Over the next two years, Bannister Transport will transition its entire 40-trailer fleet to Sunswap’s Endurance transport refrigeration units (TRUs) mounted on Chereau trailers, showing a firm commitment to sustainability and confidence in Sunswap’s technology.

Following a successful trial in September, Bannister Transport saw first-hand how Sunswap’s battery and solar-powered refrigeration system could seamlessly integrate into their chilled delivery operations. Endurance matched their longest routes and harsh conditions without compromising performance or uptime.

This 2-week trial alone effectively removed 87kg of direct carbon dioxide (CO2) and 0.9kg of nitrogen oxides (NOx) emissions while also highlighting the potential that the Bannister Transport fleet will be able to run 80-85% of the time from solar energy. In addition to reducing emissions, this transition will improve operational efficiency and reduce running costs.

The long-term environmental impact of adopting Sunswap is significant, with 10-year projections indicating that 40 Sunswap TRUs will remove 2.4 kilotons of tailpipe carbon dioxide (CO2) and 23 tonnes of nitrogen oxides (NOx) that diesel-powered fridges would otherwise emit. The scope 3 (overall) carbon emission reduction is equivalent to taking 98 typical cars off the road each year, with the NOx saving equating to 123 modern diesel cars’ usage per year.

Impressed by Endurance’s reliability and efficiency, Bannister Transport moved to sign a multi-year deal with Sunswap, eager to lead the charge in sustainable cold chain logistics. The initial Endurance units will be installed on Bannister Transport’s trailers in the summer of 2024. The entire diesel-powered trailer fleet will be replaced by September 2025.

Bannister Transport Owner and Managing Director Tom Owens, commented, “We were hugely impressed by the potential of Sunswap’s technology during September’s trial. We’re excited to work closely with Sunswap to help advance transport refrigeration in a more sustainable direction that meets our customers’ growing demand for zero-emissions deliveries, vastly reducing our reliance on fossil fuels and shrinking our carbon footprint. This bold transition is possible because we know Sunswap can deliver the sustainable technology needed to drive our industry forward.”

Sunswap CEO Michael Lowe said “Seeing innovators like Bannister Transport embrace our purpose-built electric refrigeration technology is tremendously exciting. Their commitment to transition their entire fleet to Sunswap is a bold statement to the benefit we can deliver. Bannister Transport join a growing list of forward-thinking companies that are adding Sunswap to their fleets, catalysing wider industry adoption of our zero-emission TRUs. We can’t wait to get Endurance on the roads early next year, knowing it will significantly cut Bannister Transport emissions and costs, while delivering the cooling performance they need.

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How has the startup ecosystem evolved since you joined the Institute of Entrepreneurship and Private Capital at London Business School?
The IEPC exists to bridge the gap between the LBS community and the global entrepreneurial and investment ecosystem by promoting novel ideas to facilitate real-world learning opportunities, with an end goal of driving sustainable economic growth.

During my time as Director of the IEPC since 2018, I have witnessed significant growth in the startup ecosystem in the MENA region, with increased investment, support, and innovation. By providing tax exemptions, funding opportunities, and streamlined regulations, countries like the UAE and KSA have been working to foster a favourable environment for the growth of startups. This region is also hungry for opportunities in the form of new goods and services and for growing businesses across many different sectors making it economically appealing.

How would you compare the startup ecosystem in the UK to the Middle East?
The start-up ecosystems in the UK and the Middle East have their own unique characteristics and strengths, although they are equally dynamic and evolving rapidly, with governments and stakeholders in both regions actively working to strengthen their start-up ecosystems and promote innovation.

Starting with funding, the UK has a well-developed investment culture, with access to significant funding from local and international investors. Tax incentives for those based in the UK have driven significant support for early-stage ventures over recent years. In contrast, the Middle East has been rapidly growing its start-up ecosystem and has seen an increase in venture capital funds and investment activities, with cities like Dubai and Riyadh emerging as important investment destinations.

