The Small and Medium Enterprises General Authority “Monsha’at” announced that 100 companies from the world’s various continents have qualified for the finals of the Entrepreneurship World Cup in the capital, Riyadh, organized by Monsha’at in partnership with the Prince Mohammed bin Salman Foundation (Misk) and the Global Entrepreneurship Network (GEN), as part of the Biban 24 forum, which will be held from November 5 to 9.
The competition is one of the largest and most comprehensive competitions and support programs of its kind, in which tens of thousands of entrepreneurs from 200 countries compete every year for cash prizes worth $1 million.
The top 100 companies, representing 52 countries around the world, will compete in the finals during the Biban 24 forum, after months of competition in the national and regional qualifiers and the global group selections, in addition to the training camp held for the top 250 companies. The competition offers cash prizes for the idea-stage category (10 companies), the startup category (62 companies), and the growth-stage category (28 companies). Founders will also compete in specialized categories covering the health, future economy, energy and industrial leadership, and sustainable environment and basic needs sectors.
The President of the Global Entrepreneurship Network (GEN), Jonathan Ortmans, explained that the competing companies consist of bold founders and outstanding teams seeking to bring about meaningful change through innovation and entrepreneurship, with the support of GEN, Monsha’at, and their partners, as the Entrepreneurship World Cup experience will bring them closer to achieving their goals.
The group of companies qualifying for the finals will get to know the evolving startup landscape in Saudi Arabia, enabling them to seek market entry opportunities, as the entrepreneurship ecosystem has seen notable growth in recent years, with a record rise in venture capital investments.
Since its launch in 2019, the competition has attracted more than 430,000 registrants from 200 countries and connected founders with more than $4 million in cash prizes and another $266 million in free support and services, in addition to the support of more than 100 global partners in the competition.
The Biban 24 forum works to strengthen the Kingdom’s position as a destination and first choice for entrepreneurs regionally and internationally, support the growth and competitiveness of entrepreneurs’ projects, and stimulate entrepreneurship.