Sultan Al Habsi - The Power of Start Ups

Oman Gateway Portal, an internet-based tourism start up won RO6,000 and 12 months rent free office accommodation in The Knowledge Mine incubator program, in the annual TKM – Ernst & Young Big Business Idea Competition. Organized by the Public Establishment for Industrial Estates (PEIE) and supported by NCR; Abu Ghazaleh Intellectual Property; Oman Chamber of Commerce; Ericsson; National Bank of Oman; Nawras; isurf.co.om, The Week and the newly-formed Information Technology Authority; the competition attracted over 70 business plans.

A national and international panel - consisting of entrepreneurs, bankers, telcos, consultants and experienced managers - served as judges and selected the winner. Results were announced at the award dinner at Barr Al Jissah Spa & Resort on 13 November.

"This is huge for us," said Zawan Al Sabti, a co-founder of Oman Gateway Portal. "Just in the past few days we've been contacted by people who want to hear more about our business concept and technology and provide us with feedback and guidance. As a result, we'll come out with a better business. We want to take it to the next step.”

"There is compelling market potential for what Oman Gateway Portal is doing," said Sultan Al Habsi, CEO, PEIE (pictured above). "There’s a very large market out there, and their technology can be applied to multiple aspects of the tourism industry. It's not a one hit wonder in its potential," he added. "They’re a young, educated and energetic team and they’ve a good plan on how to proceed."

“The three women that make up the Oman Gateway Portal team are typical of the hi-tech entrepreneurs we see operating on Knowledge Oasis Muscat (KOM). In fact, entrepreneurship is a key driver of our economy,” said Al Habsi. “It’s not just wealth but a high proportion of jobs that are created by small businesses – businesses that are started by entrepreneurially minded individuals, many of whom go on to create much bigger businesses. It’s obvious to me that if we foster a robust domestic entrepreneurial culture we’ll maximize individual and collective economic success. It’s with this in mind that we initiated the TKM – Ernst & Young Big Business Idea Competition. In simple terms, we want to help spread the word of innovation and entrepreneurship particularly among the youth,” commented the PEIE CEO.

“We’ve seen from our own experience with manufacturers on PEIE estates and ICT firms on KOM that small firms are dynamic agents of change within the economy,” he added. The creation and growth of small firms helps drive productivity through a competitive spur to other businesses, to improve their efficiency and seek quality improvements. Small firms drive innovation by being flexible and willing to experiment. Nearly half of small firms with between 10 and 50 staff are active innovators. They are a crucial source of new products, services and processes in the economy.

“It’s initiatives like the TKM – Ernst & Young Big Business Idea Competition that will help us create small businesses, generate employment and show our youngsters that it’s perfectly feasible to have an idea and set up a business. In tandem with our partners, PEIE will take the competition forward. Indeed, it’s critical for the Omani economy that we get youngsters thinking more creatively about business and getting them interested in the enterprise culture. That’s got to be good for everyone,” concluded Al Habsi.

Oman Gateway Portal Wins BBIC 2006

Oman Gateway Portal picked up first prize at the 2006 TKM – Ernst & Young Big Business Idea Competition at an award dinner held Monday evening at the Barr Al Jissah Spa & Resort. Organized under the patronage of HE Maqbool bin Ali Sultan, Minister of Commerce & Industry and Chairman, Public Establishment for Industrial Estates (PEIE), over 220 guests packed the hotel's Al Bandar Ballroom to watch the four finalists - Oman Geometrics; Dalali; AqarOman; and Oman Gateway Portal - deliver 5 minute elevator pitches to a panel of judges and battle it out for RO6,000 in start-up funds plus 12 months rent free accommodation in The Knowledge Mine incubator program based at Knowledge Oasis Muscat (KOM).

"We're delighted to win the competition" remarked Zawan Al Sabti who partners Majda Al Hinai and Maha Al Balushi (pictured above with Minister Maqbool bin Ali Sultan) in the Oman Gateway Portal, a dynamic and interactive online tourism company. "Given the number and quality of entries to the competition we're thrilled to come out on top. The start-up funds plus free office accommodation in TKM will give us a tremendous boost in getting our company up and running," said Zawan.