The UK has a long-standing tradition of entrepreneurship and a culture that embraces risk-taking and innovation. London is known for its diverse and vibrant start-up scene, attracting talent from around the world. The Middle East, on the other hand, has witnessed a recent surge in entrepreneurial activity, driven by a growing youth population, government support, and initiatives to foster innovation and technology-driven start-ups.

As for each region’s regulatory environment, the UK has well-established legal frameworks and business-friendly policies. The presence of professional service providers and institutions that support start-ups further enhances the ease of doing business. In the Middle East, governments have been actively working to create favourable regulations and policies to encourage entrepreneurship and attract foreign investment. Initiatives such as free zones, start-up visas, and regulatory sandboxes have been introduced to facilitate start-up growth.

Against this backdrop the specific opportunities and challenges for startups in each region will ultimately vary depending on the industry, precise location, and their stage of development.

How does the failure of financial institutions such as Silicon Valley Bank impact the startup ecosystem?
If a prominent financial institution like Silicon Valley Bank (renowned for its tendency to support early-stage ventures) were to fail, it would not only make it more challenging for businesses to secure funding for their operations, growth, or new ventures but would seriously impact market confidence. Whereas we saw evidence of this earlier this year, the abundance of family money across the region to provide a safety net for those businesses has increasingly become apparent and private investment activity is gathering momentum in a welcome move to diffuse what could have otherwise put these start-ups in a very vulnerable position should the SVB situation be repeated in the future.

What’s your take on the venture capital ecosystem in the Middle East?
There is a lot of booming momentum in the Middle East’s venture capital ecosystem. The UAE accounted for nearly 50% of the total venture funding in the MENA region in the past few years – establishing a promising outlook.

This flourishing expansion is particularly seen in startups in the fintech industry, in big cities like Dubai and Riyadh. With an increasing demand for economic change and diversification, several venture capital firms look forward to accelerating their growth rapidly. Especially, post-Expo, the Middle East has seen a rise in venture capital funding and investments, and the formation of several SMEs in the UAE and followed by Saudi Arabia. The venture capital activity in the Middle East and North Africa region increased 46 percent to $1.8 billion in the first half of 2022, according to startup data-crunching firm MAGNiTT.

Overall, the venture capital ecosystem in the MENA region harbors an innovative and diverse audience, with favorable prospects for the integration of socio-economic and business-friendly policies.

What role can governments play in developing the startup and venture capital ecosystem in the Middle East region?
By taking a proactive role and implementing supportive policies and initiatives, governments can play a crucial role in developing a vibrant startup and venture capital ecosystem in MENA.

We have seen in the UK how a favourable regulatory environment is able to play a significant role in fuelling entrepreneurship activity. This could be replicated in the Middle East to streamline business registration processes, reduce bureaucratic red tape, and implement investor-friendly laws and regulations where, encouragingly, the government has already started to take positive strides by establishing special economic zones and innovation hubs with flexible regulations to attract start-ups and investors.

The next step could be the provision of financial support and incentives to potential stakeholders in the form of grants, subsidies, tax breaks, and investment matching programs.

At the heart of a thriving entrepreneurial ecosystem though should be a government’s agenda on education and skills development to nurture a culture of innovation and equip future entrepreneurs with the necessary skills and knowledge to launch and grow a business. By instilling tomorrow’s generation with the ‘entrepreneurial mindset’, arming them with a set of attitudes, beliefs, and behaviours that are conducive to identifying and pursuing entrepreneurial opportunities, creating innovative solutions, and navigating the uncertain and dynamic business environment, they will be better leaders of their own – and others’ – businesses in the future.

What are the potential risks associated with venture capital investment for a startup?
Venture capital investments, by their very nature, tend to be risky, as is starting a business. However, bringing in equity funding can be an invaluable tool to grow a business with careful planning and forethought. There are quite a few aspects that need to be considered before taking on venture capital investments, both for the investors as well as the startups.

These aspects can be like a double-edged sword. Bringing in external investment translates into  a dilution of ownership where the founders will have to forego a portion of the ownership of the company and reduce the control they have over their own business.

