JEDDAH: Saudi Arabia’s Ministry of Communications and Information Technology is sponsoring the fifth MIT Enterprise Forum (MITEF) Saudi Startup Competition, held under the slogan “Innovate, Inspire, Connect.”
The contest has been organized by MITEF Saudi Arabia, which is part of the MITEF global network, affiliated with the Massachusetts Institute of Technology (MIT). The network has partnered with Bab Rizq Jameel to bring the competition to Saudi Arabia.
MITEF Saudi Arabia is dedicated to the promotion of entrepreneurship in the Kingdom.
Dr. Ahmed Altheneyan, undersecretary at the Ministry of Communications and Information Technology for future jobs and digital entrepreneurship, said: “We are pleased to support the MITEF Saudi Startup Competition along with other events that target the youth and the local economy.”
He described startups as one of the main pillars of development.
“Such competitions are a real investment,” the official said.
“We have an integrated environment that supports entrepreneurs and innovators in the field of digital transformation. In this environment, entrepreneurs are provided with easier ways to get all the support they need with regard to digital capabilities and to have access to modern technologies and funding. This ultimately helps them better develop their ideas and turn them into startups that can flourish to change society and the world around them for the better,” Altheneyan said.
HIGHLIGHTS
• The contest has been organized by MITEF Saudi Arabia.
• The network has partnered with Bab Rizq Jameel to bring the competition to Saudi Arabia.
• Finalists will be announced on March 6, 2021.
Since its launch in 2015, the MITEF Saudi Startup Competition has succeeded in attracting more than 7,500 participants from all over the Kingdom, establishing more than 45 startup projects, training more than 260 entrepreneurs and creating more than 110 job opportunities through the startups. The winners received a total of SR1.6 million ($426,400) in the form of free investments.
This year’s startup competition has three tracks: Startups, Social Enterprises and Ideas. The contest offers cash prizes in addition to mentorship at the MITEF Saudi Accelerator, a six-week program in collaboration with the MIT Entrepreneurship Center.
Forty-five teams will be selected in the first round between Dec.17 and 26. Teams qualifying for the semi-final will be announced on Dec. 31.
Finalists will be announced on March 6, 2021.
The nine winning teams from the MITEF Saudi Startup Competition will also participate in the MITEF Arab Startup Competition.
The competition aims to promote and enrich the entrepreneurial environment in Saudi Arabia by supporting and celebrating all startups and entrepreneurs in the Kingdom.
Hassan Jameel, deputy chairman of Bab Rizq Jameel, said: “By supporting digital transformation initiatives, Bab Rizq Jameel aims to enhance the Kingdom’s culture of entrepreneurship, innovation and digital disruption driven by Vision 2030.”
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