Oman Souq Online Wins 2007 BBIC Title

Under the patronage of the Minister of Commerce & Industry, HE Maqbool bin Ali Sultan, Oman Souq Online led by Anwar Al Tobi, Abdulhakeem Al Tobi and Badriya Al Baqlani received the top award at this year’s TKM – Ernst & Young Big Business Idea Competition held on Sunday evening at the Crowne Plaza Hotel, Muscat.

Founded in 2006 by Knowledge Oasis Muscat and supported by Ernst & Young, Nawras, Ericsson, NCR, Talal Abu Ghazaleh Intellectual Property, Infocomm and Oman Economic Review the annual competition recognizes and celebrates Oman’s most inspiring business plan.

Organizer of the annual competition, Hilal Al Ahsani, CEO, Public Establishment for Industrial Estates said: "I congratulate the winning team of Anwar Al Tobi, Abdulhakeem Al Tobi and Badriya Al Baqlani and all those short-listed for the competition because many of them have developed potentially winning ideas for areas which are crucial to our economy.”

At the award ceremony Mohammed Al Maskari, Director General, Knowledge Oasis Muscat (KOM) said: “Innovation depends on taking ideas right through to become fully-fledged marketable products and services. Annual competitions like this which help mentor and develop people to market and sell their ideas can only help us in boosting innovation in Oman."

Al Ahsani added: “I’m thrilled to see the growing, important contribution the TKM – Ernst & Young Big Business Idea Competition is making in showcasing young Omani entrepreneurs. The value of role models can not be underestimated and each of our finalists is someone that other young entrepreneurs will aspire to be like. I know that some things are universal when it comes to achieving business success - it takes vision, determination, commitment, sacrifice and passion. This year’s four finalists are testament to that and I applaud their incredible achievements."

To help realise their ideas, Oman Souq Online will have access to 12 months rent free office accommodation in The Knowledge Mine incubator program based on KOM. They will also receive RO4,000 in start-up cash, RO2,000 in telecommunication and Internet credit from Nawras and access to regular business mentoring sessions

Philip Stanton, Managing Partner, Ernst & Young – Oman, and lead sponsor of the business idea competition added: “This year’s finalists are talented and determined young men and women who all have the potential to be tomorrow’s business leaders. They are innovators who are true role models. I know they will inspire many others to take up the challenge of the TKM – Ernst & Young Big Business Idea Competition in future years.”

2007 BBIC Finalists Announced

E-security, online retail, internet research and survey and multimedia projects, are among the new technology ventures short-listed for this year's TKM – Ernst & Young Big Business Idea Competition final which will be held Sunday 28 October at the Crowne Plaza Hotel, Muscat.

The TKM – Ernst & Young Big Business Idea Competition, the largest such competition in Oman, has selected four potentially high-growth businesses, drawn from entries from around the sultanate, to compete on 28 October for RO6,000 of start-up finance and 12 months rent free office accommodation in the TKM incubator program based at Knowledge Oasis Muscat.

The four outstanding finalists are in the early stages of setting up businesses and are based on innovative ideas. The finalists are:

Saleh Al Shukairy – multimedia;
Badriya Al Baqlani, Anwar Al Tobi and Abdulhakim Al Tobi - online retail;
Majid Al Yaqoobi - online research and survey project; and
Jafer Al Mamari - e-security.

The TKM – Ernst & Young Big Business Idea Competition is a prestigious launch pad to raise investment and create high-value technology companies. The finalists will present elevator pitches to the competition’s judging panel on 28 October at the event’s annual gala dinner at the Crowne Plaza Hotel. According to Mr. Mohammed Al Maskari, Director General, Knowledge Oasis Muscat: “The judges look at a wide range of criteria; in particular, business success either by increase in sales and unit volume, market research and identification of customer focus, organizational and team building effectiveness, strategic planning, overcoming obstacles and barriers to success, visionary leadership and social and community responsibility.”

Hilal Al Ahsani, CEO, Public Establishment for Industrial Estates said: “This is the second year that we’ve run the TKM – Ernst & Young Big Business Idea Competition and it’s developing an impressive track record for creating new ventures. However, we could not organize such an important initiative without the critical support of Ernst & Young, Nawras, Talal Abu Ghazaleh Intellectual Property; Ericsson, NCR, Grofin; Oman Economic Review and Times of Oman. We’re thrilled with the calibre of this year's entries and it has been tough job for the judging panel to narrow it down to the final four.”

Would Be Omani Tycoons Meet Up

Would be Omani business tycoons are lining up to do battle for the biggest cash prize fund of any business planning competition in Oman.

