The Small and Medium Enterprises General Authority “Monsha’at” announced that the Kingdom has advanced 10 places in the National Entrepreneurship Context Index, reaching seventh place in 2020 after ranking 17th in 2019, according to the Global Entrepreneurship Monitor report for 2020/2021, prepared by Babson College in cooperation with London Business School.
The National Entrepreneurship Context Index relies mainly on measuring countries’ average results across 12 factors within the entrepreneurship ecosystem framework: entrepreneurial finance, government policy priorities and support, bureaucracy and taxes in government policy, government entrepreneurship programs, and entrepreneurship at school stages.
These factors also include entrepreneurship at higher education stages, research and development transfer, access to commercial infrastructure, domestic market dynamics, domestic market entry barriers, general infrastructure and access to services, and culture and social support.
The Kingdom had achieved top rankings in the indicators of the Global Entrepreneurship Monitor report for 2019/2020, ranking first in the indicator Knowing someone who has started a new business, which reflects positivity in the business environment and the appetite for commercial activity, and second in the indicator Having the knowledge and skills to start a business, which reflects the positive impact of support programs on building the skills that qualify young men and women to start their entrepreneurial businesses.
Monsha’at works diligently to provide for all the needs of SMEs and entrepreneurs, to create a promising environment that offers opportunities to thrive by providing support services and business opportunities that support the growth of the SME sector and strengthen its competitiveness, encouraging the culture of entrepreneurship, and supporting ambitious entrepreneurs in order to increase the rate of new company formation.