SAUDI ARABIA

Bad Rizq Jameel event winning teams get SR325,000 in awards

March 08, 2020

Saudi Gazette report

JEDDAH —
Bab Rizq Jameel on Saturday concluded the three-day Startup Investment Forum and StartSmart Conference, with the participation of more than 2000 competitors at King Abdullah Economic City (KAEC). The nine winning teams of the 4th MIT Enterprise Forum Saudi Arabia Competition that began on March 5 were announced at the StartSmart Conference. A total of SR325,000 was awarded to the winning teams.

The highlight of the 4th MITEF Saudi Arabia Competition was the organization of the Startup Investments Forum (SIF) with the participation of more than 80 innovative startups from all over the world. SIF brought together small and emerging companies from Saudi Arabia and the world with investors to expand their business in Saudi Arabia. The event also featured workshops lead by senior executives from Prince Muhammad Bin Salman College (MBSC) of Business & Entrepreneurship and Imperial College in London, investment pitching sessions, and business networking opportunities.

Bab Rizq Jameel, an initiative of Community Jameel, organized the StartSmart Conference over the course of an entire day to allow entrepreneurs to draw ideas, build relationships, and to have access to training and information that enables them to succeed in their careers.

Organized under the patronage of the General Authority for Small and Medium Enterprises (Monshaat), StartSmart Conference attracted prominent figures, investors, entrepreneurs, and speakers such as Esam Al Thukair, deputy governor of Monshaat, Dr. Mazen Al-Zaidi, head of the Innovation and Entrepreneurship Sector, Ministry of Investment, Dr. Philip Bahoshy, Founder and CEO of MAGNiTT, Dr. Simon Hepworth, Director of Enterprise at Imperial College London, Dr. Nabil Koshak, CEO and Board Member of Saudi Venture Capital Company.

Ahmed Bin Ibrahim Linjawy, GCEO of King Abdullah Economic City (KAEC), stated: “We are pleased to host the 4th edition of the MITEF Saudi Startup Competition, in collaboration with our strategic partners working hand in hand to contribute to the diversification and growth to achieve the national development goals under ‘Vision 2030, that aims to developing a stimulating environment for innovation and creativity, supporting and empowering youth, entrepreneurs and SMEs.”

He added: “We developed KAEC’s ecosystem from scratch to offer unique opportunities for SMEs to succeed and grow in different economic and commercial sectors. Here in KAEC, we have launched our first KAEC entrepreneurship center, introducing a wide range of incentives on regulations, training and development, coaching and mentorship, financing, growth opportunities and many more to support and empower the youth as well as developing human talents through a multitude of diverse projects and programs such as: Tomouh-Human Building Program (Prince Khalid Al-Faisal Program for Human Development), Culinary Academy, and Prince Muhammad Bin Salman College of Business and Entrepreneurship (MBSC).”

"We work hand in hand with our public and private partners through "INVEST SAUDI" initiative to support today's businessmen — tomorrow's change makers, and enable them to turn their ideas into active and promising projects", Ibrahim Al-Suwail, Deputy for Investor Services and Advisory, Ministry of Investment said. "Since its inception, MITEF Saudi Arabia Competition attracted thousands of entrepreneurs, and helped many of them turn their ideas into successful companies. Our new cooperation is an added value to the series of initiatives launched by the Ministry of Investment to facilitate the establishment of startups in Saudi Arabia and stimulate an environment for business growth".

On this occasion, Hassan Jameel, president of Saudi Arabia of Community Jameel, expressed his pride in the participation of a large number of academics, specialists, experts, government bodies, NGOs and senior representatives of the private sector in the 4th MITEF Saudi Arabia Competition. "MITEF Saudi Arabia furthers Community Jameel's efforts in supporting the next generation of entrepreneurs by providing meaningful opportunities for learning and investment", he said.

The competition is divided into three main tracks Startups track, Ideas track, and Social Enterprises track with cash prizes for winners totaling SAR 325,000; In the Startups track, Fruits360 ranked first, Telp ranked second and 3D IT Medical ranked third.

In the Ideas track Firnas Aero won the first prize, Uvera ranked second and Ghallah ranked third.

In the Social Enterprises track, the first place was occupied by Jaleesa, second place for SYAG and third place for AYA Animations.

In addition to celebrating the winners, the 4th MITEF Saudi Arabia Competition honored its partners from governmental and non-governmental companies such as King Abdullah Economic City (strategic partner), INVEST SAUDI (strategic partner), King Abdullah University of Science and Technology (innovation partner), Prince Muhammad Bin Salman College (knowledge partner), Saudi Venture Capital (investment partner), GEN Saudi (outreach partner), Aero (technical partner), Ernst & Young (mentoring partner), Saudi Arabian Airlines (transportation partner), The Space (co-working space partner). Media partners include Entrepreneur ME, MIT Technology Review, Destination Saudi Arabia, AlifAlif FM and Abdul Latif Jameel Outdoor Advertising. MIT Enterprise Forum (MITEF) Pan Arab was honored as the regional partner and Oqal, Lexus, and Careem as supporting partners.


March 08, 2020
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