100 Global Companies Qualify for Entrepreneurship World Cup Finals in Riyadh

One hundred startup companies from 52 countries have qualified for the finals of the Entrepreneurship World Cup (EWC), which will be staged in Riyadh from November 5 to 9 as part of the Biban 24 Forum, the General Authority for Small and Medium Enterprises (Monsha’at) and the Global Entrepreneurship Network (GEN) announced on October 21, 2024. The finalists emerged from a global field of tens of thousands of entrants representing 200 countries, following months of national and regional qualifiers, global group selections, and an intensive training camp for the top 250 companies. The competition, one of the largest and most comprehensive of its kind, will award cash prizes totaling US$1 million across three stages of company development.

Could a single week in Riyadh reshape the fortunes of a hundred young companies from every corner of the world? For Saudi Arabia, the answer is part of a deliberate national strategy. The EWC finals are not merely a contest; they are a showcase of the Kingdom’s rapidly maturing entrepreneurial ecosystem and a signal that Riyadh intends to be a global meeting point for founders, investors, and innovators. The event is organized under the umbrella of the Biban 24 Forum, Saudi Arabia’s flagship gathering for small and medium enterprises, and it reflects the priorities set out in Vision 2030, the national transformation program that places private-sector growth, economic diversification, and youth empowerment at the center of the Kingdom’s long-term plan.

Context and Background

How did a competition that began as a modest global pitch event become one of the most anticipated dates on the international startup calendar? The Entrepreneurship World Cup was launched by the Global Entrepreneurship Network in partnership with Monsha’at to give founders from every continent a pathway to visibility, capital, and mentorship. Over successive editions, it has grown into a multi-stage tournament that begins with national competitions in more than 200 countries, advances through regional and global group selections, and culminates in a week-long finals program hosted in Riyadh. The structure is designed to reward not only the best ideas but also the most investable teams and the most scalable business models.

The 2024 edition has drawn tens of thousands of entrepreneurs who compete annually for the US$1 million prize pool. After months of elimination rounds, 100 companies from 52 countries secured their places in the finals. Before arriving in Riyadh, the top 250 companies participated in a dedicated training camp, where they received coaching, pitch refinement, and exposure to international mentors. This layered selection process ensures that the finalists represent a broad spectrum of geographies, sectors, and maturity levels, from first-time founders testing an idea to growth-stage teams with proven revenue.

The Biban 24 Forum, scheduled for November 5 to 9, provides the stage. Biban, organized by Monsha’at, has become the Kingdom’s largest platform for entrepreneurs, bringing together startups, investors, government entities, and support institutions. By embedding the EWC finals within Biban 24, Saudi Arabia connects a global competition to a regional ecosystem in a single venue, allowing finalists to meet potential partners, customers, and financiers in the same week they compete for prizes.

Key Details of the Finals

What exactly awaits the companies that made the cut? The 100 finalists will compete in three distinct categories that reflect their stage of development. Ten companies will compete at the idea stage, 62 at the startup stage, and 28 at the growth stage. This segmentation allows judges to evaluate each venture against appropriate benchmarks, whether the team is validating a concept, gaining early traction, or scaling an established operation. The cash prizes are distributed across these categories, with the US$1 million pool providing meaningful runway for winners at every level.

Beyond the stage-based tracks, founders will also compete in specialized categories that mirror Saudi Arabia’s strategic priorities and global challenges. These include health, the future economy, energy and industrial leadership, and sustainable environment and basic needs provision. These thematic tracks encourage solutions that address real-world problems, from healthcare delivery and digital transformation to clean energy and food and water security. For finalists, the specialized categories offer additional visibility and a chance to align their ventures with the investment interests of Saudi and international backers.

The finals week is designed as more than a pitch contest. Finalist companies will have the opportunity to explore Saudi Arabia’s evolving startup landscape, enabling them to seek market entry opportunities. This includes exposure to the Kingdom’s regulatory environment, its growing network of accelerators and incubators, and its venture capital community. For many international founders, the EWC finals represent a first hands-on encounter with the Saudi market, which has become one of the fastest-growing venture capital destinations in the Middle East and North Africa.

