Riyadh Set To Host Entrepreneurship World Cup Finals With $1 Million Prize Pool

The Small and Medium Enterprises General Authority (Monsha'at) will host the Entrepreneurship World Cup (EWC) finals in Riyadh. This event is organised in collaboration with the Prince Mohammed bin Salman Foundation (Misk) and the Global Entrepreneurship Network (GEN). The competition will feature the top 100 startups from around the globe, competing for cash prizes totalling $1 million and additional in-kind rewards.

Finalists were selected from over 16,000 applicants representing 151 countries. These startups excelled in their national competitions before advancing to a global training camp. The camp included 250 promising companies, industry experts, and support organisations. From this group, the top 100 emerging startups were chosen to compete in the EWC finals at Biban 24.

The EWC pitch competition aligns with the forum theme, "Global Destination for Opportunities". It aims to showcase the entrepreneurial spirit and creativity of future business leaders. Established in 2019 by GEN and Misk Foundation, EWC has attracted over 400,000 entrepreneurs worldwide. The competition offers financial rewards and opportunities for business expansion.

Monsha'at Governor Sami Ibrahim Alhussaini expressed his enthusiasm: "We are delighted to be hosting the Entrepreneurship World Cup in Riyadh once more. Entrepreneurship is the backbone of our economy, and we take great pride in effecting positive change — not just in Saudi Arabia but around the world — by equipping the businesses and businesspeople of the future with the tools to build a more prosperous tomorrow."

The EWC finals will be held during the Biban 24 forum, Saudi Arabia's premier event for startups, entrepreneurship, and SMEs. Scheduled for November 5-9, 2024, this forum will bring together innovators and business leaders from various sectors. Participants will have opportunities to network, share ideas, and explore new business ventures.

Since its inception, EWC has awarded over $4 million in cash prizes. This year’s finalists will compete for a share of $1 million in cash prizes along with additional non-monetary rewards. The competition continues to foster innovation and support emerging businesses globally.

Overall, this event underscores Saudi Arabia's commitment to nurturing entrepreneurship and supporting small and medium enterprises. By hosting such significant events, Monsha'at aims to inspire future entrepreneurs while contributing to economic growth both locally and internationally.

With inputs from SPA