Twenty-Four Companies Qualify For Final Round Of Entrepreneurship World Cup At Biban24 Forum

The Entrepreneurship World Cup (EWC) semi-finals have wrapped up, with 24 companies advancing to the finals. These finalists emerged from a group of 100 semi-finalists at the Biban24 Forum, organised by the Small and Medium Enterprises General Authority (Monsha’at). The event was themed "Global Destination for Opportunities." On the final day, these companies will compete for $1 million in prizes.

The prize money is distributed across four categories: three awards for growth-stage companies, five for startup-stage firms, two for top ideas in the idea stage, and four awards focusing on innovations in human health, environmental sustainability, basic needs, energy, industrial leadership, and future economy sectors. This structure aims to support entrepreneurs at different stages of their journey.

The EWC is designed to aid entrepreneurs worldwide, whether they are in the idea phase or further along in their startup or growth stages. Participants gain access to tools and resources that help them develop their businesses. They also enhance their pitching skills and engage with a global network of mentors and advisors.

Opportunities for Global Exposure

This competition offers companies a chance to connect with international investors and networks. It also provides an opportunity to represent Saudi Arabia on a global platform. Winners receive various incentives from partners, such as help with obtaining a business license from the Ministry of Investment and premium residency from the Premium Residency Center.

Incentives and Support

Additional benefits include fast-track access to services and facilities provided by the National Technology Development Program (NTDP). The EWC is recognised as the largest competition of its kind globally. Entrepreneurs from 151 countries participate in this annual event held in Riyadh.

Origins and Objectives

Launched by the Mohammed bin Salman Foundation (Misk) in 2019 alongside the Global Entrepreneurship Network (GEN), the EWC finals take place every year in Riyadh. The competition offers training, mentorship, investor connections, cash prizes totalling $1 million, and several in-kind rewards.

The EWC continues to be a significant platform for fostering entrepreneurship globally. It provides essential support and opportunities for startups to thrive while showcasing Saudi Arabia's commitment to nurturing innovation and business development on an international scale.

With inputs from SPA