Venture capitalists also take on an active role in the startups they invest in. With VC backing, you will get valuable insights, expertise, mentorship, and networking, but it can also result in a loss of autonomy and a reduction in decision making rights since venture capitalists typically have a say in certain decisions being made.

Financially, in some cases, there will also be stringent terms on what the monetary resources can be used for to protect the investors’ investments, potentially making it difficult to quickly respond to the changes in the market.

It is very important to understand all the risks startups face before taking in venture capital investments. But with careful due diligence, founders can seek investments from VC firms that are good for the business ensuring the business’ interests are properly protected.

What is the best way to raise funding for a startup?
This really depends on various factors such as the stage of your startup, industry, growth potential, and your network. Self-funding (‘bootstrapping’) by using personal savings, credit cards, or any other personal resources may limit your initial rate of growth although it does give you complete control and ownership of your business.

You can approach friends, family members, or close acquaintances who believe in your vision and are willing to invest in your startup although it’s important to treat these investments professionally and have clear agreements in place to avoid straining personal relationships. Instead, many founders prefer to take their ventures outside of their personal network by approaching angel Investors who make themselves known through angel networks and often provide more than just capital in the form of mentorship and providing access to industry connections in exchange for equity in your company. Some angels prefer to stick to crowdfunding platforms that allow you to raise funds from many individuals who contribute smaller amounts on a hands-off basis. Crowdfunding can be an effective way to validate your product or service and build a customer base.

As your business grows and you are looking for larger amounts of money to scale, venture capital firms are typically the next port of call, again taking equity in the company based on its valuation which is typically driven both by historic performance as well as future projections.

Businesses in some sectors – particularly those involving innovation – are able to access grants that offer funding to innovative startups although involve a competitive application process and ongoing reporting that often compromises the benefit of so called ‘free’ money.

Accelerators, incubators, and competitions are all great ways of not only raising money but also securing, mentorship, resources, networking opportunities and visibility.

How important is an Exit Strategy for a startup, and when is the best time for a startup to exit?
Starting up a new business involves high risks and can sometimes reap high rewards. But this outcome is not the rule of thumb. As with any idea, it is always a good idea to safeguard your business and protect your assets, ideally by ringfencing them if possible.

Having an exit strategy in the early stages of the business can also help dictate and influence aspects of the business such as revenue models, legal structure, investments etc. and will let founders optimize their returns in case the exit strategy comes into play.

There is no definite time frame for a startup to exit. Business owners will need to consider various factors and consequences and base their decision accordingly.

What entrepreneurial tricks have you discovered in your journey that you can share with our readers?
I don’t think there are any ‘tricks’ as such – more like ‘tips’…

Firstly, don’t underestimate how much time or money you will need to get your business off the ground. It will typically take twice as long as you thought to get any revenues and require 3 times the amount of money you anticipated.

Secondly, don’t leave it too late to raise money for your business – it’s never too early to start raising or at least having conversations. Don’t be precious about who you speak to. Unless you have a need to keep quiet to protect your IP before it gets filed, there’s usually very little that you need to protect. The success or failure of most businesses is down to execution by a stellar team not because of the business idea itself.

And finally, talking of team, make sure you bring in people who have the right skillset, background and network to really add value to your business. As is often quoted ”If you ever find a man who is better than you are – hire him. If necessary, pay him more than you would pay yourself.”

What message would you like to give to budding entrepreneurs in the Middle East who aspire to be part of this growing ecosystem?
I’ve witnessed remarkable growth and opportunities in MENA over recent years which is now an exciting and vibrant arena for hungry individuals to make a mark in the business world. Where possible and relevant, embrace innovation and leverage the digital revolution to future-proof your business by way of automation to allow for scale.

Build strong networks and foster a culture of collaboration to learn from others’ experiences and discover new opportunities. The entrepreneurial career path is a journey filled with ups and downs and can be a lonely place if you don’t have the right people around you to help you build resilience and perseverance that will be key to help you overcome obstacles and achieve long-term success. Make sure you never stop learning – the world is your oyster, and the pearls are there for the taking.

