Saudi youth encouraged to raise entrepreneurial fervor

Today is the perfect time to invest in the private sector market and venture into an entrepreneurship, announced Governor of the Saudi Arabia General Investment Authority (SAGIA) Abdullatif Al-Othman at the MIT Enterprise Forum Saudi Arabia held here on Saturday.

Apart from the traditional sectors in oil and gas and petrochemical industries and real estate, he said other sectors are in need of further investment at a time during which “Saudi Arabia is committed to diversify its economy.”

With its first branch launched in Saudi Arabia, MITEF is a global organization of professionals serving the entrepreneurial needs in the US and global markets, affiliated with the Massachusetts Institute of Technology (MIT) through MIT Technology Review.

“Investment in Saudi is one of the most advancing (and) we continue to review laws and regulations,” Al-Othman addressed a crowd of attendees at the one-day forum held in Dar Hussein Jameel.

Experts and entrepreneurs discussed key issues and challenges in Saudi entrepreneurship.

Dr. Saleh Basalamah, deputy director at KACST GIS Technology and CEO of NaviBees, a newly launched smart navigation guide used in closed buildings, said attracting Saudi talent was one of the first challenges he faced, voicing the concern of many other startup founders at the forum.

The market response, he added, generally has little trust in newly introduced innovations. With three sizeable clients currently in hand, NaviBees aims to increase its popularity by offering more accurate features lacking in Google Maps and other similar navigation tools to visitors in areas where people need a handy guide such as shopping malls, university campuses, and the Holy Mosque in Makkah.

On empowering innovators, experts agreed on the need to encourage more risk-takers and lift the fear among Saudi youth in venturing into entrepreneurships.

More awareness and education on entrepreneurship is needed among Saudis entering the job market, experts stressed.

“Some of the best entrepreneurs are fragmented,” said Mudassir Sheikha, founder of Careem, the widely used service car app. Despite the abundance in creativity, energy, and talent, many entrepreneurs tend to create small projects instead of focusing on one and allow it to grow into a large business.

“Our region needs more successes,” he added.

In a panel discussion called ‘Saudi Valley’, young entrepreneurs confessed that perseverance in front of negative criticism is a must. With a chance of failing in a brand new technology, many entrepreneurs need a push to not give up on their projects.

When considering opportunities, CEO and cofounder of TaM-Projects Inc. Abdullah Al-Yousef said those with good ideas should not hesitate to put them into action and not view all problems as the governments’ responsibility to solve.

Despite over 700,000 commercial licenses are actively operating in an economy considered to be the largest in the region and the third fastest growing in the G20, many startups are still in need of endorsement and support in Saudi Arabia where it was only recently that the creation of a committee such as the Higher Authority for SMEs was approved in late October.

“We have to give freedom to those starting up,” said Tuba Terekli CEO of Qotuf AlRiyadah, the first private entrepreneurship foundation in Saudi Arabia, and called for more Saudi youth to aim big in their enterprises and turn worldwide.

The forum concluded with the announcement of winners at the third round of the Startup Competition.

The competition offered contestants to join the startup and ideas track to get a chance to receive mentorship and participate at the upcoming 9th MITEF Arab Startup Competition in April in partnership with Community Jameel and Zain Group.

On its final round, six groups of Saudi-based entrepreneurs were announced as the winners for cash prizes worth up to SR220,000 with B8tak.com and Every Drop Counts (EDC) winning first place.

“The experience has been very beneficial especially since I didn’t have a background in business or entrepreneurship but I have a passion toward saving water and to be more sustainable,” Lara Khouly, project manager of EDC, told Saudi Gazette.

“We went through a long and gradual process since September,” said Lulwa Alsoudairy, CEO and cofounder of Artistia.com, and second place winner. “After learning so much and understanding the Saudi market, we changed our model accordingly. We were then able to learn what steps to take to reach the global market. Our experience with the program was well-rounded.”

Technology opens a world of opportunities, according to president of MIT Technology Review and MITEF Kathleen Kennedy, referring to cases of innovative technologies applied in different areas of everyday life in transport, Internet, healthcare, water, finance, food, and more.

She added “technology can solve big problems, inspire people, give people economic opportunities, disrupt businesses and build new ones, and improve the world.”

