RIYADH: TONOMUS, the cognitive multinational subsidiary of NEOM, has announced the launch of its second venture startup competition at LEAP23 in Riyadh.
Led by the firm’s TONOMUS Venture Studio, the competition started on Feb. 6, and is titled “The Next Billion.” It is an initiative that invites participants to consider new technologies and innovations that a billion people in the world would require for energy, food and mobility.
“We’re looking to recreate that here just like they did in Silicon Valley,” said Beverly Rider, CEO of TONOMUS Venture Studio.
The aim is to foster global entrepreneurship that will nurture the environment and create new ways of community living.
Rider added: “TONOMUS Venture Studio has a bunch of different objectives. So it’s a programmatic display of how you bring entrepreneurship and startups to our region. So what we found when we got NEOM is that one of the things we were missing was an entrepreneurial ecosystem and the small businesses that really fuel the economy, and they take the large companies and create the value around them.”
Rider said Saudi Arabia’s entrepreneurial vision and diversification of the economy stemming from Vision 2030 makes it an interesting hub prospect in the world.
“Come to the Kingdom? So actually, you would think that that would be the hard part, but that’s been our easy part. Everybody wants to come. The great thing about having a recession in the rest of the world is that people are really interested in looking into new horizons and new geographies. But more importantly than that, the megaprojects have given us an opportunity to basically, you know, start from the bottom and work our way up,” said Rider.
Up to 20 semifinalist teams will receive individualized coaching by experts from TONOMUS Venture Studio, and up to four winning teams will be invited to a 12-week program to incubate their ideas. The competition will welcome submissions until April 12, 2023.
Rider stressed that creating a community is key. “We asked people to come and talk to us about these solutions, their startup, or their ideas. So at about 100 people showed up yesterday. We’re going to do six more of them next year.”
TONOMUS Venture Studio comprises both established and emerging entrepreneurs. It aims to cement NEOM’s reputation as the epicenter of innovation, and the Kingdom as a place where the world’s brightest minds and top tech talent can bring their ideas to life.