Big Business Idea Competition: What's it All About?
The Big Business Idea Competition
Do you have a business idea that could be a winner? Can you put together a plan to make it happen? Would you like advice and feedback from people with a track record of success? If so, then enter the 2006 TKM – Ernst & Young Big Business Idea Competition.
There are lots of potential entrepreneurs in Oman who have great ideas for businesses but who may not have the confidence or the support to take the leap into an entrepreneurial life. The TKM business incubator program based at Knowledge Oasis Muscat and Ernst & Young have come together to provide an opportunity for potential Omani entrepreneurs to take the plunge.
Competition Format
To be considered for the competition, Omani entrepreneurs need to complete and submit an official application form by the closing date of 2 September 2006. Applicants must be Omani nationals and be at the seed, start-up or early stages of developing their business idea. Business ideas can be from any industry sector but the ultimate winner is likely to display a high level of originality, creativity and/or innovation in their idea. Although no one is excluded, applicants with ideas exclusively based upon retailing or the provision of personal services are unlikely to be successful. It must also be noted that business ideas must be compatible with and meet the conditions for occupancy of the TKM business incubator program (www.kom.om/tkm)
Application
The application form offers Omani entrepreneurs the opportunity to outline in detail why they feel their particular idea is worthy of the prize. Headings on the application form include:
o General overview of business idea
o Relevant education/experience
o Target market
o Major issues/obstacles likely to be faced
o Progress to date
o Main reasons why the idea will be a success
Benefits to Applicants
If you are new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. We offer high-level feedback on your business idea and the chance to learn more about the processes of business. The competition is a highly-prestigious platform for successful new venture creation and it helps further understanding of the investment process and what constitutes a realistic marketable idea. All applicants will be offered a one-on-one advisory consultation session with a TKM business advisor. This will be offered regardless of the level of innovation exhibited in the application.
Key Dates
18 June 2006: Launch Date – Press Conference
2 September 2006: Closing date for submission of entries
5 September 2006: Semi-finalists announced
20 September 2006: Semi-finalist submit full business plans
5 November 2006: The Big Business Idea Gala Dinner & Award Ceremony
Big Business Idea Workshops
If you have never written a business plan before, or even if you have but would like to improve, then come along to the Big Business Idea Competition Workshops.
25 June 2006: Business Plan Workshop I
This workshop covers the first steps: structuring a business plan; communication techniques; how to research your market and customers; writing for your investor.
2 July 2006: Business Plan Workshop II
In this workshop, we take a close look at three of the most important sections of any business plan: Operations, Finance and Marketing.
9 July 2006: Business Plan Investor Panel
The investor panel will help cover the next step of using your business plan to raise investment for your business.
How to Enter
To enter the competition, individuals or teams need to complete the short application form and hand it in at the Reception of building 1, Knowledge Oasis Muscat by 1:00pm, 2 September 2006. Or e-mail to: ibtisam@kom.om
The Winning Prize
The winner of the competition will receive the following:
o 12 months free rental of a unit in The Knowledge Mine with an option to renew for a further six months. While rental of the unit will be provided free as part of the prize fund, the running costs associated with the unit (i.e. electricity, water; telecomms; etc.) will be covered by the winner.
o Technical Assistance of 50% of costs of office, equipment and/or other eligible costs related to the set-up of the business subject to a maximum of RO4,000.
o RO2,000 of Internet and mobile credit from Nawras.
o Up to 6 days consultancy from TKM business advisors, who will formally assist with business planning, financial planning and marketing. A comprehensive business plan covering all aspects of the business will be developed.
o Opportunity to avail of the wide range of other support provided by TKM.
Judging Criteria
Applicants will be required to submit a completed application form with details of their business idea to be judged by a panel of experienced professionals. The ideas will be short listed based on their level of innovation, creativity and/or originality, understanding of commercial realities and overall potential for long-term success. Short listed applicants will then be required to undertake a short informal interview to discuss their business idea in greater detail. The winner will be deemed by the judges to have the greatest overall potential for long-term success.
Confidentiality
The organisers, judges and mentors associated with the Big Business Idea Competition are required to sign a non-disclosure agreement. Both your Business Idea and Business Plan will be treated in the strictest confidence. It is the participant's responsibility to make the organization they are employed by or affiliated with aware of their participation in the Big Business Idea Competition.
The Knowledge Mine Profile
The Knowledge Mine (TKM) was established in April 2004 and was set-up to provide state of the art incubation workspace and support for start-up businesses. Knowledge Oasis Muscat oversees the management and running of TKM. To date, TKM is become home to eight start-ups. A core component of TKM’s make-up is its business mentoring services, provided by: Ernst & Young; Intilaqaah; Trowers & Hamlins; KPMG; and Talal Abu-Ghazaleh.
