Saudi Arabia to Host Entrepreneurship World Cup Finals in November

Saudi Arabia will host the Entrepreneurship World Cup (EWC) finals in Riyadh from November 5-9, 2024, welcoming the top 100 startups from around the world to compete for $1 million in cash prizes, according to the Small and Medium Enterprises General Authority (Monsha’at). The event will take place during Biban 24, the Kingdom’s premier startup, entrepreneurship, and small and medium enterprises (SMEs) forum, reinforcing Saudi Arabia’s position as a global hub for innovation and business.

Context and Background

The EWC finals are organized by Monsha’at in partnership with the Prince Mohammed bin Salman Foundation (Misk) and the Global Entrepreneurship Network (GEN). Established in 2019 by GEN and Misk, the EWC has attracted over 400,000 entrepreneurs from around the globe, offering them opportunities to win financial rewards and expand their businesses. To date, the competition has awarded more than $4 million in cash prizes, underscoring its role as a catalyst for entrepreneurial success worldwide.

Biban 24, themed “Global Destination for Opportunities,” is a flagship event that brings together startups, investors, and support organizations. It aligns with Saudi Arabia’s Vision 2030 goals of economic diversification and private sector growth. The presence of the EWC finals at Biban 24 highlights the Kingdom’s commitment to nurturing entrepreneurship as a key driver of economic development.

Key Details

The top 100 startups were selected from a pool of over 16,000 applicants representing 151 countries. These startups demonstrated exceptional performance in their respective national competitions and subsequently participated in a global training camp. The camp featured 250 of the most promising companies, along with industry experts and support organizations. From this group, the top 100 emerging startups were chosen to compete in the finals at Biban 24.

Competitors will vie for cash prizes totaling $1 million, as well as additional in-kind rewards. The EWC pitch competition will showcase the entrepreneurial spirit and ingenuity of tomorrow’s business leaders, providing them with a platform to gain global exposure and connect with investors.

Sami Ibrahim Alhussaini, Governor of Monsha’at, said: “We are delighted to be hosting the Entrepreneurship World Cup in Riyadh once more. Entrepreneurship is the backbone of our economy, and we take great pride in effecting positive change — not just in Saudi Arabia but around the world — by equipping the businesses and businesspeople of the future with the tools to build a more prosperous tomorrow.”

Implications and Impact

Hosting the EWC finals reinforces Saudi Arabia’s growing status as a global entrepreneurship hub. The event will attract international attention, drawing investors, innovators, and media to Riyadh. It also provides a platform for Saudi startups to network with global peers and gain insights into international markets.

Furthermore, the EWC supports the development of the SME sector, which is vital for job creation and economic diversification. By fostering a culture of innovation, Saudi Arabia is positioning itself as a leader in the global startup ecosystem, in line with the objectives of Vision 2030 to increase the private sector’s contribution to GDP and boost non-oil exports.

Vision 2030 Alignment

The Entrepreneurship World Cup and Biban 24 are integral to Saudi Arabia’s Vision 2030, which aims to diversify the economy, empower youth, and promote a knowledge-based society. Monsha’at’s efforts to support SMEs and entrepreneurs are central to achieving these goals, as they contribute to creating a vibrant and sustainable economic future. By hosting global events like the EWC, the Kingdom demonstrates its commitment to fostering international collaboration and driving positive change on a global scale.

20 Questions

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

A1. The Entrepreneurship World Cup is a global competition organized by the Global Entrepreneurship Network and Misk Foundation. It provides entrepreneurs with opportunities to win financial rewards, gain global exposure, and expand their businesses. Since 2019, it has attracted over 400,000 participants from around the world.

Q2. When and where will the EWC finals take place?

A2. The EWC finals will be held in Riyadh, Saudi Arabia, from November 5-9, 2024, during the Biban 24 forum. The event will welcome the top 100 startups from around the world to compete for prizes and recognition.

Q3. Who is organizing the EWC finals in Riyadh?