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The funding round was led by Resonance, a €150m VC fund based out of Paris, and Flat6Labs, the Middle East and North Africa’s leading early-stage venture capital firm, responsible for one of the most renowned startup programs in the region. Other funding groups supporting Revibe include Techmind, another leading French investor that is building a community of entrepreneurs and investors to help startups grow safely and more rapidly; Financiere Saint James (family office of Michael Benabou — cofounder Veepee) and several business angels.

Revibe was founded in July 2022 by Abdessamad Benzakour and Hamza Iraqui, who had identified the need to create trust in the regional second-hand electronics market. The company is a B2C Marketplace for refurbished electronics, with the promise to provide customers like-new devices for 30-70% cheaper than new. Iraqui, a serial entrepreneur, was formerly a partner with BCG, and Benzakour was previously an Oliver Wyman principal, with 10 years experience in the regional telecom industry.

“We saw that there is an abundant supply of eco-friendly electronics, both locally and through imports,” said Benzakour. “But in spite of the booming demand for more affordable green tech products, there was no established, trusted party capable of providing quality-controlled devices at scale.”

Revibe ensures rigorous QC controls to deliver on its market pledge, from the selection of suppliers and the auditing of processes, to the use of a proprietary AI algorithm to monitor quality and only retain those suppliers that meet strict operating standards. Quality criteria are governed by a thorough 50-point inspection, carried out by experts who look at every aspect of a device, from battery condition and oxidation to camera, Bluetooth, and even jacks and chargers, to ensure only like-new products are offered to consumers.

“Our promise is to provide customers with like-new devices,” Iraqui explained. “Currently, we are concentrating on Apple iPhones and iPads, some Samsung devices, and laptops. Our success has come from always meeting our pledge to customers. But we are expanding all the time and our goal is to gradually introduce all categories of electronics.”

Iraqui and Benzakour based their value proposition on sustainability, price sensitivity, and increased trust. It is these attributes that attracted Flat6Labs and other investors to the Revibe brand and encouraged their bullish outlook of the company despite prevailing economic headwinds.

“Refurbished electronics represents a massive opportunity, especially in this time of economic challenges and growing climate awareness, where consumers are more mindful of their carbon impact while facing decreased purchasing power,” said Maxime Le Dantec, Partner & Co-founder, Resonance. “When we met Hamza and Abdessamad, we were impressed by their execution and ambition to build the leading refurbishing marketplace for electronic devices in MENA.”

“We are thrilled to support Revibe in its incredible mission to develop refurbished electronic devices in order to save tons of CO₂ emissions per year in the Middle East,” said David Domingues, Managing Director & Co-Founder, Techmind. “The team led by Hamza and Abdessamad has shown a perfect understanding of market challenges, and their execution has been extraordinary since Revibe’s launch.”

Revibe.me is currently growing exponentially — 5x in only seven months — across the GCC, specifically in the UAE and KSA. It will use the cash infusion to rapidly expand in its core markets and strengthen its operations and customer care team, based on its founders’ belief that successful scaling will only come from the company’s ability to provide quality in both products and service from the beginning. It will also develop its technology team, and make investments in marketing. Throughout 2023, Iraqui and Benzakour are additionally focusing on strengthening Revibe’s supply base while diversifying into other electronics categories such as smart watches. A subsequent funding round is expected to happen in the second half of 2023.

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The Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring. Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities.

Fintech startups throughout Africa can apply to be part of the program through two application phases each year, starting from July 2023. With more than 1,000 Africa Fintech start-ups taking part in the Visa Everywhere Initiative (VEI) competition in 2022, finalists from Africa country editions this year will be invited to join the accelerator program.

“Visa has been increasing our investments in Africa for decades and strengthening partnerships throughout the continent to support the next wave of innovation and growth. Our new Fintech Accelerator will bring expertise, connections, and investment to Africa’s best fintech start-ups so they can grow at scale.” said Alfred F Kelly Jr., Executive Chairman, Visa.