International and Regional Impact

Why should the global startup community pay attention to a competition hosted in Riyadh? The presence of companies from 52 countries underscores the EWC’s role as a genuinely international platform. Finalists bring perspectives from Asia, Africa, Europe, the Americas, and the Middle East, creating a rare concentration of cross-border talent in one city. For these founders, the value lies not only in prize money but in access: access to investors, to corporate partners, to regulators, and to peers who understand the challenges of building companies in emerging and developed markets alike.

For the region, the EWC finals reinforce Riyadh’s position as a hub for entrepreneurship and innovation. The event draws attention to the broader Gulf ecosystem, where governments have invested heavily in diversification, digital infrastructure, and small-business support. By hosting the finals alongside Biban 24, Saudi Arabia offers regional founders a platform to connect with global counterparts and demonstrates that the Kingdom is open to international collaboration. The competition also strengthens ties with the Global Entrepreneurship Network, whose global network of national teams and partner organizations helps sustain the pipeline of entrants year after year.

Economic and Strategic Significance

What does the arrival of 100 global finalists mean for Saudi Arabia’s economy? In recent years, the Kingdom’s entrepreneurial ecosystem has experienced significant growth, with record increases in venture capital investments. This momentum is not accidental. It reflects deliberate policy choices, including streamlined business registration, expanded access to finance, and programs that connect startups to large corporate and government customers. The EWC finals contribute to this trajectory by drawing international attention to the market and by creating opportunities for finalists to establish a presence in the Kingdom.

The competition also supports the growth and competitiveness of entrepreneurial ventures more broadly. By rewarding idea-stage, startup-stage, and growth-stage companies, the EWC encourages a pipeline approach to ecosystem development, in which early concepts can mature into job-creating enterprises. The specialized categories align with national priorities, steering innovation toward sectors where Saudi Arabia sees long-term strategic value, including health, energy, industry, and sustainability. For investors, the finals offer a curated view of global deal flow; for policymakers, they provide evidence of how entrepreneurship can contribute to diversification and employment.

Vision 2030 Alignment

How does a global startup competition connect to the Kingdom’s long-term transformation? Vision 2030 aims to build a diversified economy in which small and medium enterprises play a larger role in output and employment. Monsha’at, the General Authority for Small and Medium Enterprises, is a central institution in that effort, tasked with supporting entrepreneurs, improving the business environment, and expanding access to finance. Hosting the Entrepreneurship World Cup finals is a direct expression of these goals: it positions Saudi Arabia as a leading destination for entrepreneurs regionally and globally, while stimulating entrepreneurship at home through exposure to international best practices.

The Biban 24 Forum, which hosts the finals, is itself a Vision 2030 initiative that has grown into a major annual gathering. By combining a global competition with a national forum, Saudi Arabia creates a feedback loop: international founders see the Kingdom’s potential, Saudi startups gain global connections, and investors encounter opportunities across stages and sectors. As the finalists gather in Riyadh in November, the event will serve as both a celebration of entrepreneurial ambition and a practical step toward a more diversified, innovation-driven economy. For the 100 companies and the 52 countries they represent, the week ahead offers a chance to compete, to learn, and to build relationships that could shape their futures, and Saudi Arabia’s, for years to come.

20 Questions

Q1. What is the Entrepreneurship World Cup?

A1. The Entrepreneurship World Cup is a global competition organized by the Global Entrepreneurship Network in partnership with Saudi Arabia’s Monsha’at, attracting tens of thousands of entrepreneurs from more than 200 countries who compete for US$1 million in cash prizes.

Q2. How many companies qualified for the finals in Riyadh?

A2. One hundred companies qualified for the finals, representing 52 countries across multiple continents, following national and regional qualifiers, global group selections, and a training camp for the top 250 companies.

Q3. When and where will the finals take place?

A3. The finals will be held in Riyadh from November 5 to 9, 2024, as part of the Biban 24 Forum, Saudi Arabia’s flagship gathering for entrepreneurs, investors, and small and medium enterprises.

