The Small and Medium Enterprises General Authority "Monsha'at" has honored six Saudi companies as winners of the latest edition of the "Ibtaker" Award, out of 29 finalists for the award's stages of Idea, Seed, and Growth. The award aims to promote a culture of innovation and connect innovative enterprises with investors and support entities within the innovation ecosystem. The winning enterprises have qualified to compete in the Entrepreneurship World Cup, in addition to receiving financial prizes of up to 300,000 Saudi Riyals. Monsha'at also provided a package of benefits, including enrollment in the Innovation Growth Program, which aims to develop their enterprises and connect them with an top specialized consultants and trainers in operational, technical, financial and other areas through an intensive training camp. Additionally, they will be connected with financing and investment entities. The award in its previous editions has provided the opportunity for more than 3,000 innovative enterprises to present their projects to the judging committee, with more than 170 enterprises qualifying for the final rounds of the award. Participants benefited from around 56 workshops, totaling more than 1,500 training hours. The Ibtaker Award is a prominent initiative aimed at spreading the culture of innovation and discovering innovative ideas and enterprises. It is dedicated to innovators and enterprises that have adopted emerging technologies or innovations, whether applied in the enterprise's products, services, business model, or internal work environment and operations. The award also contributes to highlighting and celebrating innovative enterprises locally and globally. 

The Entrepreneurship World Cup is one of the most diverse competitions to support entrepreneurs and startups, which Monsha'at hosts annually. Entrepreneurs from 200 countries compete for cash prizes and other investment, support, and publicity-related awards.