One of the biggest problems that startups face, whether that is in the region or worldwide, is raising money to grow their business. Without the money, it is much harder to scale the business effectively, and it takes longer to develop the business and product. Regionally, with a relatively nascent startup and investor ecosystem, this is a problem that has been identified by government entities, and they are looking to alleviate this problem.
Saudi Arabia, which is looking to become a hub for regional startups and investors, has launched multiple plans to support innovation and entrepreneurship within its Vision 2030. Recently, the Kingdom’s Small and Medium Enterprises General Authority (Monsha’at) has signed agreements with a number of financial providers to allow business owners to apply for investments into their business through a newly established website. With the launch of the new platform, the government entity looks to provide better access to capital for small and medium sized businesses (SMEs).
However, this is not the only initiative that the government entity has launched in order to support SMEs. Discover its the other initiatives here.