Saudi Arabia’s Small and Medium Enterprises General Authority, Monsha’at, has selected 24 technology startups for its “Future of Water” initiative, a strategic program aimed at developing innovative solutions for the Kingdom’s pressing water security challenges. This move underscores a concrted effort to foster a specialized WaterTech ecosystem and align with the ambitious goals of Saudi Vision 2030.
The initiative is designed to identify and empower a new generation of entrepreneurs focused on creating sustainable and efficient water management technologies. The selected companies, which range from early-stage concepts to growth-phase ventures, will receive targeted support to accelerate their development and market entry.
Fostering a Specialized WaterTech Ecosystem
The core objective of the “Future of Water” program is to build a robust support system for startups operating in this critical sector. By bringing together innovators, industry experts, and investors, Monsha’at aims to create a hub for water technology that can serve both national needs and regional markets.
The program facilitates crucial connections between the participating startups and potential investors, helping them secure the capital needed for growth and expansion. This is part of Monsha’at’s broader strategy to enhance the Kingdom’s entrepreneurial landscape through specialized business incubators and accelerators.
Aligning With National Strategic Goals
Sami bin Ibrahim Al-Husseini, Governor of Monsha’at, emphasized that the initiative is a direct response to the strategic importance of water security for the Kingdom. The program aims to transform challenges into opportunities by nurturing local talent and technology, thereby contributing to economic diversification and sustainability as outlined in Vision 2030.
According to Engineer Ahmed bin Musa Al-Zahrani, Deputy Governor for Entrepreneurship at Monsha’at, the initiative serves as a vital platform for entrepreneurs to refine their business models and scale their innovative solutions.
A Multi-Stage Approach to Innovation
The 24 startups were chosen for their potential to make a significant impact across the water value chain. The cohort represents a diverse mix of companies at various stages of development, including idea, growth, and expansion phases.
This multi-stage approach ensures that the program cultivates innovation from the ground up while also supporting more mature ventures poised for significant scaling. By providing tailored resources and mentorship, Monsha’at is equipping these companies to develop solutions that are not only technologically advanced but also commercially viable.
About Monsha’at
The Small and Medium Enterprises General Authority (Monsha’at) of the Kingdom of Saudi Arabia was established in 2016 to organize, support, develop, and sponsor the SME sector in line with global best practices. Its primary mission is to increase the productivity of SMEs, grow their contribution to the GDP, and foster a competitive and innovative entrepreneurial environment as a key pillar of Saudi Vision 2030.
Source: Gate Al-Saudia