The support for participating fintechs will help further strengthen the payment ecosystem by fast-tracking new innovations and technologies that provide solutions to challenges that are unique to the African continent, and which can further advance Africa’s digitization.

“Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy,” said Otto Williams, Head of Partnerships, Products and Solutions, Central Europe, Middle East and Africa, Visa. “Visa has been working with this innovative community to create new programs and solutions to help fintechs scale, while giving access to Visa’s technology and partner ecosystem. Through the new Visa Africa Fintech Accelerator, we are looking forward to working with more brilliant entrepreneurs and companies to shape the future of money.”

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The funding series, a testament of Al-Futtaim Automotive’s commitment to supporting sustainable mobility, will bolster River’s manufacturing and distribution networks for an August 2023 delivery kick-off in India, and will enable the company to rapidly scale internationally.

Paul Willis, President of Al-Futtaim Automotive, shared, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally.”

Green mobility is a major focus for Al-Futtaim Automotive, having recently launched the region’s first dedicated electric mobility focused company (Al-Futtaim Electric Mobility Company). The company is on a mission to democratize and develop the electric ecosystem in the country, with a strong portfolio of EV brands covering the full spectrum of mobility mix, charging solutions and innovative financial products.

Through the investment in River, Al-Futtaim Automotive is moving the electric transition from conversation to concrete action, and is committed to mark a strong contribution to the UAE’s Net-Zero Strategy.

Buoyant from the resounding interest in River, Aravind Mani, Co-Founder and CEO of River commented “At River, we’ve been quietly working in the background for the last two years. In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing. Now we’ve set the base to build a billion-dollar business and we thank all our investors for supporting us in our journey”

Al-Futtaim Automotive believes that with the Indian EV sector skyrocketing, River is all set to become the mainstream electric solution, bringing style and utility to the everyday commute.

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Start-ups face many unique challenges that can affect the growth of their business, and one of the biggest is managing human resources. It’s likely that you don’t have the support of a dedicated HR department in the early stages, making it difficult to handle the varying, often complex tasks which are part of this crucial function. You may not even realise how much HR matters as a start-up or exactly what it involves.

It’s not only solopreneurs and smaller companies who make mistakes; there is a worrying number of mid-sized businesses, usually those expanding fast, that don’t have the necessary policies and procedures in place. Unfortunately, neglecting this area can have severe consequences and the risks increase as the problem continues.

Here are some of the main pitfalls and how to tackle them:

• Hiring
Recruiting the right talent is a top concern for any company, and it can be especially tough for start-ups in a competitive market. Give yourself the best chances by implementing a structured hiring process that includes having clear job descriptions, outlining a comprehensive interview process, and completing proper reference checks. Don’t fall prey to panic and hire someone just because they can start immediately – you will only lose time and money replacing them. Also, keep an open mind and consider people who don’t necessarily have every skill you’re looking for right now. It can be far more cost-effective to train people on the job if they have other essential skills and demonstrate a willingness to learn. Cultural fit is another key factor influencing future performance.

• Onboarding
Once you hire someone, be prepared to spend time onboarding and mentoring them. You might be tempted to take a step back, but this is a crucial moment to explain how things work and what your expectations are. Give people time to familiarise themselves with polices and procedures and to learn the ropes. By making them feel welcomed and supported from day one, they are far more likely to stay and help you achieve your goals in the future.

• Engagement
So much of attracting, retaining and developing staff is about culture and engagement. According to Gallup’s State of the Workplace 2022 report, only 21% of the world’s employees feel engaged. Moreover, employees who are not engaged or who are actively disengaged cost $7.8 trillion in lost productivity. When you’re starting out, think about the culture you want to create, what values you are trying to instil, and how you will share them with others. Effective communication is vital to keep people motivated. Make sure people feel comfortable giving feedback and know how to report any concerns. Even if team members are remote, there are many digital communication channels you can use so people can collaborate easily.

