RIYADH — The General Authority for Small and Medium Enterprises (Monshaat) launched the Monshaat Academy Program for Innovation and Entrepreneurship for Scaling Up Enterprises.

The program was launched in cooperation with the Professional Development Center at Stanford University and King Salman Institute for Studies and Consulting Services with the participation of representatives of 50 small and medium enterprises (SMEs), with the aim of raising their efficiency, transferring knowledge and best business practices among Saudi businesses and entrepreneurs throughout the Kingdom.

The program, which was launched Monday, will continue over a period of 3 months, covering corporate innovation strategies, market development, growth management, and SMEs scale-ups services that include assessment to determine strengths and areas for development to provide subsequent necessary solutions.

Monshaat seeks to support scale-ups of SMEs by providing a number of solutions aimed at developing capabilities in the strategic and operational aspects, in addition to building the capacity of these enterprises to overcome challenges and to increase their growth. So far, the authority has delivered 5 scale-ups programs to more than 250 small and medium enterprises.

It is worth noting that, the number of fast-growing Saudi SMEs is estimated at 7,000, and the number of rapidly growing SMEs is increasing by nearly a thousand every year.

Thus, Monshaat has dedicated a special unit to support this group of SMEs to maintain this positive increase and to maintain their growth.

It is worth noting that Monshaat is keen to avail its services and programs to SMEs and entrepreneurs, to create a enhance the Saudi business environment and create opportunities to support the growth of the SMEs, enhance their competitiveness, and to promote the culture of entrepreneurship. — SG