BBIC Entry Date Extened
The TKM – Ernst & Young Big Business Idea Competition is a prestigious launch pad for new commercial ventures. The 2006 competition was launched in June by HE Ahmed Al Dheeb, Under Secretary at the Ministry of Commerce and Industry and according to Knowledge Oasis Muscat (KOM) management entries have been pouring in from entrepreneurs, students and new companies. To be eligible, the ideas have to be original or a significant improvement on an existing business and make significant use of technology. “We’ve received a large number of entries so far and due to the response and interest in the competition it’s been decided to extend the competition’s entry closing date from 1:00pm, Saturday 2 September to 1:00pm, Saturday 16 September. After the 16th we’ll be sending entries to our panel of judges (technology investors, consultants, bankers, government personnel and successful entrepreneurs) for comment and feedback. We’ll then have the unenviable task of reducing this to a shortlist of semi-finalists and finalists,” remarked Ibtisam Al Faruji (pictured left), Head of Marketing at KOM. More information about the TKM – Ernst & Young Big Business Idea Competition is available at www.kom.om/bbic
The TKM – Ernst & Young Big Business Idea Competition is expected to provide a platform to turn innovative ideas into businesses – not only through prize money, but the mentoring, PR and credibility that goes with it that can help secure investment. “In a knowledge economy it’s vital to provide mechanisms to support innovative technologies. Oman has a growing technology and science base and competitions such as the TKM - Ernst & Young Big Business Idea Competition leverage this knowledge into the commercial world and helps support social and economic growth, this is extremely important to Oman,” commented Mohammed Al Ghassani, Executive Vice President, PEIE and member of the judging panel.
According to Dave Pender, Adviser, PEIE and member of the judging panel: “Entrants to the competition include science researchers, lone inventors, small companies and entrepreneurs from around the sultanate. The ideas received so far make significant use of science, technology or design and range from wireless communications to environmental solutions.” From a global perspective, the longest-standing business plan competition is the US$100K competition at MIT, which has facilitated the birth of over 60 companies with an aggregate value of over US$10.5 billion dollars. These companies have generated over 1,800 jobs and received US$175 million dollars in Venture Capital funding. The TKM – Ernst & Young Big Business Idea Competition is certainly much younger, but it has every intention of taking domestic entrepreneurs on and up.