Semi-finalists of the TKM – Ernst & Young Big Business Idea Competition will gather on Wednesday at Knowledge Oasis Muscat (KOM) to trial their business plan pitches to this year’s judging panel for advice and feedback ready for the 28 October Final, where judges will ultimately decide who wins the prize of RO6,000 in start-up finance and 12 months rent free office accommodation in The Knowledge Mine business incubator based on KOM.

“We received over 40 applicants to this year’s competition,” commented Mohammed Al Maskari, KOM’s Director General, adding: “developing an SMS search service, online real estate, e-shopping, e-security, software for event organizers, business continuity and disaster recovery and e-travel are among the new ventures short-listed as this year’s semi-finalists. The calibre of entry has been fantastic,” remarked KOM’s Director General

The semi-finalists include: Zaha Al Abri; Ghalib Al Abri; Mohammed Al Kindi; Mundhir Al Alawi; Anwar Al Tobi; Jaifar Al Mamari; Abdullah Al Riyami; Malika Al Amri; Ahmed Al Yahmadi; Rabab Al Zaabi; Saleh Al Shukari; Ibrahim Al Mowali; Ishaq Al Mamari; Almutajaredah Al Manthari; Eiman Al Wohaibi; Khalid bin Mohammed Al Rawahy; Sultan Al Alawi; Khalid bin Saif Al Rowahy; Mohammed Al Humimi; Asma Al Thuhlia; Saif Al Hinai; Majid Al Yaqoubi; Khalid Al Yaqoubi; and Irfan Al Lawati.

The panel of judges will review the semi-finalists and select four to go forward to present at the TKM – Ernst & Young Big Business Idea Gala Dinner on 28 October at the Crowne Plaza Hotel.

“We held Wednesday’s meeting to provide semi-finalists with an opportunity to meet the competition's judges as well as meet their fellow competitors and get some well-earned media exposure to help them turn their dreams into realities," added Ibtisam Al Faruji, KOM’s Head of Marketing.

Fueling Innovation

The 2nd TKM – Ernst & Young Big Business Idea Competition (BBIC) was launched Monday 9 July at Knowledge Oasis Muscat (KOM) under the patronage of HE Ahmed Al Dheeb, Under Secretary for Commerce & Industry, Ministry of Commerce & Industry.

"Last year's competition attracted over 70 entries from local entrepreneurs, business people and academics, we were delighted with the response and expect a larger number of entries to be submitted this year," said Abdullah Al Jufaili, Director, The Knowledge Mine (TKM) incubator program. Sponsored by Ernst & Young, Ericsson, Nawras, NCR, Infocomm, GroFin Oman and OER, the competition is viewed by many in Oman’s business and public sector circles as a launch pad for participating entrants to successfully raise investment for their commercial ventures.

Although the competition is limited to Omani nationals the organizers welcome entries from individuals, teams, students and entrepreneurs. According to Al Jufaili, "anyone with a good, innovative idea for a technology-driven business should think about participating in the Big Business Idea Competition.'"

In partnership with Ernst & Young, Ericsson, Nawras, GroFin Oman, Infocomm and NCR, TKM will run a series of pre-competition workshops at the Ernst & Young offices in Qurum and at KOM. “The 10 workshops will cover business plan writing, attracting finance, developing a marketing strategy and the importance of technology in the small business environment. We've also arranged for start up firms operating in TKM to give workshops on their personal experiences, what it means in real terms to set-up and run a business. Full details on these can be seen on www.kom.om/bbic," remarked Al Jufaili.

Commenting on their success in the 2006 Big Business Idea Competition, Zawan Al Sabti, Co-founder of tourism portal Qumriyat: "Winning last year's BBIC was huge for us. Since picking up the award we've received a tremendous amount of guidance and PR support from the TKM management. Moreover, we've been contacted by people who want to hear more about our business concept and the technology we're using. The feedback has helped us build an even stronger business model."

"There's compelling market potential for what Qumriyat is doing," said Mohammed Al Maskari, KOM's Director General. "There’s a large tourism market out there, and their technology can be applied to multiple aspects of the industry. It's certainly not a one hit wonder in its potential," he added. "They’re a young, educated and energetic team and they’ve a great plan on how to proceed."

“The three women that make up the Qumriyat team are typical of the hi-tech entrepreneurs we see operating on KOM. In fact, entrepreneurship is a key driver of our economy,” said Al Maskari. “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 2006. In simple terms, we want to help spread the word of innovation and entrepreneurship particularly among the youth,” commented the KOM Director General.

“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 our economy.

It’s initiatives like the TKM – Ernst & Young Big Business Idea Competition that will help Oman create small businesses, generate employment and show youngsters that it’s perfectly feasible to have an idea and set up a business. "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 Jufaili.

