connect to global markets and investment.”

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The new partnership with Monsha’at aims to support aspiring entrepreneurs and small business owners nation-wide on becoming digital entrepreneurs and building an online presence using GoDaddy’s integrated suite of tools and solutions and expert guidance, and through the establishment of an online community.

Mohammed Alamro, General Manager of Entrepreneurship Planning at Monsha’at, said, “These partnership highlight Monsha’at’s keenness to enhance cooperation with the public and private sectors and to create an environment that stimulates the growth and prosperity of small and medium sized enterprises. It will help to increase competitiveness and will contribute to the development of local entities by boosting and developing the standard of SMEs in the Kingdom. It will also support them to reach the opportunities provided by the public and private sectors, including those offered by GoDaddy.”

Selina Bieber, GoDaddy Commercial Strategy Senior Director, International Markets, said, “We are excited to partner with Monsha’at on this unprecedented project where, together, we will support up-and-coming SMEs and young entrepreneurs through more than two decades of global experience. We have seen exceptional entrepreneurial resilience, determination and creativity in Saudi Arabia and GoDaddy would like to support their potential every step of the way to help them create and grow their businesses online with the aim of achieving Saudi Arabia’s ‘2030 Vision’, which envisions a sophisticated digital infrastructure to boost fundamental competitiveness of the Saudi economy.”

As part of the collaborative partnership, GoDaddy will also support Monsha’at Academy with a series of training courses, workshops and seminars to teach their network of SMEs and entrepreneurs how to create their digital presence using GoDaddy products and tools, provided through Mazaya platform. GoDaddy and Monsha’at also intend on collaborating to build a “Monsha’at & GoDaddy” business Accelerator.

GoDaddy will collaborate with Monsha’at to develop and publish Market insights, reports, case studies and small business success stories in Saudi Araba. GoDaddy will promote and feature their entrepreneurial journeys through docu-series and across GoDaddy social media channels.

GoDaddy’s partnership with Monsha’at is the latest in a string of successful collaborations with local communities in the region. Recently, GoDaddy completed its successful partnership with Startups Without Borders, an entrepreneurship support and resource hub, where it trained over 500 entrepreneurs and small business owners across the Middle East, on how to start and grow their businesses online.

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The three start-ups won the category of Idea, Early and Growth stage. Tripp, AHAD and Desert Control emerged victorious from a pool of 183 applicants. in5, which has incubated more than 500 start-ups in tech, media, and design including Desert Control, partnered with Startupscalee360 for the Entrepreneurship World Cup to amplify UAE’s start-up ecosystem and facilitate access to investment opportunities.

As a Global Finalist, Tripp, AHAD and Desert Control will compete for a share of USD 1 million in cash prizes. The top 100 Global Finalists will receive $100,000 worth of in-kind services and support from service providers such as AWS, Freshworks, Oracle, Hubspot, Stripe and Segment. Global finalists also gain automatic entry into the GEN Starters Club, an invitation-only community of talented founders from around the world. Global Finalists will face off against one another in Riyadh, Saudi Arabia in March 2023.

Saeed Alnofeli, Director of Operations at in5, during the UAE Final event greeted the distinguished visitors and emphasised in5’s role in fostering the diverse and dynamic start-up platform including cost-effective business incubation, advisory and mentorship. H.E. Dr. Aman Puri, Consulate General of India to Dubai and Northern Emirates, also gave an inspirational speech about the role of entrepreneurs in building the economy and creating jobs for the nation.

Commenting on the competition on behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, Dubai Studio City and Dubai Production City at TECOM Group PJSC, said: “Dubai is home to a diverse pool of entrepreneurial talent who are innovating key industries and strengthening our economic position on a global scale. At in5, we strive to provide a community for these brilliant individuals to thrive in, where they can gain invaluable insights from mentors and advisors and build their ambitions into sustainably growing businesses. One of our key goals is facilitating access to investment so start-ups can expand their activity and leave greater impact. Partnering with Entrepreneurship World Cup gives us the chance to highlight the breadth of promising start-ups in our city and region, and giving the most exceptional ones a global stage for their innovative ideas.”

Swethal Kumar, Startupscale360 FZCO’s CEO and Managing Partner, said: “The UAE Final of EWC came to an end after 5 months of intense preparation, coordination, screening, assessment, and multiple judging rounds. The total of 47 Judges and 10 committee members involved in selecting the top 3 finalists.”

At the event, Swethal Kumar reflected on the competition’s incredible journey so far and extended his gratitude to the many individuals who had a hand in making it possible, as well as the industry leaders who had provided guidance along the way and the generous sponsors who had ensured the competition’s success.

He added: “The UAE Final in in5 has seen an active participation of judges, speakers, founders, and key enablers of the regional start-up ecosystem.”

