JEDDAH — Over the course of five days, Prince Mohammad Bin Salman College of Business & Entrepreneurship (MBSC) has hosted 35 entrepreneurs under the specialized and integrated “Litenmoo” boot camp launched by the Saudi Aramco Entrepreneurship Center “Wa’ed” and in collaboration with MBSC and the participation of Babson Global. The collaboration comes in an effort to develop and support entrepreneurship and to offer ideas and solutions that can help provide innovative solutions for entrepreneurs.
The Executive Director of the Saudi Aramco Entrepreneurship “Wa’ed”, Khalil Al Shafei, has highlighted that the “Litenmoo” program is the first of its kind in the Kingdom, with strategic partnerships between three local and international entities “Wa’ed,” MBSC and Babson Global. It is hoped that this constructive collaboration will contribute in developing the work of entrepreneurs and their projects, as well as supporting SMEs. The latter is in an effort to contribute to achieving the objectives of the National Transformation Program 2020 and the Kingdom’s Vision 2030.
Shafei also noted that the program helps entrepreneurs continue to develop and grow in order to advance economic development and achieve their ambitions. It also helps them adapt to the market conditions and to new technologies, making their projects more attractive to investors and potential clients. The Saudi Aramco Entrepreneurship Center “Wa’ed” was established in 2011 to contribute in supporting and promoting entrepreneurship in the Kingdom of Saudi Arabia. It supports entrepreneurs in establishing and expanding their business through diverse financial programs, in addition to mentoring, guidance and the provision of the necessary requirements for developing entrepreneurs and their businesses. So far, the Center has invested in 85 projects from different sectors all around the Kingdom.
“The boot camp is the first of our programs in collaboration with “Wa’ed Aramco,” said Dr. Nabeel Koshak, MBSC Dean. “It is also the first step taken to promote knowledge about entrepreneurship and spread awareness of its importance and impending role in advancing the national economy. The boot camp will be held on annual basis, as we aim to develop the skill set of Saudi entrepreneurs. The success of the initiative will depend on the participant›s› ability to apply innovative approaches to the establishments in which they work.”
The most important feature of Prince Mohammad Bin Salman College is its adoption of the «Babson Global» curriculum, with a focus on both thinking and implementing, thus helping its leaders educate decision makers in various companies, institutions and government entities to think and implement like entrepreneurs and support the Kingdom’s transition to a knowledge-based economy.
The program is divided into two practical and experimental sections to illustrate participants› concepts about developing SMEs, in order to analyze their abilities and skills and push them to develop their entrepreneurial work by refining practical skills and developing their ideas.
The program specifically targets entrepreneurs who are about to launch new projects or those who are in the early stages. It enables participants to identify and evaluate new investment growth opportunities, design a successful and innovative business model, identify and evaluate market opportunities for growth, as well as measure the material, financial and human resources needed for any new business opportunity. The latter is in addition to establishing a business growth study in line with strategies for market entry, risk analysis and convincing investors.
The participants have been involved in discussions that enriched their knowledge in the fields of business models and innovation, the reality of the current market, feasibility strategies, designing a marketing plan, creating a strategy and growth plan, performing a growth audit, measuring cash flow versus profits, acquiring human, financial and social resources, as well as presenting their projects to investors.
A number of participating entrepreneurs have expressed their great appreciation for this important initiative and the ambitious goals it seeks to achieve. — SG