"This is the first year that we've organized the competition" remarked Abdullah Al Jufaili, TKM Director, "it attracted in excess of 70 business plans from across the sultanate, many more than we had anticipated." According to Ibtisam Al Faruji, the competition co-ordinator: "The TKM – Ernst & Young Big Business Idea Competition is designed to encourage creative and highly motivated people to form teams, sharpen their thoughts, and focus their energies and talents on developing business ideas with the potential for commercial impact and success. We're confident that the competition will help develop entrepreneurial talent, contribute to the innovative spirit of the sultanate and help national economic growth."

But the real prize is advice and feedback from the experienced judges and the business plan seminars delivered by Ernst & Young. "Just over half of the participating teams took advantage of these sessions. Education is what the competition is really about. If you have an idea for a new venture, then the TKM – Ernst & Young Big Business Idea Competition offers practical guidance and financing that helps turn dreams into reality," remarked Al Jufaili.

"TKM plays an important role in turning outstanding new ideas into products, services and processes which will help us build a healthier, safer society, a cleaner environment and a dynamic knowledge economy for the 21st century. The TKM – Ernst & Young Big Business Idea Competition is an important step towards realizing this goal, helping to turn ambitions into reality and increasing our rate of innovation," commented Dave Pender, Adviser, PEIE.

This year's competition attracted an unprecedented amount of support from government and the business community: "without input from Ernst & Young; Ericsson; Nawras; NCR; ITA; National Bank of Oman; The Week; Infocomm; and Talal Abu Ghazaleh we couldn't have organized such an important national initiative," said Al Jufaili.

Sultan Al Habsi's BBIC Address

Your Excellencies, Distinguished Guests, Ladies and Gentlemen

Welcome to the 2006 TKM – Ernst & Young Big Business Idea Competition Gala Dinner.

As many of you will be aware, PEIE hosted the World Summit on Innovation and Entrepreneurship at this hotel earlier in the year – this event emphasized the need to create and nurture a stronger domestic culture of innovation and enterprise. Building on this message, we launched in June, the TKM – Ernst & Young Big Business Idea Competition, a national initiative that is intended to raise awareness of the start-up culture, particularly amongst Oman's youth. Indeed, the TKM – Ernst & Young Big Business Idea has brought together entrepreneurs, financiers, academics, government agencies and supporters to promote enterprise ideas, introduce them to potential funding, encourage business networking and explore the formation of new markets and partnerships.

I am delighted to tell you that the competition attracted over 70 entrants from across the sultanate – many more than we had expected. Business plans were submitted from a wide variety of sectors, from eco-friendly fertilizer, adventure tourism, paper recycling, SMS brokerage services through to online real estate. All highly creative and innovative ideas.

The business plans were evaluated by our judging panel and a shortlist of 11 semi-finalists was drawn up. From these 11, four teams were chosen to present at this evening's function.

Reaching the final of the BBIC opens the door to opportunity. The quality of entries was very high and our experienced judges are not easily impressed, so reaching the final is a great achievement. I do not envy the judges' task of picking a winner this evening, although we could not have had a better panel of judges and I wish the four teams competing this evening the very best of luck.

Thank you very much I hope you enjoy the rest of the evening.

TKM Director's BBIC Award Dinner Speech

Your Excellencies, Distinguished Guests, Ladies & Gentlemen

As the Director of The Knowledge Mine Business Incubator program I am proud to welcome you to this evening's TKM – Ernst & Young Big Business Idea Competition. Indeed, I'm delighted see so many supporters of the TKM program here tonight.

This is first year that we've organized the TKM – Ernst & Young Big Business Idea Competition and as pointed out earlier by Mr Sultan Al Habsi, PEIE's CEO, it attracted in excess of 70 business plans from across the sultanate. In simple terms, the Competition is designed to encourage creative and highly motivated people to form teams, sharpen their thoughts, and focus their energies and talents on developing business ideas with the potential for commercial impact and success. The competition will help develop entrepreneurial talent, contribute to the innovative spirit of the sultanate, and help national economic growth.

