RIYADH: A world cup for entrepreneurs with a prize fund of up to $1 million will be held once again at the Biban forum in Saudi Arabia in 2024. The competition will be co-hosted by the Global Entrepreneurship Network and the Kingdom’s Small and Medium Enterprises General Authority, also known as Monsha’at, and is one of the world’s largest pitch competitions and startup support programs, attracting participants from over 200 countries. The announcement was made at the Global Entrepreneurship Congress 2023 at the Melbourne Convention and Exhibition Centre in Australia. In March, Saudi-based White Helmet, a firm providing a platform to manage and monitor construction operations remotely, won the 2023 edition of the Entrepreneurship World Cup, held at Biban. GEN serves as an international outlet for startup champions, encouraging entrepreneurs, investors, policymakers, ecosystem builders, and researchers to foster collaboration while implementing economic growth strategies. Monsha’at led a delegation at the event with the goal of supporting Saudi entrepreneurs and establishing global partnerships to further advance relations within the Kingdom and worldwide, according to a press release from the authority. Saud Al-Sabhan, vice governor for entrepreneurship at Monsha’at, took part in the closing session of the first day under the theme “Change your world: outlook to the future ahead.” During his address, Al-Sabhan emphasized the pivotal role of small and medium enterprises and startups in driving innovation and economic growth. He stated: “SMEs are principal drivers of the local economy, but the right ecosystem must be in place and they must be engaged with supportive opportunities that allow them to effectively achieve their goals.” Al-Sabhan further stressed the importance of collaboration with local and international partners from both the public and private sectors, underscoring the necessity of enabling SMEs to integrate across diverse industries and fostering a culture of entrepreneurship. Representing the Kingdom at GEC23 were several accomplished Saudi entrepreneurs, including Salem Al-Jawini, founding partner at RasMal. RasMal is a subscription-based platform that simplifies equity management, fundraising, and governance for companies. Al-Jawini shared his excitement about the burgeoning Saudi startup scene, according to the press release. He highlighted elements such as access to capital, a supportive entrepreneurial ecosystem, and the increasing quality of founders and their teams as factors contributing to the Kingdom"s emergence as a global startup hub.