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Incubating the Future: Entrepreneurship in Saudi Arabia

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Incubating the Future: Entrepreneurship in Saudi Arabia Volume XVIII, No. 1 • Spring 2010 In this issue: Articles Page Incubating the Future: Entrepreneurship in Saudi Arabia . 1 Entrepreneurship in Saudi Arabia From the President’s Desk – Cultivating the Entrepreneurial he year 2010 launches a new decade of entre- Ecosystem in Saudi Arabia . 2 T preneurship and innovation in Saudi Arabia. Prince Sultan bin By the end of this year, the Kingdom intends to Abdulaziz Fund . 4 join the list of the top ten most competitive nations A New Era of Entrepreneurship . 4 in the world – a coveted position that relies on a Windy City Hosts U.S.–Saudi vibrant economy driven by a new generation of Business Opportunities Forum . 5 creative and forward-looking entrepreneurs. Siraj Capital: Building Entrepreneurs are instrumental to growing the Future Entrepreneurs . 6 economy in the Kingdom. Small and medium-sized Interview with Dr. Fahad Al Sultan, enterprises (SMEs) make up 92 percent of the Saudi Council of Chambers . 7 businesses in Saudi Arabia, and they employ over Image courtesy of the White House Interview with Professor Choon President Barack Obama addresses delegates at the Presidential Fong Shih, President of KAUST . 8 80 percent of the work force. Under the guidance of H.M. King Abdullah bin Abdul Aziz Al-Saud, Summit on Entrepreneurship, on April 26, 2010. KAUST’s Ecosystem for Entrepreneurship . 9 there are significant indicators that Saudi Arabia the most competitive nations in the world,” says Alagat Company: A Step Ahead is committed to nurturing the next generation of H.E. Amr Al-Dabbagh, Governor of the Saudi of the Changing Economy . 10 business leaders. Arabian General Investment Authority (SAGIA). Interview with Amer Kayani, The Saudi Fast Growth 100 is a new national “In order to achieve this ambitious goal, the Kingdom U.S. Embassy, Riyadh . 11 program designed to promote entrepreneurship must nurture emerging growth companies since Lubna Olayan Honored as and innovation, ranking the fastest-growing compa- they are the oxygen of the economy.” Entrepreneur of the Year . 11 nies in the Kingdom according to their revenues. AllWorld Network . 12 Over 70 percent of the Saudi Fast Growth CEOs “Throughout history, the market has Guest Commentary: A Salute are serial entrepreneurs who have founded other been the most powerful force the world to Saudi Entrepreneurs . 13 companies, the majority of which are still in business. has ever known for creating opportunity A List of 2010 Saudi Fast These “high intensity entrepreneurs” exceed the Growth Companies . 14 U.S. Inc. 500 for their rate of new business forma- and lifting people out of poverty.” Abdul Latif Jameel Offers tion. Highly competitive, their revenues grow at President Barack Obama Gateways To Entrepreneurs . 16 an average of 43 percent annually, more than ten 99 Ways to Be an Entrepreneur . 17 times the rate of the Kingdom’s private sector The King Abdullah University of Science and 27 Saudi Success Stories: growth of four percent per year. Technology (KAUST) – the world’s newest, most The Next Generation of Saudi Entrepreneurs . 18 - 36 Saudi Arabia is committed to become “one of state-of-the-art graduate-level research university – underscores the General Information on Saudi SMEs . 37 Kingdom’s transition Saudi Arabia At-a-Glance . 38 to a knowledge-based s o c ie t y t h a t w i l l KAUST: A Catalyst for Small Business Growth . 39 strengthen the country’s Prince Salman Young emerging economy. Entrepreneur Awards: T h e u n i v e r s i t y ’s Building Tomorrow’s Leaders . 40 Innovative Industrial Key Contacts . 40 Collaboration Program (KICP) fosters partner- s h ip s w it h lo c a l, regional and global businesses interested in National U.S.-Arab Chamber of Commerce nurturing entrepreneur- 1023 15th Street, NW ship and strengthening Suite 400 t he l i n k bet ween Washington, DC 20005 Saudi Fast Growth 100 Award recipients at the January 2010 ceremony held during the Global academic research and Tel: (202) 289-5920 Competitiveness Forum in Riyadh. Enas Hashani (center), CEO & Founder of The Rumman economic growth. Fax: (202) 289-5938 Company, with her award. Standing with Hashani are Hatim Mouminah (left), CEO of Al-Watan, and Abdulkareem Abu Al-Nasr (right), CEO of the National Commercial Bank. continued on page 3 www.nusacc.org E-mail: [email protected] From the President’s Desk Cultivating the Entrepreneurial Ecosystem in Saudi Arabia arlier this year, the National U.S.