JEDDAH: Following the success of the inaugural event last year, the Mohammed bin Salman Foundation (Misk) is gearing up for the second Entrepreneurship World Cup (EWC).
The international initiative aims to support young entrepreneurs, improve their knowledge and experience of the economy and commerce, locally and globally, evaluate their businesses and encourage the launch of successful ventures.
It includes an integrated training and mentoring program to help entrepreneurs hone their skills and increase their chances of success. The participants will work closely with mentors and other specialists, from the idea stage through to the growth and structuring of the business.
As a result of the coronavirus pandemic, this year’s event — presented by the Misk Global Forum and hosted by the Global Entrepreneurship Network and the Global Education and Leadership Foundation — will be staged virtually. Organizers aim to attract more than 150,000 participants from 200 countries. Last year, there were about 102,000 entries from 187 countries,
Participants will have access to a digital library that contains a wide range of expert knowledge and advice to help them succeed, from how to draw up a business plan and structure the project, to collecting customer feedback, product development, team building and corporate culture.
“The second (edition of the) competition seeks to achieve success more comprehensively than the previous version, by embracing as many young businessmen and businesswomen as possible in Saudi Arabia, where this year it targets up to 150,000 startups,” said Abdulrahman Al-Suhaymi, director of the EWC initiative.
“The world today, more than ever, needs to foster entrepreneurship among young people, encourage them to innovate and develop solutions for a better future.”
He also stressed the important role played by entrepreneurs in solving many of the problems caused by by unemployment, through the creation of new job opportunities and generating economic growth for individuals and businesses.
Al-Suhaymi urged young Saudi entrepreneurs and the owners of startups not to miss this opportunity and to register online for the training and mentoring program. The deadline for applications is Aug. 9.
About 100 participants reached the semi-final stage last year, and had the chance to present their ideas to thousands of people.
Red Sea Farms, a Saudi startup based at King Abdullah University of Science and Technology that specializes in saltwater greenhouse technology, finished third in the inaugural EWC. First place went to Canadian business NREv Technology, which makes health-monitoring systems that warn of complications that can develop in patients recovering from surgery.