He appreciated the quality of startups that appeared in the 2023 edition of the LBS MENA Startup Competition. Ihab expects the next edition of the LBS MENA Startup Competition may happen in Saudi Arabia as the Kingdom is betting big on startups.

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Ten exceptionally innovative seed-stage startups have earned their spot in the Grand Final, scheduled for Tuesday, October 10th, which is to be staged at the AstroLabs Campus facility in Dubai. These startups, carefully chosen from across the MENA region, encompass a wide spectrum of industries, with a notable emphasis on sustainability. These talented people are now gearing up to showcase their potential at this prestigious event, where they will present their pitches to a distinguished panel of judges.

The finalists are as follows:
AHAD, a cyber security company based in UAE, Arab Therapy, a wellness company based in Jordan;  Caena, a startup fundraising marketplace based in UAE; DUDI, a wellbeing company based in UAE; Hulexo, a retail Point of Service providing company based in UAE; Innotech, a 3D construction company based in Oman; Organic Waste Management Solutions, a food waste management company based in the Kingdom of Saudi Arabia; Playbook, a media and women career empowerment based in the Kingdom of Bahrain; The Surpluss, an industrial waste management company based in the UAE, and Zeal, a fintech and payment facilitation company based in Egypt.

The LBS MENA Startup Competition 2023 enters its second year, building upon its dynamic legacy as a transformative platform for innovation in the MENA region. With the backing of the well-regarded LBS Institute of Entrepreneurship and Private Capital (IEPC), the competition has established itself as a vital bridge connecting aspiring entrepreneurs with venture capitalists and investors across MENA. It stands as a unique opportunity for founders to propel their startups to new heights, secure essential financial backing, broaden their market presence, and gain valuable media exposure.

This year’s competition enjoys robust support from a diverse array of strategic partners deeply embedded in the startup ecosystem within the region, thereby offering a holistic platform for nurturing startup growth and development.

From sponsorship packages and awards generously offered by AstroLabs, Innobayt, AWS Activate, and Floward, to immersive workshops hosted by esteemed entities such as Spark! Studios, ADG Legal, Bambucorn, and Khwarizmi Ventures, participants in the competition will also have access to and benefit from a seasoned cadre of mentors from the Dubai Future District Fund and support from nine senior executive leaders.

Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital (IEPC), the body that plays a key role in supporting the competition, said: “I’m very excited about the second LBS MENA Startup Competition and the opportunity to build upon the resounding success of what was achieved last year. This event will undoubtedly serve as a wider catalysing agent for startups in the MENA region.”

Ihab Tabbara, LBS MBA alumni and co-president of the LBS MENA Entrepreneurship Club in Saudi Arabia, said “Our broader ambition with this competition is to cultivate a MENA-based entrepreneurial landscape by bridging the gap between founders and investors.”

In the inaugural edition of the competition in 2022, the technology startup Ollang emerged as the winner. Ollang specialises in end-to-end human-powered AI localisation through subtitles and dubbing for video and audio.

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The panel discussion about the entrepreneurial ecosystem “What VCs look for in a startup,” which was hosted at the AstroLabs coworking space in Al Malqa, Riyadh, brought together some of the most established venture capitalists in MENA, in an effort to bridge the gap between business school alumni and the Saudi entrepreneurial ecosystem.

Founding & Managing Partner at Nama Ventures, Mohammed Al Zubi, Partner at Joa Capital, Abdulrahman Al Mousa, and Partner & CEO at Impact46, Abdulaziz Al Omran, moderated by Jorge Grieve, Partner at McKinsey & Co, discussed the current trends in the tech startup’s investment landscape, highlighting the current investment sentiment, elevated competitiveness of the Saudi ecosystem on a global level, and the role of localizing product market fit in attracting the right investments; the panelists shared their views on what makes a startup investment-ready in the current market.

Mohammed Al Zubi expressed his confidence in the ‘3^rd entrepreneurial evolution’ in the Kingdom. “What you’re seeing in Saudi Arabia is unparalleled, it might even be overstimulated by the government’s support.” Al Zubi continued to emphasize the roles that enablers play in supporting the fast-tracked growth of the ecosystem. “They are racing to support entrepreneurial endeavors. What you’re seeing in Saudi, there is no equivalent anywhere in other geographies, we’re living in the platinum age of entrepreneurship, in MENA particularly – in Saudi.”

The discussion framed the investment momentum in Saudi Arabia within the context of government initiatives, namely the ongoing and adaptive efforts to empower up-and-coming entrepreneurs in line with Saudi Vision 2030. They further debated the importance of localization and cultural integration as indispensable factors for a successful startup venture.

Partner & CEO at Impact46, Abdulaziz Al Omran, highlighted how startups can capitalize on local culture to catapult their growth in Saudi as compared to their operations in other regions. “Online flower shops have been around for years, but Floward put an emotional element in their product messaging, and I think we’re emotional human beings here in Saudi, which is why It succeeded so well.”

