Global tech communities converge in Saudi Arabia

Saudi Arabia has launched the largest technology event dubbed LEAP. [Courtesy]

Saudi Arabia has launched the largest technology event, LEAP, where global technological communities will converge to tackle the socio-cultural challenges of the world.

The inaugural event is taking place from February 1 to 3 in Riyadh, Saudi Arabia and is set to become a global platform for the innovation ecosystem. It will connect pioneers and disruptors with business and government leaders, entrepreneurs, investors and more to experience and learn about the technologies that will shape the future of the world.

“This event comes as an extension of transforming from a factor-based to innovation-driven economy," said Saudi Arabia Minister of Communications and Information Technology Abdullah Al-Swaha.

"Guided by Vision 2030, we are applying the transformative power of technology into everything across our nation, and we welcome the world to Riyadh to join us on this journey of discovery to explore the technologies reshaping the way we live."

The event has speakers from around the world including VMware CEO Raghu Raghuram, Ericsson CEO Börje Ekholm, President and Chief Innovation Officer Hyundai Motor Group Youngcho Chi and Government Chief Information Officer Estonia Siim Sikkut.

Over 700 emerging technology start-ups are showcasing their solutions to the world, with over 400 speakers.

“Informa are delighted to have launched LEAP in Saudi Arabia. It is clear to us that with the enormous technology projects happening in the country, there is no hub in the world better placed to host such an amazing event," said Mike Champion, regional executive vice president of events company Informa Markets.

"In its first year, LEAP will be the largest debut technology event in history and there can be no better evidence than that to prove Saudi Arabia is a future global technology hub.”

Start-ups from around the world were invited to go head-to-head to win a share of the Sh68 million ($600,000) prize fund for the Rocket Fuel Start-up Pitch Competition and pitch their businesses to venture capitalists and other leading investors.

The finalists will have five minutes to present their best pitches to a panel of international and local investors, and convince them they have what it takes to be one of the top 10 businesses who will go into the grand final on February 3. 

The 10 best entrepreneurs will then get another chance to showcase their merits of business scored on creativity, innovation, potential, functionality and impact on people and society.

The winner will be presented with the LEAP award for the strongest, most outstanding start-up across the whole competition, and will be awarded the grand prize of Sh22 million ($200,000).

The finalists will also compete for three other awards, including The Shooting Star Award for best early-stage start-up, which will win Sh11.3 million ($100,000), the Aviatrix Award for best female-led start-up and the Technology for Humanity Award for the start-up that best embodies the spirit of LEAP "Technology for Humanity".

The winners of these awards will each receive a prize of (Sh17 million) $150,000.