The entrepreneurship ecosystem is rapidly growing with the support provided by the government to innovation and innovative mindset among the young population and especially the establishment of startups and SMEs. Also, the government created a fund to boost the SMEs access to capital and empower the private sector. In addition to that, the government is helping through increasing the efficiency of its services, reforming regulations, stimulating the private sectors through its direct involvement in the decision-making.
The entrepreneurship ecosystem in KSA is witnessing the establishment of incubators and accelerators, consultancy & Advisory services, business matchmaking services, and other non-financial support targeting and helping entrepreneurs to excel. Furthermore, among the universities fostering the entrepreneurial mindset are King Abdullah University of Science and technology (Accelerator and funding services), King Fahd University of Petroleum and Minerals (incubation and studies centers), King Saud University (IP, technology licensing, patent registration and funding) and King Abdul Aziz University.
Finally, the collaboration between startups is achieved with a lot of flexibility and low cost through many co-working spaces rendering the public perception on entrepreneurship more attractive.
[source: “Saudi General investment Authority” data][source: “Saudi General investment Authority” data]