24 Companies Qualify for EWC Finals at Biban24 in Riyadh

Twenty-four companies have qualified for the final round of the Entrepreneurship World Cup (EWC), following the conclusion of the semi-finals held during the Biban24 Forum in Riyadh, organized by the Small and Medium Enterprises General Authority (Monsha’at). The announcement, released via the Saudi Press Agency (SPA), confirms that the finalists emerged from a pool of 100 semi-finalists and will now compete for prizes totaling $1 million on the closing day of the forum. The Biban24 Forum, held under the theme “Global Destination for Opportunities,” represents one of the largest gatherings of entrepreneurs, investors, and policymakers in the region. The EWC final round will showcase innovative business concepts from around the world, reinforcing Saudi Arabia’s growing role as a global hub for entrepreneurship and investment. The competition is a flagship initiative of the Mohammed bin Salman Foundation (Misk) and the Global Entrepreneurship Network (GEN).

The EWC is the largest competition of its kind globally, with entrepreneurs from 151 countries participating in this year’s edition. Since its launch in 2019, the competition has provided a platform for startups and growth-stage companies to gain international visibility, access mentorship, and connect with investors. The finals are held annually in Riyadh, underscoring the Kingdom’s commitment to fostering a vibrant entrepreneurial ecosystem. The Biban24 Forum, organized by Monsha’at, serves as a strategic meeting point for stakeholders across the public and private sectors, aligning with Saudi Arabia’s Vision 2030 objectives to diversify the economy and empower small and medium enterprises (SMEs). The 24 finalists will present their ventures on the final day, competing for substantial cash prizes and in-kind support that includes business licensing, premium residency, and fast-track access to government services.

Context and Background

How did the Entrepreneurship World Cup become a cornerstone of global startup competition? Launched in 2019 by the Mohammed bin Salman Foundation (Misk) in partnership with the Global Entrepreneurship Network (GEN), the EWC was designed to identify and support promising entrepreneurs from every corner of the world. Over the past five years, it has grown into a comprehensive platform that offers training, mentorship, and networking opportunities, culminating in an annual finals event in Riyadh. The competition is structured to accommodate entrepreneurs at various stages of development—idea, startup, and growth—ensuring that participants receive tailored support to advance their ventures. The EWC’s partnership with Monsha’at and other Saudi entities reflects a strategic alignment with national priorities to cultivate a knowledge-based economy.

The Biban24 Forum, now in its eighth edition, has become a landmark event for SMEs and entrepreneurs in Saudi Arabia and beyond. Organized by Monsha’at, the forum provides a venue for startups to showcase their innovations, engage with investors, and learn from industry leaders. This year’s theme, “Global Destination for Opportunities,” highlights the Kingdom’s ambition to attract international talent and investment. The EWC semi-finals, held during the forum, featured 100 semi-finalists who pitched their business ideas to a panel of judges. The selection of 24 finalists underscores the high level of competition and the quality of ventures presented. The finalists now represent a diverse array of sectors, including human health, environmental sustainability, basic needs, energy, industrial leadership, and the future economy.

The EWC’s growth mirrors the broader expansion of Saudi Arabia’s entrepreneurial landscape. According to official data, the Kingdom has seen a significant increase in startup activity, supported by government initiatives, regulatory reforms, and investment funds. The EWC serves as a catalyst for this momentum, offering entrepreneurs a global stage to gain recognition and secure funding. The competition’s emphasis on mentorship and investor connections addresses common challenges faced by startups, such as access to capital and market entry. By hosting the finals annually in Riyadh, Saudi Arabia positions itself as a central node in the global startup ecosystem, attracting talent and ideas from around the world.

Key Details of the EWC Finals at Biban24

What exactly awaits the 24 finalists in the final round? The finalists will compete for prizes totaling $1 million, distributed across four categories. Three awards will go to growth-stage companies, five to startup-stage companies, two to the best ideas in the idea stage, and four to innovations in specific fields: human health, environmental sustainability, basic needs, energy, industrial leadership, and the future economy. This structure ensures that entrepreneurs at different stages receive recognition and support. The cash prizes are complemented by in-kind incentives from competition partners, including assistance with acquiring a business license from the Ministry of Investment, premium residency from the Premium Residency Center, and fast-track access to services and facilities from the National Technology Development Program (NTDP).

The EWC provides participants with tools and resources to develop and grow their startups, enhancing their skills in pitching and interacting with a network of global mentors and advisors. The competition also offers companies the opportunity to connect with international investors and networks and represent the Kingdom of Saudi Arabia on the global stage. For many entrepreneurs, the EWC is more than a competition; it is a launchpad for international expansion. The mentorship component pairs finalists with experienced advisors who provide guidance on business strategy, fundraising, and market entry. The investor connections facilitate access to venture capital and angel investors, while the global network opens doors to new markets and partnerships.

