The MIT Enterprise Forum Saudi Arabia, part of MIT Enterprise Forum global network, announced the launch of registration for the MITEF Saudi Startup Competition under the slogan "Innovate, Inspire, Connect". A fully digital version that simulates a real event, this year's competition is held in challenging atmospheres in light of the global health crisis, and the competition’s commitment to continue supporting entrepreneurs in Saudi Arabia to overcome the current challenges, and promoting innovation process and the continuation of the entrepreneurship sector in Saudi Arabia.
Registration for the 5th edition can be done through the MAGNiTT application and will continue until December 10, 2020. Saudi-based entrepreneurs of all ages and economic sectors can apply to participate through the competition website within one of the three contest tracks: ideas track, startups track, and the social enterprises track, according to the terms of the competition.
Currently, the MITEF Saudi Startup Competition virtual roadshows are being held every Wednesday on Mashora app, a mentorship and consultation platform for entrepreneurs, to discuss the mechanisms of application in order to help those who are willing to participate and guide them so as to maximize their chances of winning in the 5th edition of the competition.
In October, the roadshows’ hosts included Amal Dhokan, CEO of GEN Saudi, Adwa Aldakheel, CEO and Founder of Falak Investment Hub, Noor Salama, Partnerships and Community Lead at MAGNiTT, Emon Shakoor, CEO and Founder of Blossom Accelerator and Lujain Ubaid, CEO and Co-found of Tasamy who shared their experience, tips and advice in establishing startups, securing investments, analyzing data, and many more. You can watch these sessions on our YouTube channel.
Since its launch in 2015, MITEF Saudi Startup Competition has succeeded in attracting more than 7,500 participants from all over Saudi, establishing more than 45 startup projects, training more than 260 entrepreneurs, and creating more than 110 job opportunities through startups. The winners received a total of 1.6 million Saudi riyals in the form of free investments. In the Startup Investment Forum, which was held during the 4th edition of the MITEF Saudi Startup Competition over a period of three days, the event hosted 65 innovative startups from around the world, including the United Arab Emirates, Egypt, Lebanon, Turkey, Greece, and Poland, in addition to 27 innovative startups participating in the MITEF Saudi Startup Competition 2019-2020.
Entrepreneurs can learn more and apply for the competition before December 10, 2020, by applying to the MITEF Saudi Startup competition on MAGNiTT.
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2020 YTD has seen $803M invested in MENA-based startups, matching total funding of full-year 2019. Discover more trends and insights in our Q3 2020 MENA Venture Investment Report.