RIYADH: Saudi Arabia is set to host some of the world’s most exciting startups to be part of over 800 exhibitors participating at the World Defense Show, WDS, early next week in Riyadh.
As the Kingdom pushes ahead with localizing 50 percent of its defense spending under the Vision 2030 objectives, contracts worth millions of dollars will be up for grabs in the coming years – a slice of which these companies will be chasing during the four-day event.
Consultancy firm Ernst & Young has estimated the WDS to create SR700 million ($186.6 million) of economic activity by 2030 as the event will boost visitor spend, imports and exports.
The biennial event will offer a unique platform for defense companies to present their solutions from the air, sea, land, space and security sectors. Hundreds of startups and entrepreneurs have registered for the event to present their innovative ideas and defense-related technologies in a five-minute pitch under the Start-Up Hub program.
The program will also act as a networking platform to introduce startups to investors and venture capital firms while offering an opportunity for all entrepreneurs to create an impact.
Speaking exclusively to Arab News, World Defense Show CEO Andrew Pearcey said that the show would seek to overturn export licenses restrictions for startups and support their growth ambitions.
“The dedicated Start-Up Zone is a structured channel for this. It will enable small- and medium-sized companies to pitch their ideas, capabilities and business strategies to generate interest for investors,” he said.
Explaining how the participating startups will benefit from the WDS, Pearcey said, “We expect these startups to make the most of what World Defense Show has to offer — from unparalleled access to key industry stakeholders to investment opportunities.”
He said the startups would seek to connect with the decision-makers, public and private investors and venture capitalists to exploit their unique selling proposition and growth potential.
Defensphere is one of the many startups outside the Kingdom that has already set up its booth and is ready to present advanced technologies in defense. The one-year-old Estonia-based startup is a privately owned defense company specializing in tech-based military equipment.
Its CEO, Ingvar Parnamae, a former undersecretary of the Estonian Ministry of Defense, said the future of military power would be based on technology solutions.
His company has created Vegvisir, a disruptive mixed-reality situational awareness system, also called XRSAS, that provides armored vehicles with a visual understanding of the immediate surroundings, or as Parnamae calls it, “we enable the see-through-the-wall capability”.
As Defensphere is excited to present Vegvisir at the five-minute pitch to investors, Parnamae said, “the full Vegvisir system enables the fusion and visualization of all collected data in one platform for increased situational awareness and support for decision making in the battle-field.”
Defensphere looks to collaborate with countries in the Gulf region, “including Saudi Arabia, and supporting their military forces in building up the most advanced land forces”.
The inaugural event will also offer opportunities to explore the latest defense technologies through interactive displays, live demonstrations and product areas.
Consulting agency startups like Makville LLC are also taking part in the exhibition to expand their connections and be part of the networking platform of the Start-Up Hub program.
The Egypt-based business consulting agency provides military-related business support through its ex-military and highly experienced team.
“Our edge is translated through our continuous understanding of client’s objectives in markets by customizing our partners’ marketing strategy, increasing their
profitability and leading them to success,” CEO of Makville, Mostafa El-Kabany, who is also a 19-year experienced ex-military officer, told Arab News.
Startups like Makville believe that the show will offer opportunities for business expansion through networking with partners, investors and other small- and medium-sized businesses.
With the presence of large-sized companies at the show, El-Kabany pointed out that the future of military defense would be built through “the integration and strengthening for all defense industry leaders, small and mid-size manufacturers with related complementary industries for the mutual benefits of them besides their clients”.
Designed to amplify these entrepreneurial ideas, the Start-up Hub is set to provide a dedicated space to demonstrate businesses and new technologies throughout the four-day event, to be attended by over 30,000 visitors.
Founded by the General Authority of Military Industries, also known as GAMI, the WDS will also include networking opportunities for its participants, visitors and partners with access to innovation hubs and programs.