MIT Enterprise Forum Saudi Arabia’s annual startup competition has attracted 2536 applications for 2018, thereby showing a growth of 14 per cent in comparison to last year’s numbers. The MITEF Saudi Start up Competition was started in 2015, with the aim to promote and enrich entrepreneurship in the Kingdom as well as celebrating and supporting the start up companies. The MITEF Saudi Arabia is a part of a global network of chapters, all dedicated to the promotion of entrepreneurship and innovation across the globe.
Under the theme “Create your tomorrow”, the competition has three categories – ideas, startups and, social enterprise. The applications under the head ‘startup’ have seen the highest growth of about 45 per cent, while applications under ‘ideas’ have seen a growth of 27% and those under ‘social enterprise’ have seen a growth of 14%.
The list of teams qualifying for the second round of the competition will be announced in January 2018. Thereafter the teams will receive intensive training and guidance. The winners will be announced on March 3 in a ceremony in Riyadh, where the guest of honour will be Majid Al-Qasabi, the minister of commerce and investment.
Sultan bin Mohammed Al-Shahrani, chief of human resources and communication officer at Zain Saudi Arabia said: “We are pleased to support the MITEF Saudi startup competition for the second successive year, affirming the role of such competitions in providing opportunities to young Saudi talents to join the entrepreneurship community, which in return supports the Kingdom’s Vision 2030, the ambitious vision that we all must work to achieve its goals and programs. The strong competition in previous editions, and the number and level of candidates this year promises a bright future for innovation and entrepreneurship in the Kingdom.”
The competition is being organized by Bab Rizq Jameel , (the community Jameel initiative that provides sustainable jobs , training and education to Saudi citizens) in partnership with Zain Saudi Arabia and Dulani Business Centre. In addition to this, the competition is being partnered by a number of key government and non-government organizations – The Ministry of Commerce and Investment, King Khalid Foundation (social entrepreneurship partner), SEDCO Holding, MIT Technology Review (Media partner), MITEF Pan Arab (regional partner), and Wamda (entrepreneurship awareness partner) amongst others. The 2018 competition will be the third one to be held so far.
(Picture courtesy: Digitallearning.eletsonline.com)
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