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.