A3. The finals are organized by the Small and Medium Enterprises General Authority (Monsha’at) in partnership with the Prince Mohammed bin Salman Foundation (Misk) and the Global Entrepreneurship Network (GEN). This collaboration highlights Saudi Arabia’s commitment to supporting entrepreneurship globally.

Q4. How many startups will compete in the finals?

A4. The top 100 startups from around the world will compete in the finals. They were selected from a pool of over 16,000 applicants representing 151 countries, following national competitions and a global training camp.

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

A5. The total cash prizes amount to $1 million, along with additional in-kind rewards. These prizes are designed to help startups scale their businesses and achieve greater impact in their respective markets.

Q6. What is Biban 24?

A6. Biban 24 is Saudi Arabia’s premier startup, entrepreneurship, and SMEs forum, themed “Global Destination for Opportunities.” It brings together entrepreneurs, investors, and support organizations to foster collaboration and innovation in the entrepreneurial ecosystem.

Q7. How were the finalists selected?

A7. Finalists were chosen from over 16,000 applicants from 151 countries. They excelled in national competitions and participated in a global training camp featuring 250 promising companies, from which the top 100 were selected for the finals.

Q8. What is the theme of Biban 24?

A8. The theme is “Global Destination for Opportunities,” reflecting Saudi Arabia’s aim to position itself as a hub for entrepreneurial talent and investment, in line with Vision 2030 goals.

Q9. Who is the Governor of Monsha’at?

A9. Sami Ibrahim Alhussaini is the Governor of Monsha’at. He emphasized the importance of entrepreneurship as the backbone of the economy and expressed pride in hosting the EWC to support future business leaders globally.

Q10. What has the EWC achieved since its inception?

A10. Since 2019, the EWC has attracted over 400,000 entrepreneurs and awarded more than $4 million in cash prizes. It has provided a platform for startups to gain funding, mentorship, and global visibility.

Q11. How does the EWC benefit Saudi Arabia?

A11. Hosting the EWC enhances Saudi Arabia’s reputation as a global entrepreneurship hub. It attracts international investors and innovators, fosters knowledge exchange, and supports the growth of the SME sector, contributing to economic diversification.

Q12. What is Monsha’at’s role in supporting SMEs?

A12. Monsha’at is responsible for promoting and supporting the development of small and medium enterprises in Saudi Arabia. It provides resources, training, and networking opportunities to help SMEs thrive and contribute to the economy.

Q13. How does the EWC align with Vision 2030?

A13. The EWC aligns with Vision 2030 by promoting entrepreneurship, innovation, and economic diversification. It supports the growth of the private sector and empowers youth, key objectives of the Kingdom’s long-term development plan.

Q14. What kind of startups participate in the EWC?

A14. Startups from various sectors, including technology, healthcare, sustainability, and e-commerce, participate. They are selected based on innovation, scalability, and potential for impact in their respective industries.

Q15. What are the in-kind rewards for winners?

A15. In-kind rewards include mentorship, access to global networks, legal and business services, and opportunities to pitch to investors. These rewards are designed to accelerate the growth and success of participating startups.

Q16. How many countries are represented in the EWC finals?

A16. The finalists represent 151 countries, showcasing the truly global nature of the competition and Saudi Arabia’s role in connecting entrepreneurs from diverse backgrounds.

Q17. What is the global training camp?

A17. The global training camp is a program where 250 promising startups receive mentorship, workshops, and networking opportunities from industry experts. It prepares them for the finals and helps them refine their business models.

Q18. Why is entrepreneurship important for Saudi Arabia’s economy?

A18. Entrepreneurship drives innovation, creates jobs, and diversifies the economy. It is essential for achieving Vision 2030 goals of reducing oil dependence and building a sustainable, knowledge-based economy.

Q19. How can startups apply for future EWC editions?

A19. Startups can apply through the official EWC website or national competitions in their countries. The application process typically involves submitting a business plan and pitching to a panel of judges.

Q20. What impact has the EWC had on previous participants?

A20. Previous participants have secured funding, expanded into new markets, and gained global recognition. The EWC has helped many startups accelerate their growth and contribute to their local economies.

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