Monsha’at and Leading Saudi Entrepreneurs Take Part in Global Entrepreneurship Congress 2023

A Saudi Arabian delegation comprising some of the nation’s leading entrepreneurs recently participated in the Global Entrepreneurship Congress 2023 (GEC23), led by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia. 

Among Monsha’at’s objectives was to support the delegation of Saudi entrepreneurs, discuss opportunities with drivers and facilitators of the global SME sector, and foster partnerships to advance entrepreneurship, in the Kingdom and abroad.

Saud Al-Sabhan, Vice Governor for Entrepreneurship at Monsha’at, spoke during the closing session of the first day, titled “Change your world: outlook to the future ahead”. 

Al-Sabhan stated: “SMEs are principal drivers of the local economy, but the right ecosystem must be in place and they must be engaged with supportive opportunities that allow them to effectively achieve their goals.”

He added: “Cooperation with local and international partners from public and private institutions is also vital to enable SMEs to integrate across diverse sectors, with the aim of overcoming challenges and spreading a culture of entrepreneurship in a faster and more effective way.” 

Also representing the Kingdom at GEC23, were several successful national entrepreneurs. One of these was Salem Aljawini, Founding Partner at RasMal, a subscription-based all-in-one platform to automate equity management, facilitate fundraising and enhance governance to a simple click process for companies. 

“It is an exciting time for the Saudi start-up scene”, says Aljawini. “There are several elements creating the right conditions for the Kingdom’s rise as a hotbed for start-ups. These include access to capital, a supportive entrepreneurial ecosystem, and the rising quality of founders and their teams.”

Another participating company at GEC23 was WakeCap, a technology and construction firm that enables construction companies to have real-time field reporting at the construction site.

WakeCap Founder & CEO, Hassan Al-Balawi, says: “Persistence is a trait that any successful entrepreneur must have to in order to succeed. From raising funds from investors, to hiring and leading the right team, to staying at the forefront of competition, this is a key entrepreneurial value to have.”

GEN also announced that the next edition of the Entrepreneurship World Cup (EWC) will be hosted in the Kingdom, at the Biban Forum 2024. Co-hosted by GEN and Monsha’at, EWC is one of the world’s largest pitch competitions and startup support programs.