MIT Enterprise Forum (MITEF) Saudi Startup Competition
Ministry of Communications and Information Technology, Saudi Arabia, is sponsoring the fifth MIT Enterprise Forum (MITEF) Saudi Startup Competition, held under the slogan ‘Innovate, Inspire, Connect.
MITEF Saudi Arabia, a part of the global MITEF network associated with the Massachusetts Institute of Technology (MIT), coordinates the contest. To bring the competition to Saudi Arabia, the network has partnered with Bab Rizq Jameel. In the Kingdom, MITEF Saudi Arabia is committed to fostering entrepreneurship.
Undersecretary at the Ministry of Communications and Information Technology for future jobs and digital entrepreneurship, Dr. Ahmed Altheneyan, said they were pleased to support the MITEF Saudi Startup Competition, along with other events targeting youth and the local economy. He talked about startups as one of the main pillars of development, adding that such competitions are a real investment.
In the area of digital transformation, Saudi Arabia has an interconnected ecosystem promoting entrepreneurs and innovators. Entrepreneurs are given better ways in this setting to get all the resources they need in terms of digital capabilities and to have access to new technologies and financing. Ultimately, this helps them grow their ideas further and transform them into start-ups that can thrive and change society for the better and the world around them.
The MITEF Saudi Startup Competition has successfully attracted more than 7,500 participants from across the Kingdom since its launch in 2015, setting up more than 45 start-up projects, educating more than 260 entrepreneurs and creating more than 110 start-up jobs opportunities. In the form of free investments, the winners got a total of SR1.6 million ($426,400).
There are three tracks in this year’s start-up competition: Start-ups, Social Enterprises and Ideas. Besides mentorship at the MITEF Saudi Accelerator, a six-week program in conjunction with the MIT Entrepreneurship Center, the contest provides cash prizes. On March 6, 2021, the finalists will be announced. The MITEF Arab Startup Competition will also include the nine winning teams from the MITEF Saudi Startup Competition.
Through supporting and celebrating all start-ups and entrepreneurs in the Kingdom, the competition aims to encourage and enrich the entrepreneurial climate in Saudi Arabia. Bab Rizq Jameel aims to enhance the culture of entrepreneurship, creativity and digital disruption driven by Vision 2030 in the Kingdom by promoting digital transformation initiatives.