The semi-finals, held over several days, involved rigorous pitching sessions where entrepreneurs presented their business models to judges comprising investors, industry experts, and government officials. The selection of 24 finalists from 100 semi-finalists reflects a competitive acceptance rate, highlighting the caliber of the ventures. The finalists hail from various countries, underscoring the EWC’s international reach. Their sectors align with global trends in technology, sustainability, and healthcare, as well as Saudi Arabia’s strategic priorities. The final round will take place on the last day of the Biban24 Forum, with winners announced following a final pitch session.

International and Regional Impact

How does the EWC amplify Saudi Arabia’s global entrepreneurial influence? The competition attracts participants from 151 countries, making it a truly global event. This international participation brings diverse perspectives and innovations to Riyadh, fostering cross-cultural exchange and collaboration. For Saudi Arabia, hosting the finals annually reinforces its position as a leader in the startup ecosystem, not just in the Middle East but worldwide. The presence of international entrepreneurs, investors, and mentors creates opportunities for knowledge transfer and partnership building. It also showcases the Kingdom’s modern infrastructure, business-friendly environment, and commitment to innovation, which can attract foreign direct investment and talent.

Regionally, the EWC serves as a unifying platform for entrepreneurs across the Middle East and North Africa (MENA) region. Many participants from neighboring countries view the competition as a gateway to global markets. The success of these entrepreneurs contributes to regional economic diversification and job creation. Saudi Arabia’s leadership in hosting the EWC aligns with its broader efforts to promote entrepreneurship as a driver of economic growth and social development. The competition also complements other regional initiatives, such as the Saudi Green Initiative and the Middle East Green Initiative, by encouraging sustainable business practices. The EWC’s focus on sectors like environmental sustainability and human health resonates with global challenges, positioning Saudi Arabia as a proactive contributor to solving these issues.

Economic and Strategic Significance

Why does the EWC matter for Saudi Arabia’s economic future? The competition is a key component of the Kingdom’s strategy to diversify its economy away from oil dependence, a central goal of Vision 2030. By supporting startups and SMEs, the EWC helps create jobs, stimulate innovation, and foster a culture of entrepreneurship. The $1 million in prizes, along with in-kind support, provides tangible resources that can help startups scale and succeed. The involvement of government entities like the Ministry of Investment, the Premium Residency Center, and the National Technology Development Program (NTDP) demonstrates a coordinated approach to nurturing the entrepreneurial ecosystem. This support system reduces barriers to entry and accelerates the growth of promising ventures.

Moreover, the EWC enhances Saudi Arabia’s attractiveness as a destination for international entrepreneurs and investors. The competition’s global reach brings visibility to the Kingdom’s business environment and investment opportunities. Many finalists and participants may choose to establish operations in Saudi Arabia, contributing to the local economy and creating high-skilled jobs. The EWC also facilitates partnerships between Saudi and international companies, leading to technology transfer and joint ventures. These outcomes align with Vision 2030’s objectives to increase the private sector’s contribution to GDP and boost non-oil exports. The strategic significance of the EWC extends beyond the competition itself; it is a catalyst for long-term economic transformation.

Vision 2030 Alignment

How does the Entrepreneurship World Cup embody the aspirations of Vision 2030? The competition directly supports several Vision 2030 goals, including economic diversification, SME development, and the creation of a vibrant private sector. By empowering entrepreneurs, the EWC contributes to increasing the number of SMEs and their contribution to GDP. It also promotes a culture of innovation and risk-taking, which is essential for building a knowledge-based economy. The involvement of Misk, Monsha’at, and other Saudi entities reflects a whole-of-government approach to achieving these objectives. The EWC’s focus on global engagement and attracting international talent aligns with Vision 2030’s aim to position Saudi Arabia as a global investment powerhouse and a hub for innovation.

As the 24 finalists prepare to compete on the final day of Biban24, they carry with them the potential to shape the future of entrepreneurship in Saudi Arabia and beyond. The EWC is not just a competition; it is a testament to the Kingdom’s commitment to fostering a dynamic and inclusive entrepreneurial ecosystem. Through initiatives like the EWC, Saudi Arabia is building a legacy of innovation that will drive economic growth and social progress for generations to come. The final round at Biban24 will undoubtedly showcase the best of global entrepreneurship, further solidifying Riyadh’s status as a global destination for opportunities.

20 Questions

Q1. What is the Entrepreneurship World Cup (EWC)?

A1. The Entrepreneurship World Cup (EWC) is the largest global competition for entrepreneurs, launched in 2019 by the Mohammed bin Salman Foundation (Misk) in partnership with the Global Entrepreneurship Network (GEN). It supports startups and growth-stage companies through training, mentorship, and cash prizes.

