Monsha'at and Saudi Entrepreneurs Make Waves at Global Entrepreneurship Congress 2023
Monsha'at, the Small and Medium Enterprises General Authority of Saudi Arabia, led a delegation of prominent Saudi entrepreneurs at the Global Entrepreneurship Congress 2023 (GEC23) in Melbourne. The objectives of Monsha'at included supporting Saudi entrepreneurs, exploring opportunities in the global SME sector, and fostering partnerships to advance entrepreneurship both within the Kingdom and internationally.
During the congress, Saud Al-Sabhan, Vice Governor for Entrepreneurship at Monsha'at, spoke about the importance of creating the right ecosystem and providing supportive opportunities for SMEs to achieve their goals. He emphasized the need for cooperation with local and international partners to enable SMEs to integrate across sectors and overcome challenges.
Several successful Saudi entrepreneurs also represented the Kingdom at GEC23. Salem Aljawini, Founding Partner at RasMal, highlighted the favorable conditions for startups in Saudi Arabia, including access to capital, a supportive entrepreneurial ecosystem, and the quality of founders and their teams. Hassan Al-Balawi, Founder & CEO of WakeCap, a technology and construction firm, emphasized the value of persistence for entrepreneurial success.
In addition, the Global Entrepreneurship Network (GEN) announced that the next edition of the Entrepreneurship World Cup (EWC) will be hosted in Saudi Arabia at the Biban Forum in 2024. The EWC is a renowned pitch competition and startup support program.
The participation of Monsha'at and Saudi entrepreneurs at GEC23 showcases the growing entrepreneurial ecosystem in Saudi Arabia and highlights the Kingdom's commitment to fostering innovation and supporting startups.
Impact of Monsha'at's Participation at GEC23 on New Businesses
Creating a Supportive Ecosystem for Startups
Monsha'at's presence at the Global Entrepreneurship Congress 2023 (GEC23) signals a significant shift in the entrepreneurial landscape in Saudi Arabia. The organization's commitment to fostering a supportive ecosystem for Small and Medium Enterprises (SMEs) could provide a significant boost to new businesses.
Exploring Global Opportunities
Monsha'at's exploration of opportunities in the global SME sector at GEC23 could open new doors for Saudi startups. This international exposure could lead to partnerships and collaborations that could help these startups scale and expand their operations beyond the Kingdom.
Hosting the Entrepreneurship World Cup
The announcement that the next edition of the Entrepreneurship World Cup (EWC) will be hosted in Saudi Arabia further underscores the Kingdom's commitment to nurturing entrepreneurship. This event could provide new businesses with a global platform to showcase their innovations and attract investment.
In conclusion, Monsha'at's active role at GEC23 and its ongoing efforts to support Saudi entrepreneurs could have a transformative impact on new businesses in the Kingdom. It could stimulate innovation, encourage the growth of SMEs, and position Saudi Arabia as a hub for entrepreneurship.
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