MBSC hosts webinar highlighting GEM KSA National Report findings.

Prince Mohammad Bin Salman College for Business and Entrepreneurship (MBSC), a leading higher education and research institute offering postgraduate studies in entrepreneurship and business, held a webinar exploring the findings of this year’s Global Entrepreneurship Monitor (GEM) KSA National Report. 

The national report was developed by MBSC, the Babson Global Center of Entrepreneurial Leadership (BGCEL) located on MBSC’s campus, and Saudi Arabia’s chapter of the Global Entrepreneurship Monitor (GEM), a consortium of 120 academic research teams focused on developing entrepreneurship within member countries. 

A collaborative initiative, the webinar leveraged insights from industry leaders and Saudi entrepreneurs to explore the next frontiers of start-ups in Saudi Arabia, identifying the need for upskilling initiatives, training and globally accredited academic programs to ensure participants can thrive within their respective industries. 

Since MBSC started producing the study in Saudi Arabia in 2016, the average expert ratings of the entrepreneurial environment have substantially improved overall domestically, measured through The National Entrepreneurship Context Index (NECI) which includes 13 analytic metrics. The 13 NECI indices outlined in the GEM KSA National Report include research and development transfer, ease of obtaining financing for entrepreneurs, entrepreneurial education and training (during school and post-graduation), relevant government policies, potential barriers to entry, commercial and professional infrastructure, financing, government programs, cultural norms, internal market dynamics and physical infrastructure and services.

The webinar witnessed the participation of Professor Zeger Degraeve, Dean of MBSC and David Abdow, President and CEO of Babson Global who delivered welcome remarks citing their appreciation in helping develop the annual report.

Alicia Coduras, Professor of Quantitative Methods and Applied Economy and a member of the GEM Global Data Team at Institut Opinòmetre, Spain introduced GEM and its initiative to webinar participants. The introduction was followed by remarks detailing the report’s key results and opportunities shared by Donna Kelley, Professor of Entrepreneurship at Frederic C. Hamilton Chair of Free Enterprise, Babson College and Team Leader of GEM’s United States chapter.

Prof. Muhammad Azam Roomi, Professor of Entrepreneurship at MBSC and Team Leader of GEM Saudi Arabia, led the webinar’s panel discussion and question and answer session, which saw entrepreneurs within the Kingdom highlight their experience within the local start-up ecosystem. Participants in the webinar’s panel discussion included Mohammed Abdul Gaffar, General Manager of Entrepreneurship 

and Social Initiatives at Community Jameel Saudi, Adwa Al Dakheel, MBSC Alumnus and Founder and CEO of Falak Investment Hub and Abdullah Asiri, MBSC Alumnus and Founder and CEO of Lucidya.

“Backed by robust public policies, ample funding opportunities, and strong consumer demand, Saudi Arabia continues to rise in entrepreneurial prominence,” commented Prof. Roomi. “Upskilling and research will continue to be essential to creating an environment that supports forward-thinking, innovative businesses. We at MBSC are proud to contribute to the publishing of the report and this webinar, in partnership with GEM and BGCEL, and look forward to empowering more entrepreneurs with our leading academic programs.”

During the webinar, participants highlighted the report which detailed that nearly 20% of Saudi Arabia’s population is actively involved in the start-up ecosystem. The 18–24-year age group was reported to be the segment growing the fastest with entrepreneurial activity in this segment rising by 50% from 2021 to 2022. 

The session also discussed areas for further development of the entrepreneurship sector in Saudi Arabia including the need for industry diversification, technology commercialization, investment and knowledge transfer, indicating a myriad of potential benefits including high growth and job creation and global competitiveness.

Affirming the success of the report’s launch and the webinar, Professor Zeger Degraeve, Dean of MBSC, stated, “As the first academic institution that follows international standards in the Kingdom and the Middle East region, we at MBSC have a responsibility in giving our students the skills and belief needed to excel. We thank all our participants in the webinar which was equally informative as it was inspiring. Looking ahead, we are dedicated to the Saudi entrepreneur market, supported by our valued partnerships with BGCEL and GEM, and seek to continually provide high-quality, internationally accredited education that empowers business leadership.”

The webinar highlighted a number of Saudi market trends including a notable increase in entrepreneurship among young people within the Kingdom. The webinar also detailed Saudi Arabia’s 2nd place rating on National Entrepreneurship Context Index benchmarked to 49 other countries participating in GEM during 2022

The 2022 GEM KSA National Report marks Saudi Arabia’s 7th consecutive year as a member of GEM, reflecting the Kingdom’s efforts to ramp up the domestic landscape for start-up businesses and entrepreneurship as outlined in Vision 2030. 

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