• Objectives and appraisals
Goal setting and appraisals benefit both you and your staff. Setting measurable and attainable objectives gives them a strong direction and helps to strengthen your position when individual objectives align with the overarching company goals. Checking in with scheduled appraisals allows you to assess what has been achieved and any issues or gaps that need addressing before they become a problem. It also lets you identify any training that may be needed. Manpower found that 93% of millennials prioritise skill development, expecting employers to provide the necessary support to reach their potential. Make professional development part of performance management and always celebrate people’s success. When budgets are tight, training can take a backseat, but mastery is a must for maintaining productivity.

• Compliance
The complexities of the UAE’s HR laws can be hard to keep up with, often resulting in unexpected fines, legal ramifications, and reputational damage. Make sure you know what the legal requirements are, or outsource your HR to a professional. Key areas to comply with include employment contracts, wage payments, visa applications, health insurance, working hours, recording annual leave, discrimination, and workplace safety. These rules are in place to protect you and your employees.

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Founded in 2022 by Adham Azzam, Sally Asaad and Mohamed Assem, Balad is a remittance-driven financial service provider (RemTech) catering for migrants and their families. The startup offers reduced transfer fees and instant delivery of inward remittances via Balad prepaid cards.

Balad’s founders aim to break down financial barriers for the underbanked segment by simplifying digital remittances for migrants and their families, allowing recipients instant access to transferred funds at lower fees and starting them off on their journey of digital finance. Their vision aligns with the UN’s 10th Sustainable Development Goal (SDG), which calls for reducing the global average fee for remittances from 7% to 3% within a decade and improving the financial inclusion of excluded communities.

The investment will be used to launch Balad’s remittance platform, develop the necessary technology for the platform, hire new team members, obtain required licenses, and complete integrations with its banking partner.

“Acasia Ventures has been an instrumental lead investor for our pre-seed round, as it supported the founders from the start and facilitated our access to other funding partners,” Azzam said. “We are excited to leverage Acasia Ventures’ expertise, African connections and synergies with its portfolio companies.”

This is Balad’s first funding round.

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Founded by Dr. Jonathan Doerr, Smileneo and its orthodontic partners offer safe and effective doctor-prescribed and monitored clear aligners to straighten teeth for beautiful smiles. Launched in 2020, Smileneo has served thousands of patients through a network of more than 30 licensed partner orthodontists in the United Arab Emirates, Saudi Arabia, Bahrain and Qatar. Smileneo’s adherance with health authorities in the region made it the first and only licensed regional teledentistry platform for direct-to-consumer teeth straightening in the MENA.

makeO, India’s only U.S. FDA approved B2C aligner company, is an innovative tech-enabled brand that offers at-home ‘aesthetic makeovers’, i.e. oral and skin care services via its brands toothsi and skinnsi. makeO has successfully created an ecosystem of established orthodontists, dentists and dermatologists that are revolutionizing the way in which services such as teeth alignment, teeth whitening, laser hair removal and derma-facial treatments are performed outside a clinical setup. With technology & innovation at its core, the brand also boasts of state-of-the-art infrastructure such as India’s largest 3D printing in-house aligner manufacturing facility. Today, makeO prides itself for having designed 200,000+ smile plans under its brand toothsi and 60,000+ laser hair reduction sessions under skinnsi in less three years.

Dr. Jonathan Doerr, CEO & Founder, Smileneo commented “We are very excited to work together with makeO and for this opportunity as both companies share the vision of building a high-quality clinical beauty technology platform. MakeO’s vast experience and production capabilities will not only elevate our business and help our partner clinics reach the next level, but also allow us to venture into new areas of telehealth in addition to our established orthodontics practice.”

Dr. Arpi Mehta, CEO & Co-Founder, makeO added “Having garnered strong market leadership in the Indian selfcare industry, we are now prepared to extend makeO’s product & technology expertise to the global audience. Smileneo’s high-quality medical and tech-driven approach, as well as its footprint and expertise in the region will accelerate our growth ambitions and materialize our vision to expand beyond India. With this acquisition we will not only be able to enter the Middle East, but also have a basis for further expansion to South Asia & Africa.”

