Wa'ed, Aramco's entrepreneurship branch, began a countrywide hunt Wednesday to identify and finance a new generation of Saudi entrepreneurs during a series of high-profile roadshow gatherings in six locations throughout the Kingdom.

The Wa'ed Entrepreneurship Roadshow will visit Jubail and Yanbu, Riyadh, KAUST north of Jeddah, Makkah, and Madinah from September to December. The events would include aspects of start-up "shark tank" pitch competitions and high-level expert talks regarding the condition of entrepreneurship in the Kingdom.

The events are intended to find and fund a new generation of Saudi entrepreneurs whose game-changing ideas have the potential to expand the Kingdom's economic frontiers by promoting the digitalization of industry and generating new opportunities for Saudis.

“Wa'ed has gone a long way since 2011 to assist brilliant Saudis convert their company ideas into genuine drivers of development and innovation,” said Amin Nasser, CEO of Aramco.

“However, the next ten years will become even more critical for our entrepreneurial ecosystem as the speed of transition in the Kingdom quickens, with possibilities developing in new business growth areas including as technology, e-commerce, and renewable energy.

“Which is why Wa'ed's roadshows in six locations throughout the Kingdom are critical to capitalizing on these possibilities to cultivate and promote a more dynamic entrepreneurial culture in Saudi Arabia.”

Wa'ed has up to SR100 million in loans and ventures capital investments at its disposal if it can find enough competent entrepreneurs with innovative company ideas that tackle current holes in the Saudi economy and are economically viable.

Applicants who've been eventually chosen by Wa'ed may be eligible for individual venture capital investments of up to SR19 million each, no-collateral business loans of the amount to SR5 million, and Wa'ed's incubation and mentorship services.

On Wednesday, June 16, Wa'ed shall open the online application process to all Saudi-based businesses, and a select selection of finalists would be selected to attend the roadshows. Entrepreneurs can apply online at www.waed.net/roadshow.

The exhibits would include a wide range of economic sectors, including technology, Fintech, agri-tech, environmental technology, industrial applications, reverse engineering, drones, petrochemicals, supply chain, and tourism.

Wa'ed partnerships include assistance from the Royal Commission for Jubail and Yanbu, Monsha'at, the Saudi General Authority for Small and Medium Enterprises, Namaa Almunawarah, and Wadi Makkah.

Wa'ed, founded in 2011, is an important supporter of the Saudi start-up environment. Wa'ed has invested and lent more than $100 million in venture funding to more than 100 Saudi start-ups over the previous decade.

Wa'ed is Saudi Arabia's first no-collateral lender and the largest institutional venture finance investor in Saudi start-ups.

Wahed, an Islamic investment business that developed the world's second-largest exchange-traded fund centered on Islamic investing principles, is one example of a transformational Wa'ed portfolio company.

Ynmo, the inventor of the first Arabic-language educational software for kids with autism and learning impairments, and Golden Scent, the Middle East's largest online retailer of fragrances and perfumes, are amongst the 90+ firms getting loans and venture capital investment from Wa'ed.

Wa'ed managing director Wassim Basrawi stated that Wa'ed's primary objective is to finance Saudi entrepreneurs whose innovative business ideas not just reinvent markets but also raise the standard of living for all Saudis. Wa'ed intends to more than double its yearly loan and venture capital deal volume by 2023.

“Such roadshows would do more than just promote Wa'ed and its distinctive end-to-end service offerings,” added Basrawi. “These performances are part of a collaborative effort with our collaborators to discover and finance new entrepreneurs that would bring value to the Saudi entrepreneurial ecosystem and drive the Kingdom's economic diversification.