Page 67 - SAMENA Trends - November-December 2022

ARTICLE SAMENA TRENDS

Tech sector is the leading
contributor to the # of
unicorns (defined as
privately held startup
company with a value of
over $1 billion) in a country.

Enabling start-ups through
accelerators and VC
funding access boosts the
# of unicorns.

2. Outward looking elements
• Global growth and expansion: With
scalable technology sector offers,
governments can push companies to
expand their operations abroad – through
opening up branch offices and / or setting
up talent hubs in other countries.
• FDI attraction: Health of the technology
sector is also determined by the
start-up awards and curated mentorship an annual comprehensive IT and ET investment it generates. Leading
to tech companies sector market study to enhance market countries generate high volume of funds
efficiency and transparency inflow in its technology sector
To continue the boom • Technology hubs and clusters: Setting • Technology exports: Once the technology
up dedicated hubs and clusters of
sector is mature in a country, it is a logical
of the tech sector and technology benefits the tech companies step to share those capabilities with
to realize its growth by providing them end-to-end solution for other countries. Nations can develop a
potential in SA-ME-NA the segment and ecosystem around their technology export strategy by matching
business. E.g., King Abdullah University
highly mature domestic segments
region, governments must of Science and Technology (KAUST) (supply) with attractive international
continue their journey is developing a broader ecosystem markets (demand) for those services.
for technology start-ups, SMEs and
towards maturity following large enterprises. In addition, national To continue the boom of the tech sector and

global best practices. initiatives are underway to position Saudi to realize its growth potential in SA-ME-NA
as one of the leading global tech hubs region, governments must continue their
• Next Unicorns: Tech sector is the leading journey towards maturity following global
• Market efficiency and transparency contributor to the # of unicorns (defined best practices. Governments will also need
programs: Government entities, as privately held startup company with to continue reforming and investing in
especially regulators can launch a value of over $1 billion) in a country. their technology sector, through favorable
dedicated initiatives to promote fair Enabling start-ups through accelerators policies, active stimulus in the market
competition. In addition, also providing and VC funding access boosts the # of and enabling local players through Digital
insights across the market segments unicorns. E.g., Indonesia added 7 new Transformations of Government entities.
such as market size, growth projections unicorns after pandemic to their existing
and so on. E.g., CST in KSA conducts tally of 3

67 NOVEMBER- DECEMBER 2022