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LEAP23 is set to run from February 6-9 at the Riyadh Front Exhibition and Conference Centre and will be the setting for the inaugural LEAP Rocket Fuel Startup Pitch Challenge, powered by Saudi Arabia’s National Technology Development Programme (NTDP). The initiative is a collaboration between the Kingdom’s Ministry of Communications and Information Technology (MCIT), the MiSK Foundation, and NTDP.

Ninety global startups will fight for the chance to be one of the 15 nascent businesses selected to pitch before a judging panel consisting of Shark Tank India’s Ghazal Alagh, Baroness Karren Brady, aide to The Apprentice’s Alan Sugar, Saudi angel investor Tala Al Jabri, and Dragon’s Den stars James Caan and Steven Bartlett.

The judges will present the LEAP Award and its accompanying US$250,000 main prize to the outstanding startup, while US$150,000 will go to the best early stage startup, the most innovative startup pioneered by women, the new business that best embodies the LEAP spirit, the most impressive startup occupying the Metaverse and Web 3.0, and the pitch that represents the most exciting, ground-breaking use of Artificial Intelligence.

On the show’s final day, LEAP23 will also host the winners’ ceremony of the ongoing Alibaba Cloud Saudi Hackathon, which comes with its own prize pool of US$532,000. Organisers said the response to the four-day hackathon, which started on January 29, was huge. The winning solutions and ideas implementors – those that have made the best use of Alibaba Cloud technology to facilitate deployment, development, scalability, and fast go-to market solutions – will be presented with their awards on February 9.

LEAP23 is set to welcome 920 scheduled investors, including Sequoia Capital, Octopus Ventures, 500 Global and many more. Between them, they control an unprecedented US$1.9 trillion in assets under management. And with more than 5,000 potential meetings bookmarked, the four-day show promises to be the event where decisions are made and deals get done.

As well as pop superstar will.i.am and former Barcelona and Spain legend Puyol – both now entrepreneurs within the Metaverse – the latest batch of tech heavyweights and international celebrities set to speak at LEAP23 include Séan Garnier, CEO of Urbanball and world freestyle football champion, Gary Sorrentino, Global Chief Information Officer at Zoom, Helen K Pan, General Manager at Apollo Autonomous Driving – Baidu, Jim Deluca, CEO of Ceer, Hatem Dowidar, Group CEO at e& Group (formerly Etisalat), and a host of other C-suite thought-leaders from major global technology companies.

LEAP23’s newly released roster of tech talent also highlights the Saudi convention’s ability to connect East and West, with Selina Zhang, President of Alibaba Cloud, and Wu Eddie Yongming, Co-founder of Alibaba Group confirmed alongside Sheikh Talal Said Marhoon Al Mamari, CEO at Omantel, Saleem AlBlooshi, CTO at Du, Sheikh Bader bin Rashid Al Khalifa, Chief Communications and Sustainability Officer at Batelco, and Charles Li, ex-CEO of Hong Kong Exchange and Chairman of Micro Connect.

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NEC will accelerate the creation of new social value through co-creation with international and domestic startups that pioneer new markets with cutting-edge technologies and innovative business models.

This CVC fund has been scouting startups for co-creation in the global market with the aim of realizing five social visions: “City” as a place for people’s activities, “Communication” to connect people and goods, “Business” to support industry and society and fulfill one’s purpose for being, “Environment” and “Life” as a way of life. As of November 2022, the fund has invested in two startup companies and has launched initiatives to create new social value, including a collaboration with SINAI Technologies Inc. in the decarbonization business.

“NEC aims to create social value under the motto ‘Let’s bring amazing ideas to life, together’, and through this CVC Fund, NEC is seeking to realize “insight into the future”. The Fund bundles investments by various investors and invests in startups with promising growth based on the judgement of the General Partner. Going forward, we will continue to accelerate initiatives in support of the ‘NEC 2030VISION’, our vision for the future of society, through the collaboration among well-established companies, institutions, and startups,” said Masamitsu Kitase, Senior Vice President, NEC Corporation.

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