The General Authority for Small and Medium Enterprises “Monsha’at” has issued a specialized report entitled "Biban... Opportunities Create Entrepreneurship." The report explored the major data of the state of entrepreneurship in the Kingdom, along with a future outlook for the sector in the coming years. This coincides with the announcement of the organization of the "Biban 23" forum in Riyadh, from March 9th to 13th.
The report presents promising opportunities that contribute to the growth and prosperity of the small and medium-sized enterprises SMEs sector. Fostering the importance of innovation for the development of science, technology, and product-based fields, as well as the enhancement of capabilities for innovative and talented entrepreneurs.
The report identifies several factors that have made the Kingdom one of the most attractive environments in the world. The Saudi Vision 2030 is one of these elements; it seeks to create a diversified economic infrastructure in which startups and entrepreneurship are essential to the growth of local economies.
About the main elements that have facilitated the success of the entrepreneurship ecosystem in the Kingdom, Alber Shilan, Co-Founder of Enhance Ventures, stated, "The Kingdom is one of the regions that holds a lot of significant opportunities under the Saudi Vision 2030 and the vast horizons it has created, in addition to the national youth energies and talents. This further strengthens the determination of relevant government entities like Monsha’at to drive the growth of SMEs. Most importantly, it reflects the Kingdom's great ambition, which is clearly manifested in the supportive systems for startups."
He explained that there are five main elements to be sought when considering a successful entrepreneurship ecosystem: government support, financing, culture, access to talent, and market access. These five elements are much better today than before, with the current system supporting opportunities for construction, operation, and expansion in regional and global markets.
Omar Al-Majdouai, a founding partner at RAED Ventures, said, "The venture capital ecosystem in the Kingdom has witnessed a significant leap forward in the past five years in terms of the number of established companies, their capital size, the overall diversity of entrepreneurs, and the increased number of women in the workforce. This is a result of providing a more favorable regulatory environment and launching numerous initiatives to support startups, which have contributed to achieving continuous achievements."
Regarding the promising opportunities in "Biban 23," according to the research, the forum's provision of supportive aspects that foster the sustainability and expansion of entrepreneurial enterprises opens up a world of prospects for SMEs in the Kingdom. It is anticipated that the forum will provide over 20,000 training opportunities, over 300 workshops, and showcase the projects of over 700 local and international entrepreneurs for a crowd of 105,000 visitors. This shows how the Kingdom has made progress in a number of areas, including entrepreneurship.  
The report also highlights the range of activities and events included in "Biban 23," such as training programs that meet the needs of SMEs and entrepreneurs, as well as advisory sessions provided by competent experts with scientific expertise and business experience. Additionally, the forum will host the Entrepreneurship World Cup, a competition that provides hundreds of thousands of entrepreneurs with the opportunity to present their ideas, network, and interact with investors. This event is the first of its kind worldwide to support startup projects and follows the previous editions that attracted over 400,000 participants from more than 200 countries.