Prince Muhammad Bin Salman College of Business and Entrepreneurship (MBSC) launched the Global Entrepreneurship Monitor (GEM) report – Saudi Arabia on Thursday, March 23, 2017. The report presents a detailed examination of the behaviors, motivations and attitudes towards entrepreneurship as well as different aspects of the entrepreneurship ecosystem in Saudi Arabia making it a valuable resource for informing policies and programs. The GEM report is an initiative of the Babson Global Center for Entrepreneurial Leadership (BGCEL) at Prince Muhammad Bin Salman College of Business and Entrepreneurship (MBSC). BGCEL is supported by a grant from Lockheed Martin. The launch of this study has attracted a large number of the most influential stakeholders in the global entrepreneurship ecosystem in an open, interactive forum took place at King Abdullah Economic City (KAEC) that discussed the results of the study and debate the path forward. The event reviewed the findings of the report delivered by some of the world's leading experts in the field of entrepreneurship, followed by lunch and then a series of open discussions to explore the implications of the report. Dr. Ghassan Suleiman, governor of the SME Authority, delivered remarks at the event. In his opening speech, Fahd Al Rasheed, vice chairman of the Board of Trustees at MBSC, said "Fostering the ambitions of Saudi Arabia's entrepreneurs is an essential investment in the long-term growth of the nation." He added "The GEM Saudi Arabia study places entrepreneurs at the center of the conversation around economic development and offers clear recommendations on enhancing the efficiency of the entrepreneurship ecosystem." The report shows a strong cultural affinity in Saudi Arabia toward entrepreneurial activity. More than two thirds of the working age population believes starting a business to be a good career choice and 25.8 percent are considering starting up a new business within the next five years. This is good news for job seekers, as Saudi startups and early-stage SMEs are typically well-staffed compared to the global average. 36.6 percent of early-stage startups — enterprises active from 3 to 42 months — have more than five employees. The report also shows a marked increase in female entrepreneurship. About 38.6 percent of entrepreneurs in the Kingdom are women, a proportion that has increased rapidly in recent years. From his side, Alan Chinoda, chief executive and general manager, Lockheed Martin Saudi Arabia, said: "Today marks a significant day for all of us here in the Kingdom, as we launch one of the most comprehensive and ambitious reports of the state of entrepreneurship in the Kingdom of Saudi Arabia. The study's results will shape the way we support and develop the entrepreneurs that attend MBSC and the next generation of innovators who will make Vision 2030 come to life." He also added: "We know that the encouragement of entrepreneurship is a vital pillar of Vision 2030 and an important driver of progress for an economy and a community, and we are excited that the finding of this report will inform and enrich support of the entrepreneurship ecosystem here in the Kingdom, to assess and enhance progress toward realizing Vision 2030." "At Lockheed Martin, we know first-hand that prosperous economies are the result of human capital, entrepreneurship and innovation. More than a century ago our company was created upon the very entrepreneurial spirit of two of our co-founders. The Lockheed brothers built what is now a global business employing nearly 100,000 people out of their own garage," he said. He continued, "And as leaders in global science and engineering, we have a responsibility to support investment in educating and inspiring the future innovators in these fields. That is why we are proud to support both the vision behind MBSC and this study, because we recognize that innovation and growth here in the Kingdom depends upon training entrepreneurs to succeed in today's evolving and interconnected world economy." "The 2016/17 GEM study shows that social attitudes in Saudi Arabia toward entrepreneurship are very positive, which contributes to a significant enthusiasm in the country for entrepreneurial endeavor," said Dr. Ignacio de la Vega, director of BGCEL and Professor of Entrepreneurship at MBSC. "This is particularly encouraging in light of the Vison 2030 objective to increase the economic participation of small and medium sized enterprises. Today's startup, with the right support, could be tomorrow's market or industry leader." The 2017 GEM Saudi Arabia report is part of the Global Entrepreneurship Monitor, the world's largest study of entrepreneurship and entrepreneurial activities. Now in its 18th year, the survey covers 66 countries that account for 85 percent of the world's GDP and 69 percent of its population. This is the first time that Saudi Arabia has participated in the GEM study since 2009. The Saudi Arabian study comprises a national survey of 4,000 people and insights from 50 subject matter experts, providing the most detailed insight ever recorded into the attitudes and activities of Saudi Arabia's entrepreneurs.
