May 23, 2024

Saudi’s KPMG Tech Innovation Competition: 2023 Edition

_Saudi Arabia KPMG

_Saudi Arabia KPMG

Last Updated on March 19, 2024 by newseditor

What is the KPMG Tech Innovation Competition?

Three years ago, KPMG, one of the world’s biggest advisory companies, began the Global Tech Innovator Competition. The year 2023 makes it the third edition of the annual KPMG Private Enterprise Tech Innovator Competition hosted in Saudi Arabia.

Every edition seeks to recognize and award leading tech innovators and titans who aim to change the status quo with their tech start-ups.

All you need to know about the KPMG Tech Innovation Competition

KPMG has consistently recognized the efforts of the Saudi Arabian kingdom in driving innovation and encouraging technological development in the region. The advisory giant appreciates Saudi Arabia’s move to promote regulation to facilitate new business ventures and entrepreneurship.

With this solid foundation created by the Kingdom, KPMG Saudi Arabia proudly collaborated with Monsha’at, the General Authority for SMEs, to launch the third annual Global Tech Innovator Competition.

The collaboration between the two organizations reflects KPMG’s dedication to developing an innovative ecosystem in Saudi Arabia. It also reflects Monsha’at’s dedication to enabling the growth of the country’s start-ups and entrepreneurs.

The KPMG Tech Innovation Competition entails that founders of tech start-ups in Saudi Arabia will pitch their innovations and growth ambitions to a panel of tech industry experts. It welcomes entries from tech-driven, tech-enabled companies or pure technology companies. In addition, the growth stage is not a limiting factor to who gets to apply for the competition.

Thus, whatever stage the company is in, whether early-stage growth or a company set to expand its frontiers, it aims to grant visibility and help such tech companies achieve their goals. Eligible candidates of the competition must be a registered company in Saudi Arabia, have been operating for five years or less, and have raised at least $500,000 in equity, among other requirements.

The winner is selected based on six parameters: disruption and innovation, market potential, long-term potential, customer adoption, market traction and marketing, and pitch quality. After a successful pitch round and an announcement of the winner, the winner will represent Saudi Arabia in the Global Tech Innovator Competition set to be held in November 2023 in Lisbon. The winner will also receive exposure through local media coverage and KPMG corporate channels.

Updates on the 2023 KPMG Tech Innovation Competition

This year’s edition, which makes it the third successful annual competition in Saudi Arabia, has been completed. Applications closed on the 13th of August, 2023, and a winner has been selected. Netzero emerged as the winner after a close competition between six other shortlisted candidates.

Netzero is a company that provides solutions in Saudi Arabia to assist Saudi Arabian companies in offsetting their carbon emissions. The promising start-up in Saudi Arabia achieves this by cost-effectively streamlining nature-based solutions.

Now that Netzero has been announced as the winner in Saudi Arabia, it will pitch against winners of their local editions from other countries worldwide. Some countries to be expected at the Web Summit 2023 to be held in Lisbon include Australia, India, Vietnam, the United States, South Africa, Nigeria, Taiwan, etc. 

Read Previous

7 Interesting Capital Funds In Saudi Arabia

Read Next

Saudi Arabia’s KAUST Collaborates with Cerebras Systems for Seismic Processing Breakthroughs

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular