Bab Rizq Jameel concluded the Startup Investment Forum and StartSmart Conference, which ran over three days, from March 5 to 7, with the participation of more than 2,000 competitors at King Abdullah Economic City (KAEC). The nine winning teams of the 4th MIT Enterprise Forum Saudi Arabia Competition were announced at the StartSmart Conference. A total of SR325,000 ($86,630) was awarded to the winning teams.
The highlight of the 4th MITEF Saudi Arabia Competition was the organization of the Startup Investments Forum (SIF) with the participation of more than 80 innovative startups from all over the world. SIF brought together small and emerging companies from Saudi Arabia and the world with investors to expand their business in Saudi Arabia. The event also featured workshops lead by senior executives from Prince Mohammad Bin Salman College (MBSC) of Business and Entrepreneurship and Imperial College in London, investment pitching sessions, and business networking opportunities.
Bab Rizq Jameel, an initiative of Community Jameel, organized the StartSmart Conference over the course of an entire day to allow entrepreneurs to draw ideas, build relationships, and to have access to training and information that enables them to succeed in their careers.
Organized under the patronage of the General Authority for Small and Medium Enterprises (Monshaat), StartSmart Conference attracted prominent figures, investors, entrepreneurs, and speakers such as Esam Al-Thukair, deputy governor of Monshaat; Dr. Mazen Al-Zaidi, head of the innovation and entrepreneurship sector, Ministry of Investment; Dr. Philip Bahoshy, founder and CEO of MAGNiTT; Dr. Simon Hepworth, director of enterprise at Imperial College London; and Dr. Nabil Koshak, CEO and board member of Saudi Venture Capital Company.
Ahmed bin Ibrahim Linjawy, CEO of KAEC, said: “We are pleased to host the 4th edition of the MITEF Saudi Startup Competition, in collaboration with our strategic partners working hand-in-hand to contribute to the diversification and growth to achieve the national development goals under Vision 2030, which aim to develop a stimulating environment for innovation and creativity, supporting and empowering youth, entrepreneurs and SMEs.”
“We work hand-in-hand with our public and private partners through the ‘Invest Saudi’ initiative to support today’s businessmen — tomorrow’s change-makers, and enable them to turn their ideas into active and promising projects,” said Ibrahim Al-Suwail, deputy for investor services and advisory at the Ministry of Investment. “Since its inception, the MITEF Saudi Arabia Competition attracted thousands of entrepreneurs, and helped many of them turn their ideas into successful companies.”
Hassan Jameel, president, Community Jameel, Saudi Arabia, said: “MITEF Saudi Arabia furthers Community Jameel’s efforts in supporting the next generation of entrepreneurs by providing meaningful opportunities for learning and investment.”
The competition is divided into three main tracks — the Startups track, Ideas track, and the Social Enterprises track. In the Startups track, Fruits360 ranked first, Telp ranked second and 3D IT Medical ranked third.
In the Ideas track, Firnas Aero won first prize, Uvera ranked second and Ghallah ranked third.
In the Social Enterprises track, first place was occupied by Jaleesa, second place by SYAG and third place by AYA Animations.