Q4. What is the total prize pool for the competition?

A4. The competition offers cash prizes totaling US$1 million, distributed across idea-stage, startup-stage, and growth-stage categories, as well as specialized thematic tracks.

Q5. How are the finalist companies categorized?

A5. Finalists are divided into three stages: 10 idea-stage companies, 62 startup-stage companies, and 28 growth-stage companies, allowing judges to assess each venture against appropriate development benchmarks.

Q6. What specialized categories will founders compete in?

A6. Founders will compete in specialized categories including health, the future economy, energy and industrial leadership, and sustainable environment and basic needs provision, reflecting strategic global priorities.

Q7. Who organized the Entrepreneurship World Cup finals?

A7. The finals are organized by the General Authority for Small and Medium Enterprises (Monsha’at) in partnership with the Global Entrepreneurship Network (GEN), a international organization supporting entrepreneurship worldwide.

Q8. What is the Biban 24 Forum?

A8. Biban 24 is a major forum organized by Monsha’at that brings together startups, investors, government entities, and support institutions to promote entrepreneurship and small business growth in Saudi Arabia and beyond.

Q9. How many entrepreneurs entered the competition globally?

A9. Tens of thousands of entrepreneurs from 200 countries entered the competition, competing through national and regional qualifiers before the top 250 advanced to a training camp and the top 100 reached the finals.

Q10. What opportunities do finalists receive beyond prize money?

A10. Finalists can explore Saudi Arabia’s evolving startup landscape, seek market entry opportunities, connect with investors and partners, and gain visibility within one of the fastest-growing venture capital markets in the region.

Q11. How has Saudi Arabia’s startup ecosystem performed recently?

A11. Saudi Arabia’s entrepreneurial ecosystem has experienced significant growth in recent years, with record increases in venture capital investments, reflecting deliberate policy support and a maturing private sector.

Q12. What is Monsha’at’s role in the competition?

A12. Monsha’at, the General Authority for Small and Medium Enterprises, supports entrepreneurs, improves the business environment, and partners with the Global Entrepreneurship Network to host the Entrepreneurship World Cup finals in Riyadh.

Q13. Why is the competition important for Saudi Arabia?

A13. The competition positions Saudi Arabia as a leading destination for entrepreneurs regionally and globally, supports the growth and competitiveness of entrepreneurial ventures, and stimulates entrepreneurship in line with Vision 2030.

Q14. How does the competition support Vision 2030?

A14. Vision 2030 aims to diversify the economy and expand the role of small and medium enterprises; hosting the finals advances these goals by attracting global talent, investment, and innovation to the Kingdom.

Q15. What happens during the training camp for the top 250 companies?

A15. The training camp provides coaching, pitch refinement, and exposure to international mentors, helping companies prepare for the final rounds and improve their investment readiness.

Q16. Which countries are represented among the finalists?

A16. The 100 finalist companies represent 52 countries across Asia, Africa, Europe, the Americas, and the Middle East, reflecting the competition’s genuinely global reach and diverse talent pool.

Q17. What is the significance of the specialized categories?

A17. The specialized categories align innovation with strategic priorities such as health, energy, industry, and sustainability, encouraging solutions that address real-world challenges and attract targeted investment.

Q18. How can finalists benefit from Saudi Arabia’s market?

A18. Finalists can explore market entry opportunities, engage with a growing network of accelerators and investors, and access a regulatory environment that has become increasingly supportive of startups and small businesses.

Q19. What makes the Entrepreneurship World Cup unique?

A19. Its multi-stage global structure, US$1 million prize pool, and week-long finals embedded in the Biban 24 Forum make it one of the largest and most comprehensive competitions of its kind worldwide.

Q20. What does the future hold for the Entrepreneurship World Cup in Saudi Arabia?

A20. With Saudi Arabia’s ecosystem expanding and its global partnerships deepening, the competition is expected to grow further, reinforcing Riyadh’s role as a hub for entrepreneurship and a destination for innovative companies worldwide.

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