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The “Women in Tech” competition held in Riyadh has showcased the immense potential of female-led startups in revolutionizing Saudi Arabia’s technology sector. Organized in collaboration between global banking group Standard Chartered and Saudi-based investment firm Falak Investment Hub, the competition provided a platform for entrepreneurs to present their innovative ideas in fintech, health tech, property tech, and edutainment. Eight startups participated in an eight-week incubator program, with the top three being awarded a total of $50,000 in equity-free grants, signaling a major step towards supporting women in the tech industry.Claiming the coveted first place was Sahm, a stock trading app, which received $25,000. Nqoodlet, a fintech company, secured the second position with a prize of $15,000, while Chefaa, a health-tech platform, secured third place and received $10,000. The funding provided to these startups will serve as a catalyst for their growth and further development.Jawaher Al-Yahya, the CEO of Sahm, expressed her commitment to optimizing and refining their product to achieve the right market fit. She also acknowledged the challenges faced by women in the technology sector, including difficulty gaining experience in leadership positions and a lack of funding and resources. Utilizing the received funding, Sahm aims to invest in marketing initiatives to increase brand awareness and enhance product capabilities.CEO of Falak Investment Hub, Adwa Al-Dakheel, identified the pursuit of perfection as a major barrier for women entering the tech scene. She emphasized that waiting for extreme validation instead of building upon continuous yet smaller validations can hinder progress and growth. Overcoming such barriers requires a shift in mindset, focusing on timely launches and the agility to adapt to market demands.Doaa Aref, CEO of Chefaa, and Mai Abdulwahab, founder of Nqoodlet, both highlighted the lack of funding as a prevalent challenge faced by women in the tech industry globally. Addressing this issue and promoting access to resources and investment opportunities is crucial for empowering women entrepreneurs and nurturing their innovative ideas.The awards ceremony took place under the patronage of the Small and Medium Enterprises General Authority, known as Monsha’at, with the presence of its Deputy Gov. Saud Al-Sabhan. Al-Sabhan emphasized the importance of women entrepreneurs and shared that Monsha’at has significantly contributed to increasing the number of female-led enterprises to over 467,000. The support and recognition from governmental authorities are pivotal in creating an enabling environment for female entrepreneurs to thrive.Adwa Al-Dakheel, the CEO of Falak Investment Hub, highlighted the significant shift occurring in the Kingdom’s tech landscape, driven by a change in sentiment, increased investment appetite, and a culture of innovation. Saudi Arabia is poised to become an attractive destination for top founders to grow and establish their businesses, attracting global investors to be part of the nation’s dynamic and thriving tech ecosystem.The success of the “Women in Tech” competition underscores the remarkable progress made by female-led startups in Saudi Arabia’s technology sector. As women continue to break barriers and overcome challenges, their innovation and entrepreneurial spirit will play a pivotal role in shaping the future of the Kingdom’s tech industry. The commitment from both private and public sectors in empowering and supporting women entrepreneurs will fuel the transformation of Saudi Arabia into a global hub for technology and innovation.
