The Massachusetts Institute of Technology (MIT) Enterprise Forum Saudi Arabia, a chapter of the MIT Enterprise Forum (MITEF) Global in collaboration with Bab Rizq Jameel, the Community Jameel Initiative, has announced that registration is open for its fourth annual Saudi Startup Competition. 

This year’s edition will be held under the slogan “Challenge Yourself” and aims to nurture entrepreneurship and stimulate entrepreneurs in the Kingdom to contribute effectively to achieving the goals of Saudi Vision 2030.

Registration for the fourth edition of the competition opened on Sept. 24 and will continue until Dec. 25. Saudi and non-Saudi entrepreneurs from all age groups and business sectors may apply through the competition website, in one of the three categories: Ideas Track, Startup Track and Social Enterprise Track. The Ideas Track aims to help creative and scalable ideas with the potential by offering effective business and social solutions.

The Startup Track targets registered companies which have impact, have experienced teams and are scalable. The Social Enterprise Track, in collaboration with the King Khalid Foundation, recognizes successful social enterprises.

Speaking on the opening of registration, Fady Jameel, president of Community Jameel International, said: “We are eagerly awaiting the new edition of the MITEF Saudi Startup Competition and the upcoming group of Saudi entrepreneurs and talent. This event provides knowledge, networking and training for entrepreneurs. We invite all Saudis with creative ideas or enterprises to register in the competition to receive mentoring, meet high-profile speakers from the region and beyond, network with potential partners and win one of the cash prizes.”

He said: “This competition will challenge the fears that entrepreneurs have when they begin to make their dreams come true by starting up or expanding their businesses.”

Winners will receive funding of SR325,000 ($86,679). In addition, the participants will engage in workshops, training and mentoring sessions presented by business and social enterprise leaders. The nine winning teams will be invited to a further training course and to participate in the 12th MITEF Arab Startup Competition.