Jeddah TechNight: Entrepreneurs Are Key to Creating Sustainable Knowledge-Based Economy in Saudi Arabia

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Beirut Digital District
Nov 04 2013
Events
Jeddah TechNight: Entrepreneurs Are Key to Creating Sustainable Knowledge-Based Economy in Saudi Arabia
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In 2013, Saudi Arabia has witnessed a new breed of entrepreneurs that is gradually shifting the economy from an oil-dependent to a more knowledge-based nation. 

Entrepreneurs are fundamental for the growth of the economy in the Kingdom. According to a study by the International Finance Corporation (IFC), there are around 1.8 million micro, small- and medium-sized enterprises in Saudi Arabia, representing more than 93% of businesses in the Kingdom. 

Saudi Arabia has taken serious initiatives to nurture the future generation of business leaders and help them overcome the huge challenges ahead of them. One such initiative was ArabNet's Jeddah TechNight that was hosted by the Jeddah Chamber of Commerce and Industry (JCCI) last week in partnership with Qotuf and Badir Programme for Technology Incubators. More than 150 young Saudi entrepreneurs and business leaders in the digital sector gathered to discuss the current entrepreneurship ecosystem in Saudi Arabia and learn from the success—and failure—of others. 


The first session on Jeddah TechNight’s agenda consisted of a series of interviews with successful Saudi entrepreneurs and investors who shared their stories about working in the Kingdom’s digital sector.

Among the speakers was Mustafa Nabulsi from Acadox. His company was the first startup to graduate from King Abdullah University for Science and Technology (KAUST), and the first to receive an investment from the giant telecom STC. KAUST is the world’s newest state-of-the-art graduate level research and entrepreneurial university, graduating risk-taking entrepreneurs with a passion to innovate and grow. The university is one of the significant indicators of Saudi Arabia’s commitment to support its entrepreneurs. Students participating at KAUST’s New Ventures programme are given both encouragement and financing to research solutions to problems inflicting the Kingdom, such as water treatment and renewable energy, among others.

When discussing investment in startups, the audience asked Ahmad Mahayri from Namaa Ventures and Madina Princedom how he chooses his investments, to which he replied by saying there are two criteria that define a good investment: the first is the idea, the second is the person behind the idea. He continued by emphasizing the need for our society to start accepting failure. The first step to success, according to Mahayri, is to accept failure.

Nawaf Al Sahhaf, CEO at Badir Programme for Technology Incubators, shared with the participants saying: “Our support to ArabNet’s Jeddah TechNight comes as a confirmation for the efforts of the programme’s ongoing support to young Saudi creators and innovators in the technical field. It is also a continuation to the programme’s role in sponsoring and organizing many of the similar initiatives and events. This event is an important opportunity for Saudi youth to communicate and interact with innovators and entrepreneurs, and exchange experiences to produce new IT projects and achieve the best ways to entrepreneurship development in the Kingdom.”

TubbaTerekli, Co-Founder and CEO of Qotuf Al Riyadah Co., shared similar views as her peers, and Dr. Faisal Abdulgader, SMEs Center Director at JCCI, praised ArabNet for giving entrepreneurs an opportunity to connect and learn. He went further to encourage the attendees to submit their applications to ArabNet’s entrepreneurial competitions, Startup Demo and Ideathon, which will connect them with potential investors, and will give them great exposure and publicity in front of a crowd of incubators, media and digital professionals. 

The evening ended with a networking session on the first floor of JCCI, where attendees mingled and connected with like-minded entrepreneurs and industry experts.

Jeddah TechNight was just a taste of the bigger event, ArabNet Riyadh 2013 set to take place on December 3-4. The forum will gather over 800 digital professionals, influential people, and entrepreneurs in more than 40 sessions that tackle the Arabic digital content in Saudi Arabia and the ways the entrepreneurship ecosystem can grow in this segment.

If you haven’t registered yet for the biggest digital event to take place in Riyadh, this is your chance!