Day four of the Biban 24 forum, organized by Monsha'at under the theme "A Global Destination for Opportunities," saw the launch of the "Ibtaker 24" ("Innovate 24") award, aimed at boosting innovation and entrepreneurship in the Kingdom. The award seeks to discover and honor innovative enterprises and new entrepreneurial ideas, highlighting the contributions of innovators locally and internationally, strengthening the Kingdom's position as a global innovation hub.

The "Ibtaker 24" award targets enterprises that actively contribute to supporting the Saudi economy by developing modern technologies or advanced innovations, whether in their products or internal processes, and that work to create outstanding work environments, contributing to boosting GDP and strengthening the capacity of national enterprises to expand and grow.

The "Ibtaker 24" award is divided into three main stages: the idea stage, focusing on emerging innovative projects; the initial stage, dedicated to enterprises that have reached the prototype stage and are seeking support and financing for implementation; and the growth stage, which supports enterprises that have shown sustainable growth over three years and have a successful, scalable business model.

The award offers candidates an intensive five-day training program, including individual mentoring sessions and training courses in innovation and entrepreneurship, with a focus on investor pitching skills, alongside specialized workshops on developing and implementing ideas. The award concludes with cash prizes totaling 300,000 Saudi riyals distributed across its various tracks, and winning enterprises are nominated to represent the Kingdom in the "Entrepreneurship World Cup," giving them the chance to showcase their ideas on a global platform for investors and experts.

The "Ibtaker 24" award contributes to achieving Vision 2030's goals of building a sustainable, diverse economy based on innovation and technology, by empowering innovative enterprises and strengthening their connections with investors and experts, helping position the Kingdom as a global hub for innovation and entrepreneurship.