Like many countries in the Middle East, where economies are still largely dependent on traditional industries such as oil and gas, Saudi Arabia feels a strong need to shift its vector to an alternative economic model. Top challenges that the country currently is facing include private sector growth, improving education, job creation, and youth training, specifically to prepare them for market challenges.
Entrepreneurship has already proven to be a key driver for economic and social development in many countries. Boost of the country’s revenue, creation of new jobs, promotion of equality, solving of the most critical issues, and contribution to the country’s rankings and prestige on the global arena are just some of the results of a booming entrepreneurial landscape.
The recent study by Nesta shows that 6 % of so-called high-growth companies that focus on scalable markets and offer highly innovative and disruptive products create 50% of new jobs. By supporting these ventures, we, as a result, increase their revenue, get more funding, hire people, make a profit and become sustainable. This in turn creates more jobs and, more importantly, higher social impact.
We partnered with Misk Foundation, a non-profit organization devoted to cultivating and encouraging learning and leadership in youth, and launched the Misk Growth Program. The objective of the program was to support more high-growth companies in Saudi Arabia and encourage regional ventures to expand and create jobs in the country.
The Misk Growth Program was a hybrid (virtual/on-site) three-month program for early-stage businesses from the Middle East with product-market fit seeking a scalable growth model. Companies received an investment of up to $100,000 from Seedstars and Vision Ventures.
Geeks (UAE) is a managed IT services provider that gives users instant access to IT professionals and decreases maintenance costs.CHECK THE VENTURE'S WEBSITE
« We’re delighted to have kicked off the first-ever MENA batch of the Growth Program. The program is filling a void in the ecosystem by working with slightly later-stage ventures and focusing on growth. I’m confident the knowledge and support delivered by Seedstars, Vision Ventures, and all the mentors will give a real boost to the teams. »
― OSAMA ALRAEE, ENTREPRENEURSHIP DIRECTOR AT MISK FOUNDATION