The Small and Medium Enterprises General Authority “Monsha’at” launched the Monsha’at Academy for Innovation and Entrepreneurship program for fast-growing enterprises, in cooperation with the Stanford Center for Professional Development and the King Salman Institute for Studies and Consulting Services, with the participation of representatives of 50 SMEs, with the aim of raising the efficiency of enterprises and transferring knowledge and best business practices to the owners and staff of SMEs and to entrepreneurs across the Kingdom.
The program, which began yesterday and runs for 3 months, covers corporate innovation strategies, product launch plans, market development, and growth management. The services directed at the SME sector include a precise diagnosis to identify strengths and areas for development, followed by the necessary solutions.
Monsha’at seeks to strengthen the growth of fast-growing SMEs and to support them by offering several solutions aimed at developing their capabilities in strategic, operational, innovation, and other important areas, in addition to enabling these enterprises to overcome the challenges that may limit the continuity of their growth, especially as Monsha’at has delivered 5 programs that have benefited more than 250 fast-growing SMEs.
The number of fast-growing Saudi enterprises is estimated at about 7,000, and the number of fast-growing enterprises increases by nearly a thousand every year. Monsha’at has therefore focused on providing the necessary support to this category of enterprises, to maintain this positive rise in their number and to sustain the growth of existing enterprises.
Monsha’at is keen to make all of its services and programs available to SMEs and to male and female entrepreneurs, in order to create a promising environment that offers opportunities to thrive, by providing support services and business opportunities that back the growth of the SME sector and strengthen its competitiveness, and by encouraging a culture of entrepreneurship and supporting ambitious entrepreneurs.