Leap 2024: Rocket Fuel Pitch Competition ups the stake for startups

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Ambitious startups from around the world are gearing up to compete at the highly anticipated Rocket Fuel Competition, held alongside LEAP 2024. Taking place at the Riyadh Exhibition and Convention Centre from March 4-7, the competition offers a substantial prize pool divided across six distinct categories.

The Rocket Fuel Competition, powered by Saudi Arabia’s National Technology Development Programme in collaboration with the Ministry of Communications and Information Technology and the Misk Foundation, aims to propel promising startups towards success.

Categories will consider factors such as company size, operational age, workforce size, funding status, scalability potential and societal impact.

“This competition presents a unique opportunity for startups on a global scale,” said Michael Champion, CEO of Tahaluf, the strategic joint venture organising LEAP alongside the Ministry of Communications and Information Technology. “The substantial prize pool is awarded with no strings attached, empowering startups to take full control of their growth trajectory.”

Champion further emphasised, “This commitment to supporting entrepreneurship reflects Saudi Arabia’s proactive approach to fostering a thriving and innovative ecosystem. LEAP 2024 serves as a platform for startups and investors to connect, propelling the kingdom’s position as a global hub for technological advancement.”

Race to the finish

The competition will see 12 shortlisted startups present their offering to a power-packed judging panel in a grand finale on March 7.

The biggest prize – the LEAP Award – will go to the startup judged to be the most outstanding entry across the competition. The rest of the accolades include the:

• Technology for Humanity Award for a startup that embodies the values of sustainability and social impact
• Shooting Star Award for an early-stage startup under three years old beginning its journey
• Into New Worlds Award for the most impressive startup across the Metaverse and Web 3 space
• Avatrix Award for the best, most intuitive startup pioneered by women founders
• Artificial Intelligence Award for the startup presenting the most exciting, ground-breaking use of AI.

Competition winner in 2023

Last year’s competition saw Saudi Arabia’s Plastus clinch the main LEAP Award prize from a pool of 90 regional and international startups. The company produces 100 per cent biodegradable bioplastics through bacteria fermentation. The company’s CEO, Nouf Alhazmi, said: “The LEAP Award at the Rocket Fuel competition was a game-changer for us, enabling us to complete our entire retrofitting stage.”

Laila Rahhal El Atfani, president and founder of Business Gate and Women Business Circle, and member of the Rocket Fuel judging panel, said: “In 2023, judges were genuinely impressed by the diversity of both founders, their teams, and solutions. The kingdom has played a significant role in driving professionalism by welcoming not only top established companies but also involving themselves in their growth of outstanding startups.

“We’re sure the quality will increase again in 2024, as startups pitch their solutions in line with the foundational criteria linked to Saudi Arabia’s Vision 2030 goals.”

Read: LEAP 2024: 15 dedicated ‘tracks’, 13 stages to showcase tech innovation