The EWC National Finals were organised by Startupscale360 FZCO in partnership with in5, the flagship sponsor and Ecosystem Partner, Al Dafrah TV, a broadcast and media partner, Kapturise, a photographic and media partner, and Meraki Global Energy, a sponsor.  The two panel sessions were sponsored by Tapiwa Senah, Koinonos Capital and Service My Car, Dubai.

EWC is an initiative globally sponsored by Misk Foundation, and led by the Global Entrepreneurship Network and Monsha’at, with support from a collection of national and global partners including One Valley, The Global Education and Leadership Foundation (TGELF), Entrepreneurs’ Organization, KAUST and Startup Genome.

Since its inception in 2019, Entrepreneurship World Cup has given away opportunities for entrepreneurs at all stages of development — from the idea stage to scale-up — to advance to the next stage of their journey. The competition has since drawn 400,000 registrations from 200 countries and provided entrepreneurs with over US$3 million in cash prizes and an additional US$256 million in benefits, free assistance, and services.

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Supporting the objectives of Saudi Arabia’s Vision 2030, the MoU provides a framework for cooperation on the development and implementation of programs to support enterprises and SMEs in Saudi Arabia.  The SME program will be designed to increase non-oil exports through trade finance facilities and capacity-building initiatives for enterprises participating in the Program. In addition, the Program will also look to increase the readiness of financial institutions to fund SMEs in the Kingdom.

H.E Eng. Saad Abdulaziz Al-Khalb, CEO Saud EXIM Bank, stated “I am extremely  pleased to sign the MoU with ITFC and Monshaat.  The diversification of the alternative economy through exporting more Saudi non-oil products is a strategic objective of Saudi Arabia’s Vision 2030.  The MoU is completely aligned with Saudi EXIM Bank’s efforts to enhance cooperation with relevant government and private agencies in the Kingdom.  By working closely with our partners to develop the SME program, the Bank will increase international finance and credit institutions’ support in diversifying financing products and innovate financial and credit solutions for SMEs.”

Eng. Hani Salem Sonbol, CEO ITFC commented “ITFC places a high importance on meeting the SME Development Program objectives and we are therefore extremely pleased to sign the MoU with our distinguished partners, Saudi EXIM Bank and Monshaat.  The Program, which is aligned with the Kingdom’s Vision 2030, will offer significant support to SMEs, who represent enormous growth potential.  As the Kingdom looks to increase SME contribution to 35% of GDP by 2030, supporting SMEs in trade finance and trade development will be essential to meeting this goal.”

The Governor of Monshaat, Eng. Saleh Al-Rasheed stated “We are honoured to be partnering with the Saudi EXIM Bank and ITFC in supporting the development of the Saudi SME sector.  The agreement framework will focus on building a growth environment for entrepreneurs and SMEs through the provision of supportive services and initiatives that aim to support and facilitate business practices, increase the adoption of technology and innovation, while improving access to finance.”

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The conference titled “Rethink – Reboot – Regenerate” is expected to be attended by thousands of startups and entrepreneurs. Riyadh conference will be gatherings investors, policy makers and community leaders from around the world to help rebuild the global economy in the post-pandemic world.

GEC Riyadh has attracted hundreds of local and international speakers, including Apple co-founder Steve Wozniak and Netflix co-founder Marc Randolph.

According to the organisers, GEC is a global entrepreneurial revolution that has taken hold and continues to grow – building a shared engine of innovation and economic growth in cities and countries everywhere.

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Monshaat’s participation and support to the MITEF Arab Startup & Saudi Arabia Competition comes in line with the Authority’s mission to support the growth and competitiveness of small and medium enterprises by incubating a supportive environment and an entrepreneurial community. Through its cooperation with strategic local and international partners in the public, private and non-profit sectors, Monshaat seeks to enable such enterprises to be a fundamental pillar for the development of the economy in Saudi Arabia and an enabler to achieve Saudi vision 2030 and beyond.

A series of roadshows for the MITEF Arab Startup & Saudi Arabia Competition are currently being held until November in most regions of the KSA and Arab countries. In the KSA, the roadshows are launched in cooperation with Monshaat and cover Saudi universities in various regions of the Kingdom, with the aim of introducing entrepreneurs to the criteria and mechanisms for applying to the competition, helping them with their applications, and enhancing their chances of winning the competition. To find out the schedule of the roadshows in Saudi Arabia, please visit the competition website.

The MITEF Arab Startup & Saudi Arabia Competition, organized this year under the theme ‘Empowering today. Transforming tomorrow’, is a seven-month journey filled with excitement, coaching, networking opportunities, mentorship, funding, and media exposure. In addition to hosting the Startup Investment Forum (SIF), the final events of the 2021/2022 Edition will be held at the Start Smart Conference in Madinah during March 2022, and concluded with the announcement of the winners for this year.

Entry for the competition is already open since September 15 until December 6, 2021. Entrepreneurs of all ages and economic sectors can apply to participate through the competition website within one of the three contest tracks: ideas track, startups track, and the social enterprises track, according to the terms of the competition.

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