MIT Enterprise Forum Saudi Arabia, the new chapter of the global network – MIT Enterprise Forum Global, in partnership with Bab Rizq Jameel – part of Community Jamee l– announced the names of 35 teams that made it to the semifinals of the MITEF Saudi Startup competition. The competition includes two tracks: the idea track and the startups track.

The sem-finalists were selected by a panel of 80 regional and Arab business experts and academics who evaluated 1,000 submitted forms against specific criteria including innovation, scalability, and positive social impact. The second arbitration round will be held on Jan. 9, to announce the 18 finalist teams, while the 6 winners from both tracks will be announced after the third arbitration round on Jan. 16.

The competition offers cash prizes of up to SR220,000, in addition to training courses and workshops provided by specialized training entities throughout the duration of the competition. Since the launch of the competition, MITEF Saudi Arabia has offered a rich program to prepare and motivate participants to start their small and medium enterprises.

The semifinalists also took part in workshops at the King Abdullah University of Science and Technology on Dec. 18-19. The aim was to encourage and guide them, thus enhancing their chances of making it to the finals and winning the MITEF Saudi Startup competition.

Commenting on the competition, Hashem Daghestani, the MITEF Saudi Startup Competition Country Lead said: “Wide participation from across the Kingdom and the quality of the submitted projects and ideas added real value to the competition.

“The judges and the team have commended the passion and entrepreneurship spirit of the entrepreneurs, both men and women, in addition to the solutions they provided that cater for different market requirements of Saudi talents.

“The MITEF Saudi Startup Competition seeks to qualify the young and help them enter the world of business with their small and medium enterprises, armed with the knowledge and experience required to ensure the success of their innovative ideas and projects.”

Saudi-based entrepreneurs are set to obtain global experience and know-how through MITEF Global, as well as through MIT Technology Review, a media company wholly owned by MIT.

Finalists in the competition will also have the opportunity to take part in the Startsmart conference to be held on Jan. 16, where winners will be announced. Furthermore, the winners will be invited to participate in the 9th MITEF Arab Startup Competition.

MITEF Saudi Arabia is part of a global network of chapters dedicated to the promotion of entrepreneurship and innovation worldwide. The chapters inform, connect, and coach technology entrepreneurs – enabling them to rapidly transform ideas into world-changing companies.

Founded in 2015 with the goal of promoting and enriching the entrepreneurship ecosystem in Saudi Arabia, MITEF Saudi Arabia aims to celebrate and support all potential startups and entrepreneurs in the Kingdom through the Startups and Ideas Competition.