As the competition moved through its several phases, contestants continued to tighten their business plans and judges narrowed the field from the 70 plus entrants to the 4 finalists — the "Fab 4" — who will compete this evening for RO6,000 in start-up finance and 12 months rent free accommodation in TKM.

But the real prize is advice and feedback from our experienced judges and the business plan seminars delivered by Ernst & Young. Nearly half of the participating teams have taken advantage of these sessions. Education is what the competition is really about. If you have an idea for a new venture, then the TKM – Ernst & Young Big Business Idea Competition offers practical guidance and financing that helps turn dreams into reality.

Research demonstrates that Technology Parks around the world have a significant role to play in the growth of high-tech businesses and the development of the knowledge-driven economy. From a domestic perspective, Knowledge Oasis Muscat has the potential to play an important part in achieving this aim by exploiting available knowledge and technology through its close working relationship with its tenants, domestic tertiary institutes as well as with key partners in government and the private sector.

Indeed, TKM has a key part to play in turning outstanding new ideas into products, services and processes which will help us build a healthier, safer society, a cleaner environment and a dynamic knowledge economy for the 21st century. The TKM – Ernst & Young Big Business Idea Competition is an important step towards realizing this goal, helping to turn our ambitions into reality and increasing our rate of innovation.

This year's Competition attracted an unprecedented amount of support from government and the business community – in particular, I should like to thank: Ernst & Young; Ericsson; Nawras; ITA; National Bank of Oman; The Week; Infocomm; and Talal Abu Ghazaleh – without their invaluable support we wouldn't be here this evening. I should be grateful if you would join me in a round of applause for our supporters.

I look forward to your continued support to make the TKM – Ernst & Young Big Business Idea Competition an even greater success in 2007.

Thank you very much I hope you thoroughly enjoy the evening.

Four BBIC Finalists Battle it Out

GPS technology, SMS brokerage service, online real estate and a tourism portal, are the new technology ventures shortlisted for this year's TKM – Ernst & Young Big Business Idea Competition final. The four finalists are potentially high-growth businesses and were drawn from entries from around the sultanate. The four finalists will have the opportunity to compete on 13 November for RO6,000 in start-up finance and 12 months free office acommodation in The Knowledge Mine business incubator program based at Knowledge Oasis Muscat.

“The TKM – Ernst & Young Big Business Idea Competition is the first of its kind in Oman and has sparked tremendous interest both domestically and internationally,” commented Abdullah Al Jufaili, Director, TKM. This year’s event which was open to entrepreneurs, students and small business owners interested in starting or growing a business appropriate to creating jobs, attracted more than 70 entries when it began in June. Over the summer period contestants were offered a series of four free workshops - delivered by staff from Ernst & Young - designed to help guide emerging companies through the process of establishing and growing a new business.

The finalists are:

o Oman Geometrics – Hamed Al Aghbari and Musallem Al Rahbi.
o Dallali – Bader Al Hinai
o Aqaroman – Abdullah Al Kindi (pictured) and Zahir Al Harthy
o Oman Gateway Portal – Majda Al Hinai, Zawan Al Sabti and Maha Al Balushi.

The four finalists will present their business ideas to a panel of judges on 13 November and give elevator pitches to an audience of entrepreneurs, government personnel and investors at a celebration award dinner at the the Barr Al Jissa Spa & Resort. The judges will award the winner with start up funds of RO6,000 plus 12 months free office accommodation at the Knowledge Mine incubator program. The 2006 competition attracted sponsorship from Ernst & Young; Ericsson; National Bank of Oman; NCR; Nawras; The Week; isurf.co.om; and the newly-formed Information Technology Authority.

The goal of the competition is to provide the winner with an adequate initial financial foundation to start or expand their business. The businesses that have entered the competition span a variety of industries from tourism to agriculture to, of course, technology. “We’re delighted with the response to this year’s competition and the diversity of business concepts represented in the plans we received,” stated Ibtisam Al Faruji, the Competition Co-ordinator: “This experience has stretched every contestant and made them all winners!”