B8ak, an application for home maintenance has won first place in the ‘Startups Track’ at Saudi Arabia’s first MIT Enterprise Forum competition.
They took home a prize of 100,000 Saudi riyals (around USD 26,000).
In total there were three winners out of 18 finalists.
Artistia, a social marketplace for designers took second place with 50,000 riyals (around $13,000) and rock – paper – scissors, a gaming educational initiative for children, won third place with 25,000 riyals (around $6,000).
Every Drop Counts, a project that helps companies and individuals measure and reduce their water consumption, won first place in the Ideas track and 20,000 riyals (around $5,000); Re Braille, an initiative aiming to help blind people type, took second place with 15,000 riyals (around $4,000) and Kool Snack for producing healthy products from natural ingredients, took third place and 10,000 riyals (around $2,500).
The final awards ceremony was held in Dar Hussein Jameel, Jeddah, on January 16.
“In addition to the size of the Saudi market, its strategic positioning and investment-friendly traits, the kingdom will be witnessing a new era that will activate the role of the private sector and enhance governmental performance,” said the Governor and Chairman of the Board of Directors SAGIA, Abdullatif Al-Othman, in a press release.
All the finalists had the chance to attend StartSmart, a program produced by MIT Enterprise Forum, to offer workshops and programs that help participants acquire the needed skills to take their projects to the next level.
The event was sponsored by Saudi Arabian General Investment Authority (SAGIA) and organized in partnership with Bab Rizq Jameel.

The program invited 20 local and international speakers, such as Kathleen Kennedy, president of MIT Technology Review and MIT Enterprise Forum; Tuba Terekli, CEO at Qotuf Al Riyadah; Raad Al-Saady, senior managing director at Abdul Latif Jameel, and Mudassir Sheikha from Careem. Among the topics discussed were how to empower entrepreneurship in the kingdom and a look back at worldwide tech trends in 2015.

MIT Enterprise Forum Saudi Arabia, the new chapter of the global network – MIT Enterprise Forum Global, in partnership with Bab Rizq Jameel – part of Community Jamee l– announced the names of 35 teams that made it to the semifinals of the MITEF Saudi Startup competition. The competition includes two tracks: the idea track and the startups track.

The sem-finalists were selected by a panel of 80 regional and Arab business experts and academics who evaluated 1,000 submitted forms against specific criteria including innovation, scalability, and positive social impact. The second arbitration round will be held on Jan. 9, to announce the 18 finalist teams, while the 6 winners from both tracks will be announced after the third arbitration round on Jan. 16.

The competition offers cash prizes of up to SR220,000, in addition to training courses and workshops provided by specialized training entities throughout the duration of the competition. Since the launch of the competition, MITEF Saudi Arabia has offered a rich program to prepare and motivate participants to start their small and medium enterprises.

The semifinalists also took part in workshops at the King Abdullah University of Science and Technology on Dec. 18-19. The aim was to encourage and guide them, thus enhancing their chances of making it to the finals and winning the MITEF Saudi Startup competition.

Commenting on the competition, Hashem Daghestani, the MITEF Saudi Startup Competition Country Lead said: “Wide participation from across the Kingdom and the quality of the submitted projects and ideas added real value to the competition.

“The judges and the team have commended the passion and entrepreneurship spirit of the entrepreneurs, both men and women, in addition to the solutions they provided that cater for different market requirements of Saudi talents.

“The MITEF Saudi Startup Competition seeks to qualify the young and help them enter the world of business with their small and medium enterprises, armed with the knowledge and experience required to ensure the success of their innovative ideas and projects.”

Saudi-based entrepreneurs are set to obtain global experience and know-how through MITEF Global, as well as through MIT Technology Review, a media company wholly owned by MIT.

Finalists in the competition will also have the opportunity to take part in the Startsmart conference to be held on Jan. 16, where winners will be announced. Furthermore, the winners will be invited to participate in the 9th MITEF Arab Startup Competition.

MITEF Saudi Arabia is part of a global network of chapters dedicated to the promotion of entrepreneurship and innovation worldwide. The chapters inform, connect, and coach technology entrepreneurs – enabling them to rapidly transform ideas into world-changing companies.

Founded in 2015 with the goal of promoting and enriching the entrepreneurship ecosystem in Saudi Arabia, MITEF Saudi Arabia aims to celebrate and support all potential startups and entrepreneurs in the Kingdom through the Startups and Ideas Competition.