In an endeavor to stimulate investment in university-originated startups, the General Authority for Small and Medium Enterprises (Monsha’at) has inaugurated the first session of the ‘University Entrepreneurship Council’, attended by numerous officials, including heads of public and private universities, representatives from entrepreneurship and innovation centers, and delegates from the Ministry of Education, investment entities, and other government bodies supporting the initiative.
The council aims to fortify the spirit of entrepreneurship within Saudi universities by examining the current status, discussing ways to embed entrepreneurial culture within the academic realm, and exchanging ideas and experiences that bolster university entrepreneurial projects. This initiative aligns with the objectives of Saudi Vision 2030, receiving support from the National Transformation Program and the Human Capacity Development Program.
The meeting showcased best practices and experiences from both local and global university settings, addressed opportunities and challenges, and analyzed them to devise suitable solutions that encourage and support the synergy and alignment of roles between universities, investment valleys, and entrepreneurial support agencies in both the governmental and private sectors. This is aimed at empowering entrepreneurs and owners of university startups.
This move is part of Monsha’at’s broader efforts to foster a robust entrepreneurial ecosystem within the kingdom’s university sector, to empower and develop the Saudi economy, enhance the sustainability of entrepreneurial endeavors, and address challenges faced by entrepreneurs, thereby facilitating the growth and expansion of their businesses.
Established in 2016 by a royal decree, Monsha’at operates with a public legal personality and financial and administrative independence. It is organizationally linked to the Ministry of Commerce and aims to organize, support, develop, and care for the small and medium enterprise (SME) sector in the Kingdom according to global best practices. Its goals include increasing the productivity of SMEs and enhancing their contribution to the GDP from 20% to 35% by 2030.
Monsha’at’s activities include preparing, executing, and supporting programs and projects that promote freelance work, entrepreneurial spirit, initiative, and innovation. It also strives to diversify financial support sources for enterprises, stimulate venture capital sector initiatives, and provide administrative, technical, managerial, marketing, human resources, and other forms of support to enhance the capabilities of these enterprises.
