RIYADH: A Saudi government backed venture capital firm has invested in over 50 funds in various sectors and stages, according to its CEO, underscoring the Kingdom’s strong commitment to fostering innovation.
On the second day of the Human Capabilities Initiative in Riyadh, Saudi Venture Capital’s Nabeel Koshak emphasized the growing prominence of national startups.
During a panel discussion titled “Powering Venture Capital Investments to Turbo Boost Innovation in HCD,” Koshhak, said: “Since inception, we invested in more than 56 funds, we are across multiple sectors, multiple stages.”
He added: “It’s good to shed the light on the amazing entrepreneurs and startups being launched here in Saudi Arabia and now going global. And also the companies that are starting globally, originally, and also expanding in Saudi Arabia.”
The CEO specifically commended Classera, a Saudi-born education tech company now operating in over 40 countries, calling it a “learning super-platform” with 50 million global users.
Also appearing on the panel, Dong-Su Kim, CEO of LG Technology Ventures in the US, shared insights into corporate venture strategies, saying: “We invest in promising startups and then we help them get connected with the right people. In many cases, we advise our portfolio companies on how to work with a big company.”
Kim also highlighted entrepreneurship as a critical tool for personal growth, adding: “I think, for a young person to increase your capability, there’s no better tool than starting your own companies.”
Jonathan Ortmans, president of the Global Entrepreneurship Network, pointed to the evolving mindset of young entrepreneurs. “What we’re seeing now is startups coming from a younger generation who care about more than the return on investment,” he said.
Ortmans also noted the massive reach of entrepreneurial initiatives, mentioning that his organization’s Entrepreneurship World Cup attracted over 100,000 startups globally.
Discussing the impact of artificial intelligence, Ortmans cautioned that while generative AI relies on past data, entrepreneurship thrives in uncertainty. “One of the things I’m learning is that, clearly, there are some areas where AI will not be useful in the immediate future. One of those is in terms of entrepreneurs— they’ll have to learn to operate in unpredictable, uncertain environments,” he said.
He expressed optimism about the future of venture capital, stating: “I think the venture community should be extremely excited because you’re going to see some super innovative new ideas coming from a new generation of thinkers.”
Ortmans also underscored the vital role of entrepreneurs in job creation, declaring: “Entrepreneurs create almost all the net new jobs around the world.”
The panel highlighted the dynamic interplay between venture capital, innovation, and human capability development, with the Kingdom emerging as a key player in the global startup ecosystem.
