Uzbek Startups Showcase their products in Saudi Arabia

A delegation of IT Park Uzbekistan’s prominent local startups showcased the potential of Uzbekistan’s vibrant tech ecosystem at BIBAN 2024. BIBAN 2024 is the largest startup and SME-focused event in Saudi Arabia, attracting thousands of participants, including global investors, venture capitalists, and industry leaders from across the MENA region, making it a key event for startups seeking to expand into new markets. The visit of Uzbek startups to Riyadh, facilitated by IT Park, represents a strategic initiative to connect Uzbekistan’s burgeoning startup ecosystem with Saudi Arabia’s thriving innovation landscape. Engaging with leading Saudi entities and international stakeholders, these startups are exploring growth avenues, acquiring industry insights, and building relationships that are expected to catalyze their advancement in the global market. This visit aligns with Uzbekistan’s goals to establish itself as a regional leader in technology and innovation while benefiting from Saudi Arabia’s expanding support structures for startups.

As part of the official program, IT Park Uzbekistan, in collaboration with Monsha'at, StrategEast organized the Uzbekistan Tech Conference in Riyadh at the SME Support Center. This event brought together government officials, venture funds, business angels, and industry leaders. The conference highlighted Uzbekistan’s tech advancements, investment opportunities, and startup ecosystem, setting the stage for deeper collaboration between the two nations.

Following the conference, the startups participated in a dedicated pitch session held in the Investor’s Area at BIBAN 2024, where they presented their projects to a distinguished audience, including VCs from across the MENA region. 12 Uzbek startups and 1 coworking space, including Fom Group, Iman Invest, Jobster HR, TIMZ, Testbor, Datagaze, Cradle Vision Tech, Sales Doctor, KPI.com, Kitcheff, Next KPI, and Deepen, pitched their projects. These sessions created significant opportunities to secure investments, forge strategic partnerships, and expand their footprint in the Saudi market. The conference and pitch sessions allowed Uzbek startups to gain valuable insights, establish international connections, and enhance their visibility in the global tech landscape.

Additionally, Uzbek startups actively participated in key events and engaged with prominent Saudi organizations to deepen their understanding of successful startup ecosystems and access new investment opportunities. The delegation visited BIM Ventures, Monsha’at’s SME Support Center, Startup Hub, The Innovation Center, The Garage, MISK Foundation, Biac Company, and Mohammed bin Salman Nonprofit City to explore collaborative opportunities, learn best practices, and showcase Uzbek startups on an international stage.

BIM Ventures

The delegation's visit to BIM Ventures was marked by a warm reception from Munirah Alshuwaier, Portfolio Director at BIM Ventures. BIM presented its extensive ecosystem, which includes co-created startups, comprehensive support structures, and a network of co-working spaces designed to nurture early-stage businesses. The Uzbek startups engaged with global counterparts, sharing ideas, presenting their projects, and networking with potential investors. This engagement offered them valuable exposure to the international market, helping them explore pathways for expansion and collaboration.

BIM Ventures is a Saudi venture studio and investment firm focused on empowering early-stage startups in the MENA region. Through venture building, investment, and operational support, BIM Ventures collaborates with entrepreneurs to drive innovation across sectors like technology, healthcare, education, and logistics(BIM Ventures).

Monsha'at’s SME Support Center

The delegation also visited the SME Support Center at Monsha'at, hosted by Muhammad AlBasri, Chief Operations Officer. Monsha'at provided an in-depth overview of its services and resources dedicated to small and medium-sized enterprises (SMEs), including business advisory, financial support, and skill development programs. Success stories shared by Monsha'at illustrated the positive impact of its support on Saudi startups, underscoring the value of tailored resources that guide businesses through various growth stages. Monsha'at’s SME Support Center is a government-backed organization integral to Saudi Arabia’s Vision 2030, focused on empowering SMEs to contribute to economic diversification and innovation. It offers advisory, financial, and networking support, facilitating business growth and sustainability (SME Support Center).

Startup Hub and Innovation Center

The delegation concluded the day with a visit to Riyadh's Startup Hub and The Innovation Center, two facilities that represent Saudi Arabia’s commitment to fostering entrepreneurship and technological advancement. At the Startup Hub, the delegation observed various resources tailored for early-stage startups, including mentorship programs, networking events, and co-working spaces that encourage collaboration among entrepreneurs.

The Innovation Center provided an insightful look into its state-of-the-art facilities and support for startups engaged in R&D and prototyping. The center’s offerings include incubation spaces, high-tech labs, and skills training programs designed to equip startups with critical tools for developing and refining their products.

The Innovation Center in Riyadh serves as a collaborative space dedicated to fostering innovation in sectors like healthcare, renewable energy, AI, and digital transformation, aligning with the national goals of Saudi Arabia’s Vision 2030(Startup Hub)(The Innovation Center).

Biac Company

On November 7, Uzbek startups visited Biac, a key player in Saudi Arabia’s innovation and entrepreneurship ecosystem, known for its focus on incubating high-potential startups and offering tailored growth services. Hosted by Biac's leadership, the session provided the Uzbek delegation with an in-depth look at Biac’s approach to fostering innovation through structured incubation programs and investment channels designed to support startups in diverse industries. Biac’s approach to structured incubation and strategic partnerships offered Uzbek startups a practical framework for refining their business models, while the visit highlighted potential collaboration avenues within Saudi Arabia’s innovation ecosystem.

Mohammed bin Salman Nonprofit City

Uzbek startups toured the Mohammed bin Salman Nonprofit City, a hub that fosters social entrepreneurship and community-focused innovation. The visit underscored the city’s mission to support socially responsible business initiatives, providing Uzbek startups with inspiring examples of how community-driven approaches can shape sustainable, impact-focused growth. Startups left with valuable insights into aligning commercial objectives with social responsibility, a perspective expected to enrich their initiatives.

The Garage

Concluding their tour, Uzbek startups visited The Garage, a prominent Saudi incubator known for its expertise in early-stage development. The Garage’s focus on mentorship, funding, and collaborative workspaces has been pivotal in helping Saudi and international startups scale effectively. Uzbek entrepreneurs were introduced to The Garage’s structured programs, gaining practical strategies for refining their growth models, enhancing product-market fit, and attracting early-stage funding. The insights from this visit will play a crucial role in shaping their paths to expansion.

These engagements reflect IT Park Uzbekistan’s commitment to expanding global networks and equipping Uzbek startups with insights and strategies derived from successful international models. By establishing strong connections with leading Saudi Arabian innovation hubs, IT Park Uzbekistan is actively enhancing the potential for cross-border collaboration, providing Uzbek startups with a valuable platform to access new markets and engage with seasoned investors.

The tour in Riyadh expanded the Uzbek startups’ perspectives and provided direct exposure to leading startup ecosystems. Each engagement strengthened Uzbekistan’s commitment to fostering a competitive tech ecosystem and equipped Uzbek entrepreneurs with the resources, insights, and partnerships needed to thrive globally. This initiative represents a significant step in Uzbekistan’s journey to establish itself as a premier tech hub in Central Asia. Uzbek startups are now better prepared to leverage their knowledge, build resilient businesses, and make a global impact.