By bringing together diverse players from the Kingdom’s digital innovation and startup landscape, this event reinforced the growth of the entrepreneurial ecosystem over the last decade. Such collaborations highlight AstroLabs’ commitment to Saudi by supporting entrepreneurs with their growth journeys, providing an opportunity for various stakeholders in the ecosystem to share vital knowledge for the greater good, aligning seamlessly with the objectives of both the London Business School and AstroLabs, as highlighted by AstroLabs CEO, Roland Daher, in the opening keynote.

Ihab Tabbara, LBS MBA alumni and co-president of the LBS MENA Entrepreneurship Club in Saudi Arabia, said, “Our aim is to cultivate a MENA-based entrepreneurial landscape by bridging the gap between founders and investors. We are dedicated to supporting this ecosystem on two fronts. On one side, we facilitate connections between startup founders, venture capitalists, and investors. On the other side, we curate and offer vetted deal flow opportunities for investors. In essence, our goal is to unite both facets of the ecosystem, fostering a social and innovative impact. To achieve this, we host informative panel discussions on a quarterly basis with key industry players, including the topic mentioned above, and organize an annual startup pitch competition event. Our partnership with AstroLabs is pivotal in nurturing successful entrepreneurship ecosystems, as we share the same vision and values.”

Through this partnership, budding entrepreneurs acquire a fleshed-out understanding of the requirements needed to rise through the challenges of early-stage operations.

As a dedicated enabler of Saudi-based businesses, and a leading market entry partner to global corporations looking to expand to the Kingdom, AstroLabs continues to build the bridges needed to tie the Saudi startup landscape together. In this light, London Business School’s Entrepreneurship MENA Club panel discussion proved to be yet another successful endeavor to keep fueling the momentum of Saudi entrepreneurship, while endowing new players with the knowledge necessary to ensure maximum success, and in turn, a more prosperous and digitally-enabled Saudi Arabia.

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With ambitions to become one of the most acclaimed startup competitions in MENA, aiming to connect aspiring entrepreneurs with VCs and investors across the region, the inaugural LBS MENA Startup Competition in 2022 attracted strong, talented competition, with leading tech startup, Ollang, crowned the winner.

AstroLabs, an ecosystem builder in MENA since 2013, operates as the region’s trusted partner in solving innovation challenges, building self-sustaining ecosystems, and accelerating the growth of the digital economy by driving impactful large-scale programmes, and fast-tracking regional and global businesses‘ scaling strategies into MENA.

With a mission to build competitive local markets, helping to elevate local enterprises to global standards and enabling international companies to thrive in local landscapes, AstroLabs recognises the importance of the role that LBS plays in the region and the growing prominence of the MENA Startup Competition.

Ramzi Qannati along with Ihab Tabbara, Co-Presidents of the London Business School Entrepreneurship Club, are both managing and providing mentorship for this year’s event, working with a talented body of LBS students from around the world.

Qannati, himself an LBS alumnus (EMBA 2019), said it is rewarding to learn that London Business School, through its work undertaken at the School’s Institute of Entrepreneurship and Private Capital (IEPC), has become so very well known for its international leadership and educative role in inspiring entrepreneurs and private capital investors.

“Collaborative partnerships play a pivotal role in fostering successful entrepreneurship ecosystems. The presence of aligned partners who not only embrace our vision of generating value for both founders and investors but also bolster our endeavors, magnifies our capacity to drive concrete outcomes. We consider ourselves extremely fortunate to welcome AstroLabs as our Community Partner for this year’s LBS MENA Startup Competition. By empowering the broader business ecosystem with essential tools, expertise, and profound insights necessary for catalyzing growth, we hold a strong belief that AstroLabs will significantly enrich this journey as a valuable contributor,” says Qannati.

Roland Daher, CEO of AstroLabs and an LBS alumnus (EMBA 2010), said, ”We’ve been actively supporting this ecosystem for a solid decade now, and there’s a noticeable rise in the competitive capacity of regional startups and SMEs on the global level. Partnering with the LBS MENA Startup Competition is another way for us to continue honoring our commitment to enabling the entrepreneurial landscape.”

Daher added, “This year’s competition is particularly interesting for us. Aligned with the business school’s broader objectives, we’re excited to be part of this initiative and support building a stronger connection between LBS and the wider entrepreneurial community. Our partnership aims to facilitate the integration of a new generation of ambitious entrepreneurs into our regional framework and provide a boost to their scaling strategies.”

Also to be included in the package of support for this year’s competition by AstroLabs will be access to mentorship for the finalists and a platform of valuable support for this year’s winner, including discount membership of AstroLabs itself.

Speaking about the association with AstroLabs, Qannati added “I am an ardent believer in the abilities of young people within the MENA region who are driving the country’s growing enterprise sector. When I see relationships such the one forged between AstroLabs and this exciting new LBS startup competition I don’t just see a connection being made, but rather an entire ecosystem growing and flourishing”.

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