Innovations Welcome: The New Edition Of MITEF Enterprise Forum Saudi Arabia Startup Competition Is Now Open For Applications
Saudi entrepreneurs, this is an opportunity you shouldn't miss.
Saudi entrepreneurs, this is an opportunity you shouldn’t miss. As part of the MIT Enterprise Forum global network, the MIT Enterprise Forum Saudi Arabia, along with Bab Rizq Jameel, an initiative of Community Jameel, has launched the fourth annual edition of the Saudi Startup Competition. The competition is designed to showcase Saudi entrepreneurs and provide an avenue to present their projects and ideas, and have the opportunity to gain cash prizes totaling more than SAR 325,000.
The competition has three tracks for interested applicants. First up, is Ideas Track, which is open for scalable ideas that already have a proof of concept and a validated business model and plan for growth. Next, is the Startup Track, which targets high impactful startups legally registered in KSA and has a working product or service, traction and sales. The last is the Social Track, which is designed for social enterprises in KSA that has a working product/service which addresses a social challenge with a for-profit angle. Winners in the Ideas Track has a chance to win SAR20,000 for the first winner, SAR15,000 for the second winner and SAR10,000 for the third winner, while the Startup Track’s first winner gains SAR100,000, SAR25,000 for the second winner, and SAR15,000 for the third winner. As for the Social Track, the first winner will gain SAR100,000, while the second winner will gain SAR25,000 and the third winner will gain SAR15,000.
A panel of judges from the entrepreneurial community will evaluate the applicants, with the shortlisted 45 teams will proceed for the semi-finals round on January 2020. Running across for more than six months, e-induction briefs have been organized in selected universities and educational institutions across KSA from September to mid-December. Teams qualified for the semi-finals will have access to activities, orientation sessions and boot camp with specialists and experts.
Finalists also have the opportunity to participate in the Saudi StartSmart Forum, a program of the global network of MIT Enterprise Forum. Saudi StartSmart is designed to encourage and guide entrepreneurs through workshops and programs related to technology and innovation. The nine winning teams, three from each track, will also be announced.
Registration have already begun and will continue until December 21, 2019. Head on over to the website to register.