RIYADH: Social entrepreneurship — the creation of businesses willing to tackle social, cultural, or environmental challenges — can play a major role in Saudi Arabia’s development, experts in the nonprofit sector told an event in Riyadh this week.
The Social Entrepreneurship Week organized by the Entrepreneurship Vision Association in partnership with the Small and Medium Enterprises General Authority, Monsha’at, ran from June 14-18 in Riyadh.
Leaders, decision-makers, entrepreneurs, and representatives from more than 40 government, private, and nonprofit entities took part in the event.
The week featured more than 50 entrepreneurial meetings focusing on social investment, food security, resource management, and the role of developmental institutions in building social capacity for enterprises.
Prince Fahd bin Mansour bin Nasser, chairman of the Board of the Entrepreneurship Vision Association, said that community entrepreneurship is a fundamental pillar of sustainable development.
He highlighted the importance of “building partnerships and empowering social entrepreneurs to maximize positive social impact.”
Saud Al-Sabhan, deputy governor for entrepreneurship at Monsha’at, said that successful entrepreneurial ecosystems are measured not by the number of events held, but by the initiatives, companies, and success stories that emerge from them.
Several flagship projects were launched during the week, including the Green Impact Leadership initiative.
The event also marked the launch of the Social Entrepreneurship Accelerator, designed to encourage promising social projects through specialized mentoring and development programs to enhance their efficiency, sustainability, and reach.
Mohammed Al-Shaikh, co-founder of climate technology startup Netzero, said that “social entrepreneurship represents a promising opportunity in Saudi Arabia due to its dual focus on community impact and economic sustainability.”
