The General Authority for Small and Medium Enterprises in Saudi Arabia, known as Monsha'at, is set to organize the finals of the Entrepreneur World Cup (EWC) in 2024. The event, which brings together the world's top 100 startups, offers financial prizes worth up to $1 million, in addition to various non-monetary rewards.

In partnership with the Prince Mohammed bin Salman Foundation (Misk) and the Global Entrepreneurship Network (GEN), Monsha'at aims to attract pioneering projects to the competition, which will be held during the 'Biban 24' forum. This significant event will take place from November 5-9 at Riyadh Front Exhibition and Conference Center.

The Entrepreneur World Cup is the largest event for global entrepreneurs in Saudi Arabia. It aims to stimulate local investment, attract foreign investments, and highlight promising opportunities within the Kingdom. Additionally, the event empowers partners and supporting entities to achieve their respective objectives.

The selection process for the finalists involved over 16,000 applicants from 151 countries. Those who succeeded in their national competitions were invited to a global training camp, which brought together the best 250 startups with experts and enabling entities. Out of this pool, the top 100 emerging startups were chosen to compete in the final stages at Biban 24 for a chance to win the coveted title.

Originally established in 2019 by Misk and GEN, the Entrepreneur World Cup has since seen participation from more than 420,000 entrepreneurs from around 200 countries, with total prize money reaching $4 million. The competition provides an invaluable opportunity for projects from all over the world to participate and vie for the title. Additionally, it sheds light on the promising opportunities within Saudi Arabia, offering a unique chance for training, networking, and access to supportive platforms pivotal for the development and refinement of entrepreneurs' skills and the advancement of their ideas into effective global market projects.

General Manager of Monsha'at, Sami bin Ibrahim Al-Hussaini, expressed his pleasure at hosting the Entrepreneur World Cup again in Riyadh. He highlighted that entrepreneurship lies at the core of the Kingdom's economy. Al-Hussaini proudly stated, We strive to achieve positive impacts on both a national and global level by equipping future businesses and entrepreneurs with the necessary tools to build a more prosperous tomorrow.

The EWC finals aim to showcase the Kingdom's dedication to fostering innovation and business growth. By hosting this prestigious event, Saudi Arabia seeks to amplify its role as a global hub for entrepreneurship. The competition will provide a platform for innovative startups to present their ideas, receive validation from industry experts, and potentially secure funding and support to scale their ventures.

Additionally, the event is expected to foster a culture of innovation and entrepreneurship, inspiring local entrepreneurs to explore new business opportunities and contribute to the Kingdom's economic diversification efforts. The focus will not only be on the competition but also on providing participants with mentoring, networking, and other valuable resources to enhance their chances of success.

The Entrepreneur World Cup's commitment to entrepreneurship and innovation aligns with Vision 2030, Saudi Arabia's ambitious strategic framework aimed at reducing its dependence on oil, diversifying its economy, and developing public service sectors such as health, education, infrastructure, recreation, and tourism. By nurturing the entrepreneurial ecosystem, the Kingdom aims to create a more sustainable and inclusive economy driven by innovative enterprises.