“Monsha’at” launches the Saudi Open Innovation Center

The General Authority for Small and Medium Enterprises “Monsha’at” signed a partnership agreement with TAM Development, to launch the Saudi Open Innovation Center, in the presence of the Director General of Innovation in the facilities, Engineer Abdul Majeed Al-Omrani, and the managing partner of TAMX, Eng. Turki Faqira, at the Enterprise Support Center in Riyadh.

The center aims to present open innovation as a methodology to address various challenges and to provide the opportunity for innovators and entrepreneurs to devise solutions in order to overcome real challenges facing the main sectors on which the Kingdom’s Vision 2030 is based.

Open innovation is one of the modern methodologies that rely on involving innovators and experts in society and motivating them to solve challenges or create opportunities that contribute to the creation of new products or the improvement of existing services in order to raise the efficiency and competitiveness of organizations in the public and private sectors.

The agreement comes as a continuation of the successes of the National Ideas Platform (Fikra), which was launched in 2019 in partnership with more than 10 entities from the public and private sectors and the participation of more than (3,500) innovators and entrepreneurs around the Kingdom, with total prizes exceeding one million riyals, as this step contributes to activating the system National innovation, and the creation of sustainable initiatives in partnership with the private sector that achieve the authority’s role to enable the small and medium enterprises sector to develop.

“Monsha’at” is concerned with organizing, supporting and nurturing small and medium-sized enterprises in the Kingdom in accordance with best practices, due to its paramount importance in supporting the national economy, advancing development, and its positive impact on the economic and social levels, increasing exports, creating job opportunities for young people, opening new labor markets, and diversifying sources of income. Expanding the production base in line with the realization of the Kingdom’s Vision 2030, by empowering these facilities and increasing their contribution to the gross domestic product, and increasing the absorptive capacity of the economy, leading to job creation and job creation for the national workforce.

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