Local small and medium-sized enterprises (SMEs) planning to expand regionally and later globally must do a deep dive when it comes to competitor analysis, according to Prince Khaled bin Alwaleed, founder and CEO of KBW Ventures.

He was participating in the first edition of the Oxagon Accelerator, held in partnership with the Saudi Ministry of Industry and Mineral Resources, according to a statement published on the PE company's website.

Oxagon Accelerator focuses on pre-seed and seed-stage startups across three main sectors: water innovation, e-fuels, and technology. 

Khaled reiterated the importance of a startup honing in on a unique value proposition to both attract investment and master a marketplace niche.

The 12-week programme was run with both virtual and in-person sessions in Riyadh coworking spaces. 

Oxagon, which is located in the $500 billion NEOM gigaproject, will house advanced and clean industries. 

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)