Exploring the Interactions between Government Regulatory Policies, Entrepreneurial Programs, and Funding Resources in the Saudi Arabian Entrepreneurial Ecosystem

Abstract

This study delves into the complex dynamics of Saudi Arabia's entrepreneurial ecosystem, particularly focusing on the interactions between government regulatory policies, entrepreneurial programs, and funding resources. As Saudi Arabia progresses toward its ambitious Vision 2030, which aims to diversify the economy and lessen its dependency on oil revenues, fostering a vibrant and sustainable entrepreneurial environment has become a national priority. Through a qualitative research approach, utilizing semi-structured interviews with entrepreneurs and stakeholders, this study investigates how these elements collectively influence the success, growth, and sustainability of startups in the Kingdom. The research reveals a dual role of government regulatory policies, which can both enable and hinder entrepreneurial activity. It also uncovers gaps in the current focus of entrepreneurial programs, such as accelerators and incubators, which often prioritize investment readiness over critical aspects like market entry and customer acquisition. Furthermore, the study notes that investors' preference for offshore registration makes it more difficult to secure venture capital in an undeveloped financial ecosystem. These findings offer a detailed understanding of the specific factors that shape the entrepreneurial landscape in Saudi Arabia, providing valuable insights for policymakers, practitioners, and entrepreneurs. By addressing these issues, the research contributes to both academic discourse and practical strategies aimed at enhancing the effectiveness of support structures and creating a more conducive environment for innovation and business growth. Ultimately, this study seeks to support the broader goals of Vision 2030 by promoting economic diversification, job creation, and sustainable development in Saudi Arabia.