8 November 2024, Fri |
4:58 PM
Standard Chartered and Falak Investment Hub have announced the launch of the first cohort of the ‘SC Women in Tech’ program in the Kingdom of Saudi Arabia. The program’s application period began on November 28 and will last approximately six weeks.
The 8-week program aims to support women-led start-ups in Saudi Arabia by providing opportunities for economic and social development, as well as funding, to women entrepreneurs at the heart of tech-focused entrepreneurship. This is part of the bank’s global ‘Women in Tech’ initiative, which is also available in six other countries.
Earlier this year, the Kingdom announced over USD $6.4 billion in investments in future technologies and entrepreneurship. It is a key pillar of Vision 2030, which focuses on boosting private-sector investment, fostering innovation, and attracting and training talent. However, according to a recent WAMDA report, more can be done to support women-led businesses in the MENA region, with all-male start-up founding teams receiving 99 percent of the total USD$374 million investments raised in August 2022, with only one percent going to start-ups founded or co-founded by women.
Speaking about the initiative, Mazen Bunyan, CEO of Standard Chartered Bank Saudi Arabia, said: “Increased diversification away from oil, demand for digitally led services and pro-business reforms are just some key drivers leading to increased entrepreneurial activity in Saudi Arabia. We are proud to collaborate with Falak Investment Hub and bring our ‘Women in Tech’ programme to the Kingdom. The spirit of diversity and entrepreneurship are important values that we celebrate at Standard Chartered, and we hope that by providing early-stage support and mentorship we can help women succeed and become leading job creators. We are confident that by working together with our strategic partners we will be able to unlock great potential, creating an enabling environment for aspiring entrepreneurs.”
Adwa Al Dakheel, Founder and CEO of Falak Investment Hub, said: “Women entrepreneurs in KSA have the potential to make a huge impact, and our goal with this program is to help them realize their vision, aligned with the country’s broader economic goals and Vision 2030. We are excited to create a platform that will enable these start-ups to access the resources and mentorship they need in order to reach their potential and establish the solid infrastructures for them to go global thereafter through our partnership with Standard Chartered. We strongly believe that initiatives such as this are key drivers of change for women entrepreneurs, female-led startups and the Saudi economy at large.”
The program is sector-agnostic, allowing any start-up headquartered in the Kingdom, using technology, and led by a woman to apply. However, the company must have launched a minimum-viable product that is more than just an idea.
After reviewing all applications, seven to ten start-ups will be chosen to participate in the eight-week program. Throughout the program, each start-up will have the opportunity to meet with Falak teams, mentors, and industry experts one-on-one during workshops, events, or private discussions. Entrepreneurs, technologists, and sophisticated investors will provide guidance to the start-ups in order to help them grow.
At the conclusion of the program, all start-ups will have the opportunity to pitch to over 40 angel investors, venture capitalists, and family office representatives through Falak Angels. The cohort winners this year will receive up to $50,000 in total funding. Please visit https://wit.falak.sa/ for more information.
