Riyadh, Saudi Arabia – March 12, 2023 – After three days of fierce competition with 100 up-and-coming startups representing 53 countries, Memphis-based Hera Health Solutions finished third at the Entrepreneurship World Cup, one of the largest pitch competitions and support programs for up-and-coming founders.
Hera Health Solutions is a pharmaceutical device company specializing in the research, development, and commercialization of long-acting treatments through proprietary bioerodible drug delivery implants. The company was awarded with a $150,000 cash prize.
“The prize money will allow us to accelerate some key milestones in the upcoming months,” said Idicula Mathew, company co-founder and CEO. "In addition to that, we are really excited about some new collaborative strategic partnerships that could emerge. This week has been exceptional in showcasing the opportunities that can unfold when you put so many like-minded and innovative folks together in one room.”
Digiphy, a Los Angeles-based startup specializing in a connected packaging and contextual marketing platform, was awarded a $25,000 fifth-place prize.
“I was honored and privileged to be selected this year,” said Sarah Wagman Ellenbogen, co-founder and CEO of Digiphy. “The money we earned will go to scaling our company globally.”
The Entrepreneurship World Cup is co-hosted by the Global Entrepreneurship Network (GEN) and Monsha’at – the Small and Medium Enterprises General Authority in Saudi Arabia. The Global Finals were held March 10-12 at Biban 23, the largest event for entrepreneurs and small-to-medium-sized enterprises in Saudi Arabia.
The competition attracted more than 30,000 founders, with 100 of the top-performing companies invited to pitch to a panel of international judges at the Global Finals after several qualifying rounds.
Since launching in 2019, EWC has engaged more than 400,000 entrepreneurs from 200 countries and connected founders with over US$4 million in cash prizes and another US$266 million worth of perks and free support and services.
“These founders and their companies are disrupting their industries and testing big ideas with potential to transform our world,” said Jonathan Ortmans, president of GEN. “GEN is proud to co-host the Entrepreneurship World Cup for the fourth year, giving promising companies the opportunity to connect to global markets and investment.”
The Entrepreneurship World Cup is made possible with support from a collection of national and global partners including One Valley, The Global Education and Leadership Foundation (tGELF), Entrepreneurs’ Organization, King Abdullah University for Science and Technology and Startup Genome. The Misk Foundation is a founding partner.
For interviews and further inquiries please contact:
Kathryn Forrest
Media Relations, Global Entrepreneurship Network
About the Entrepreneurship World Cup
The Entrepreneurship World Cup is one of the largest and most diverse pitch competitions and support programs of its kind. Every year, tens of thousands of entrepreneurs from 200 countries compete for US$1 million dollars in cash prizes and millions more worth of investment, support and publicity through national pitch competitions, bootcamps and a global finals event attended by leading investors. However, the Entrepreneurship World Cup is more than just a pitch competition. Co-hosted by the Global Entrepreneurship Network and Monsha’at with support from more than 100 partners world-wide, the competition connects applicants at all levels – from idea stage to scale-up – with world-class training, resources and mentorship to enhance their skills and take their ventures to the next level, regardless of whether or not they top the podium. To learn more, visit www.entrepreneurshipworldcup.com.