JEDDAH — Building on the theme of “promoting the spirit of enterprise” and with a key focus on social entrepreneurship development across the Kingdom of Saudi Arabia, the King Khalid Foundation and TRACCS signed a strategic partnership agreement to launch the Jeddah Entrepreneurship Meet and Competition. The competition is a unique program that opens doors for all budding entrepreneurs to present their ideas or existing business modules to be eligible for its mentorship and funding program.
Enhancing the development and understanding of social entrepreneurship the King Khalid Foundation will serve as the strategic partner for the social entrepreneurship category. Encompassing a systematic participation, assessment, evaluation and training program the King Khalid Foundation and TRACCS have designed a specific process for this category.
The Jeddah Entrepreneurs Meet and Competition is an entrepreneurial development and sustainability promoting platform open for women across the Kingdom of Saudi Arabia to present innovative business ideas or existing businesses within three categories: social entrepreneurship, manufacturing and production and educational and lifestyle development.
The competition allows all potential candidates to apply online on www.jem-yje.com and go through the assessment and evaluation process before participating in select workshops and sessions in order to present their business ideas to the judging committee for the selection of the winners in each of the categories.
“Social entrepreneurship is an avenue of key importance to us at the King Khalid Foundation and our partnership with TRACCS to launch the Jeddah Entrepreneurship Meet and Competition is centered on that segment as such. Social entrepreneurship isn’t about launching an idea or doing a community initiative as such it takes on a much bigger role in identifying a challenge and innovating a solution that is applicable, achievable and sustainable,” said Princess Banderi Bint Abdulrahman Al Faisal, Director General of the King Khalid Foundation.
“As change agents in their communities, social entrepreneurs are a fundamental aspect in the social and business arena in the Kingdom and will help identify the opportunities, open doors for innovative solutions and allow them to create solutions that help improve society,” she added.
As one of the leading roles models in philanthropic and development work, impacting people’s lives by providing innovative solutions to critical socio economic challenges in Saudi Arabia, the King Khalid Foundation support programs in Saudi Arabia leader and role models the King Khalid Foundation partners with organizations to initiate and establish such programs through its grant funding. Within the past three years, the Foundation has awarded 21 grants to organizations across Saudi Arabia, reaching over 64,000 beneficiaries.
“The Jeddah Entrepreneurs Meet and Competition is a unique program with a unique offering and benefits that is open for entrepreneurs across the Kingdom,” said Mohamed Al Ayed, TRACCS CEO.
He added “JEM brings together know-how, on-hand experience and seed money for provisional funding, giving each entrepreneur the success factors to be able to work and grow her business. And our partnership with the King Khalid Foundation is an important element that showcases partnerships between the public, private and NGO organizations are how successes are built and how such collaborations are of benefit for sustainable and development programs that support the economic growth, open new business avenues and help in job creation and employment.”
“We thank the King Khalid Foundation for their unwavering support and partnership to take social entrepreneurship and JEM into greater heights,” he further said.
Serving as a platform for budding entrepreneurs, venture capitalists, financial, business entities, and governmental and business leaders to interact, foster and promote a culture of business development in Saudi Arabia the Jeddah Entrepreneurs Meet and Competition has officially launched.
Participants can apply online and go through the process of assessment and an independent judging committee to receive their funding and 18-month mentorship program will identify selection before the final winners announcement is made at the end of the year with winners in the three set categories.
“We are excited to witness the second phase of JEM and look forward to seeing more success stories that are integral components of the business and social community. To create the diversity in the business spectrum engaging in economic and job creation availability a society needs a strong SME base and programs such as JEM can help make an impact through the partnerships developed and the business opportunities at hand,” said Sarah Al Ayed, TRACCS Co-Founder and Board member and Chair of the Jeddah Entrepreneurs Meet and Competition.
riginally published on Saudi Gazette