-Arab Chamber In Silicon Valley and other environments in which E of Commerce (NUSACC) became a Regional start-ups thrive, taking risks is strongly encouraged. Partner in a new program called the Saudi Fast Growth More often than not, these risks lead to failure. But 100. Designed to recognize the fastest growing young in a context of “nothing ventured, nothing gained,” companies in the Kingdom of Saudi Arabia, this such failure carries little stigma. To the contrary – a program has quickly established a benchmark for failed venture provides an incubator in which to gain identifying up-and-coming business leaders. experience and learn valuable lessons. Thomas Alva NUSACC President David Hamod As this issue of Tradeline suggests, major changes Edison, probably America’s greatest inventor, put it are afoot in the Kingdom. In Saudi Arabia today, and this way: “I have not failed. I’ve just found 10,000 throughout the Middle East and North Africa (MENA) ways that won’t work.” Or as every American learns region, there is a new breed of entrepreneurs that is from a very young age, “If at first you don’t succeed, gradually reshaping the economic landscape. These try, try again.” talented men and women are ‘pushing the envelope’ Saudi Arabia has been the home of business leaders “In Saudi Arabia today, in their respective communities and challenging for a very long time. The Prophet Muhammad and and throughout the longstanding assumptions about value creation and many of his early supporters were traders and merchants. Middle East and North risk aversion in the Arab world. Equally impressive, Khadija, his wife, was a highly Africa (MENA) region, The Founding President of Saudi Arabia’s King successful businesswoman long before she met the Abdullah University of Science and Technology Prophet. But the Kingdom’s business environment there is a new breed (KAUST) applauds this new generation of risk-takers. has not always favored start-ups. Fifteen years ago, of entrepreneurs that Says President Shih, “The people who apply to a the entrepreneurial environment there was akin to is gradually reshaping start-up university like KAUST are culturally, intel- Saudi Arabia’s vast Empty Quarter. Today, that the economic lectually and professionally adventurous. These are start-up “desert” is in full bloom. landscape. These the ingredients that contribute to entrepreneurship Credit for much of this transformation starts at …. and we can offer them a long runway from which the top with H.M. King Abdullah bin Abdul Aziz talented men and their research projects can take off.” Al-Saud and H.R.H. Crown Prince Sultan bin women are ‘pushing The following pages are filled with poignant stories Abdul Aziz Al-Saud. Through a variety of forward- the envelope’ in their about remarkable individuals who laid everything on looking programs, both leaders are empowering respective communities the line to launch gutsy start-ups – in many cases universities, chambers of commerce, and private and challenging against the odds. These success stories could easily foundations to create jobs for men and women, have been lifted from a recent issue of Inc. magazine, thereby laying groundwork for the next generation longstanding but for one important detail: they took place not in of business leaders. assumptions about the USA, but in Saudi Arabia. What do these opportunities mean to the Saudi value creation and Many of today’s successful entrepreneurs in the entrepreneurs themselves? In their own words: risk aversion in the United States credit a big part of their success to an “This encourages more people to become entrepreneurs ability to stand on the shoulders of those who have gone Arab world.” and to give a lot back …. All you need is initiative and before them. Access to expertise like this is essential to courage.” an entrepreneurial ecosystem that nurtures innovation, “I hope I can always be a role model for young people inculcates creativity, and fosters new enterprises. in our country.” The list of attributes that help to constitute a successful entrepreneurial ecosystem is a long one. “Despite the hard times, I have no regrets being an Some of these attributes include: talented individuals entrepreneur. It gives me the right to decide my own with intriguing ideas; mentors who are willing to destiny.” share freely of their own experience; access to finan- “I am not interested in just making a profit. It’s also cial resources; a sustained commitment to entrepre- about making a difference.” neurship and incubation by local institutions – academia, Indeed. government and/or businesses; access to appropriate technology; an environment that celebrates not only success, but also failure. This last point is critical, and it represents one of the main reasons why creating entrepreneurial ecosystems in the Middle East and North Africa has historically been a challenge. Many nations around the globe frown David Hamod on failure, but few are as tough as the Arab world. President & CEO 2 NUSACC • www.nusacc.org Entrepreneurship – from page 1 Saudi entrepreneurs are rapidly becoming “The entrepreneurial culture is the key an important source of job creation in the element that contributes to economic develop- Kingdom. The 2009 and 2010 Saudi Fast ment by creating new businesses, jobs and Growth 100 companies, for example, collec- wealth, all of which leads to sustainable tively created 35,000 jobs since they were competitiveness,” emphasized Professor Choon established, and 15,000 of these jobs were Fong Shih, Founding President of KAUST.
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