Do you have a business idea that could be a winner? Can you put together a plan to make it happen? Would you like advice and feedback from people with a track record of success? If so, then enter the 2006 TKM – Ernst & Young Big Business Idea Competition.
There are lots of potential entrepreneurs in Oman who have great ideas for businesses but who may not have the confidence or the support to take the leap into an entrepreneurial life. The TKM business incubator program based at Knowledge Oasis Muscat and Ernst & Young have come together to provide an opportunity for potential Omani entrepreneurs to take the plunge.
Competition Format
To be considered for the competition, Omani entrepreneurs need to complete and submit an official application form by the closing date of 2 September 2006. Applicants must be Omani nationals and be at the seed, start-up or early stages of developing their business idea. Business ideas can be from any industry sector but the ultimate winner is likely to display a high level of originality, creativity and/or innovation in their idea. Although no one is excluded, applicants with ideas exclusively based upon retailing or the provision of personal services are unlikely to be successful. It must also be noted that business ideas must be compatible with and meet the conditions for occupancy of the TKM business incubator program (www.kom.om/tkm)
Application
The application form offers Omani entrepreneurs the opportunity to outline in detail why they feel their particular idea is worthy of the prize. Headings on the application form include:
o General overview of business idea
o Relevant education/experience
o Target market
o Major issues/obstacles likely to be faced
o Progress to date
o Main reasons why the idea will be a success
Benefits to Applicants
If you are new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. We offer high-level feedback on your business idea and the chance to learn more about the processes of business. The competition is a highly-prestigious platform for successful new venture creation and it helps further understanding of the investment process and what constitutes a realistic marketable idea. All applicants will be offered a one-on-one advisory consultation session with a TKM business advisor. This will be offered regardless of the level of innovation exhibited in the application.
Key Dates
18 June 2006: Launch Date – Press Conference
2 September 2006: Closing date for submission of entries
5 September 2006: Semi-finalists announced
20 September 2006: Semi-finalist submit full business plans
5 November 2006: The Big Business Idea Gala Dinner & Award Ceremony
Big Business Idea Workshops
If you have never written a business plan before, or even if you have but would like to improve, then come along to the Big Business Idea Competition Workshops.
25 June 2006: Business Plan Workshop I
This workshop covers the first steps: structuring a business plan; communication techniques; how to research your market and customers; writing for your investor.
2 July 2006: Business Plan Workshop II
In this workshop, we take a close look at three of the most important sections of any business plan: Operations, Finance and Marketing.
9 July 2006: Business Plan Investor Panel
The investor panel will help cover the next step of using your business plan to raise investment for your business.
How to Enter
To enter the competition, individuals or teams need to complete the short application form and hand it in at the Reception of building 1, Knowledge Oasis Muscat by 1:00pm, 2 September 2006. Or e-mail to: ibtisam@kom.om
The Winning Prize
The winner of the competition will receive the following:
o 12 months free rental of a unit in The Knowledge Mine with an option to renew for a further six months. While rental of the unit will be provided free as part of the prize fund, the running costs associated with the unit (i.e. electricity, water; telecomms; etc.) will be covered by the winner.
o Technical Assistance of 50% of costs of office, equipment and/or other eligible costs related to the set-up of the business subject to a maximum of RO4,000.
o RO2,000 of Internet and mobile credit from Nawras.
o Up to 6 days consultancy from TKM business advisors, who will formally assist with business planning, financial planning and marketing. A comprehensive business plan covering all aspects of the business will be developed.
o Opportunity to avail of the wide range of other support provided by TKM.
Judging Criteria
Applicants will be required to submit a completed application form with details of their business idea to be judged by a panel of experienced professionals. The ideas will be short listed based on their level of innovation, creativity and/or originality, understanding of commercial realities and overall potential for long-term success. Short listed applicants will then be required to undertake a short informal interview to discuss their business idea in greater detail. The winner will be deemed by the judges to have the greatest overall potential for long-term success.
Confidentiality
The organisers, judges and mentors associated with the Big Business Idea Competition are required to sign a non-disclosure agreement. Both your Business Idea and Business Plan will be treated in the strictest confidence. It is the participant's responsibility to make the organization they are employed by or affiliated with aware of their participation in the Big Business Idea Competition.
The Knowledge Mine Profile
The Knowledge Mine (TKM) was established in April 2004 and was set-up to provide state of the art incubation workspace and support for start-up businesses. Knowledge Oasis Muscat oversees the management and running of TKM. To date, TKM is become home to eight start-ups. A core component of TKM’s make-up is its business mentoring services, provided by: Ernst & Young; Intilaqaah; Trowers & Hamlins; KPMG; and Talal Abu-Ghazaleh.