Q2. How many companies qualified for the final round of EWC at Biban24?

A2. Twenty-four companies qualified for the final round from a pool of 100 semi-finalists. They will compete for prizes totaling $1 million on the final day of the Biban24 Forum in Riyadh.

Q3. What is Biban24 and who organizes it?

A3. Biban24 is a major forum for entrepreneurs and SMEs, organized by the Small and Medium Enterprises General Authority (Monsha’at). It is held under the theme “Global Destination for Opportunities” and serves as a platform for startups to connect with investors and experts.

Q4. How many countries participated in the EWC this year?

A4. Entrepreneurs from 151 countries participated in the EWC this year, reflecting its global reach and appeal. This international participation brings diverse innovations to Riyadh and fosters cross-cultural exchange.

Q5. What is the total prize money for the EWC finals?

A5. The total prize money for the EWC finals is $1 million. The prizes are distributed across four categories: growth-stage companies, startup-stage companies, idea stage, and innovations in specific fields.

Q6. What are the four categories of awards in the EWC finals?

A6. The four categories are: three awards for growth-stage companies, five awards for startup-stage companies, two awards for the best ideas in the idea stage, and four awards for innovations in human health, environmental sustainability, basic needs, energy, industrial leadership, and the future economy.

Q7. What in-kind incentives do winners receive?

A7. Winners receive assistance with acquiring a business license from the Ministry of Investment, premium residency from the Premium Residency Center, and fast-track access to services and facilities from the National Technology Development Program (NTDP).

Q8. When and where will the EWC finals take place?

A8. The EWC finals will take place on the final day of the Biban24 Forum in Riyadh. The exact date is announced by the organizers, but it is typically in November.

Q9. What is the role of Monsha’at in the EWC?

A9. Monsha’at, the Small and Medium Enterprises General Authority, organizes the Biban24 Forum and supports the EWC. It plays a key role in fostering the entrepreneurial ecosystem in Saudi Arabia and aligning the competition with Vision 2030 goals.

Q10. How does the EWC support entrepreneurs?

A10. The EWC provides training, mentorship, connections with investors, and cash prizes. It also offers a global network of advisors and the opportunity to represent Saudi Arabia on the international stage.

Q11. What is the significance of the EWC for Saudi Arabia?

A11. The EWC reinforces Saudi Arabia’s position as a global hub for entrepreneurship and innovation. It supports economic diversification, SME development, and the creation of a knowledge-based economy, aligning with Vision 2030.

Q12. Who launched the EWC and when?

A12. The EWC was launched in 2019 by the Mohammed bin Salman Foundation (Misk) in partnership with the Global Entrepreneurship Network (GEN). It has since grown into the largest competition of its kind globally.

Q13. What sectors are represented among the finalists?

A13. The finalists represent diverse sectors including human health, environmental sustainability, basic needs, energy, industrial leadership, and the future economy. This reflects global trends and Saudi Arabia’s strategic priorities.

Q14. How does the EWC contribute to Vision 2030?

A14. The EWC contributes to Vision 2030 by empowering entrepreneurs, increasing the number of SMEs, and promoting innovation. It supports economic diversification and the goal of a vibrant private sector.

Q15. What is the theme of Biban24?

A15. The theme of Biban24 is “Global Destination for Opportunities.” It highlights Saudi Arabia’s ambition to attract international talent and investment and to position itself as a leading entrepreneurial hub.

Q16. How can entrepreneurs participate in future EWC editions?

A16. Entrepreneurs can participate by registering on the official EWC website and going through the selection process. The competition is open to individuals and teams from around the world at various stages of business development.

Q17. What is the role of the National Technology Development Program (NTDP)?

A17. The NTDP provides fast-track access to services and facilities for EWC winners. It supports technology-driven startups and helps them scale by offering resources and streamlined processes.

Q18. What is premium residency and how does it benefit winners?

A18. Premium residency is a program by the Premium Residency Center that grants eligible foreign nationals the right to reside in Saudi Arabia. It benefits winners by providing stability and facilitating business operations in the Kingdom.

Q19. How does the EWC foster international collaboration?

A19. The EWC brings together entrepreneurs, investors, and mentors from 151 countries, creating opportunities for cross-border partnerships, knowledge exchange, and investment. It positions Saudi Arabia as a global meeting point for innovation.

Q20. What impact has the EWC had since its inception?

A20. Since 2019, the EWC has supported thousands of entrepreneurs, helping them gain visibility, secure funding, and grow their ventures. It has contributed to the development of startup ecosystems in Saudi Arabia and worldwide.

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