Entrants have until 9 September to enter their business plan. The four entrants with the best plans will be invited to present at the TKM – Ernst & Young Big Business Idea Competition Gal Dinner on 22 October. The most fundable business plan will earn its writers a prize of RO6,000 and 12 months rent free office accommodation in TKM.

BBIC Launches 9 July

The 2nd TKM – Ernst & Young Big Business Idea Competition (BBIC) will be launched 10:00am on Monday 9 July at Knowledge Oasis Muscat (KOM) and under the patronage of HE Ahmed Al Dheeb, Under Secretary for Commerce & Industry, Ministry of Commerce & Industry. This is the largest such competition in Oman and is now well established as a prestigious launch pad for new science and technology businesses.

"Last year's competition attracted over 70 entries from local entrepreneurs, business people and academics, we were delighted with the response and expect a larger number of entries to be submitted this year," said Abdullah Al Jufaili, Director (pictured), The Knowledge Mine (TKM) incubator program. Sponsored by Ernst & Young, Ericsson, Nawras, NCR, Infocomm and OER, the competition is viewed by many in Oman’s business and public sector circles as a launch pad for participating entrants to successfully raise investment for their commercial ventures.

Although the competition is limited to Omani nationals the organizers welcome entries from individuals, teams, students and entrepreneurs. According to Al Jufaili, "anyone with a good, innovative idea for a technology-driven business should think about participating in the Big Business Idea Competition.'" The idea should be original or a significant improvement on an existing business. "The 9 July launch will be an excellent opportunity for people to learn more about the competition and what it means to initiate a start-up company,” remarked the TKM Director.

“If you’re new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. Entrants will receive high-level feedback on their business idea and the chance to learn more about processes of business. We believe that the competition is a highly-prestigious platform for successful new venture creation – it offers entrants access to networks, training and valuable contacts and it helps further understanding of the investment process and what constitutes a realistic marketable idea,” said Karim Rahemtulla, CEO, Infocomm and a sponsor of the competition.

Dave Pender, Advisor, Public Establishment for Industrial Estates, explained that the perfect business plan doesn’t exist because each business plan has to be designed for its particular function. His advice to BBIC entrants on pitching an idea to investors: "You’re selling futures and building credibility, so if they don’t believe in you they won’t believe what you tell them."

In partnership with Ernst & Young, Ericsson, GroFin Oman, Infocomm and NCR, TKM will run a series of pre-competition workshops at the Ernst & Young offices in Qurum and at KOM. “We'll be announcing the free of charge workshop schedule on 10 June. In fact, free access to experts from Ernst & Young, Ericsson, GroFin Oman, Infocomm and NCR is an opportunity that doesn’t come along everyday,” commented the TKM Director. The workshops are intended to help would be entrepreneurs look at what it means to research and write a business plan plus how to use the business plan to raise investment for the business.

Entrants have until 9 September to enter their business plan. The four entrants with the best plans will be invited to present at the TKM – Ernst & Young Big Business Idea Competition Gala Dinner on 22 October. The most fundable business plan will earn its writers a prize of RO6,000 and 12 months rent free accommodation in TKM.

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!”

BBIC Interview with Abdullah Al Jufaili

This week we met up with Eng. Abdullah Al Jufaili, Director (pictured), The Knowledge Mine (TKM) who shared his vision and thoughts on the future of ICT entrepreneurship in Oman. This is what he had to say about the TKM – Ernst & Young Big Business Idea Competition (BBIC), Oman's annual business plan competition – an initiative that will hopefully help produce start-ups with bullet proof ideas.

What triggered the idea for the Big Business Idea Competition?
TKM has had a vision since its inauguration in March 2003 to establish a base for the next generation of Omani entrepreneurs. The BBIC is one of the tools we're using to nurture domestic business creativity and encourage Oman's youth to think about the opportunities available in the private sector in general and the ICT sector in particular. In brief, the objective is to create awareness and build a stronger entrepreneurial culture in Oman.

What characteristics do you need to be a successful entrepreneur?
The ingredients have to include vision, purpose, leadership and strategic thinking. But perhaps the most important element is an entrepreneur's fearless approach to risk taking.

What path do you suggest for would-be entrepreneurs?
You need to know the market and what's needed to do business in that particular environment. Starting a new business can be a bumpy road so it's important to get advice from experts. Start small but aim big and set realistic goals.

What’s the downside to being an entrepreneur?
Forget weekends and vacations, entrepreneurs work 24/7. Balancing your social, family and business life can be a real challenge.

What do you think the dotcom has done for enterprise?
The dotcom era has created tremendous business opportunities. Indeed, some companies started operating without having a physical presence – no bricks or mortar. The successes and benefits of the dotcom era has encouraged the public sector to initiate "the dotgov" era.

Have you got a favourite entrepreneur?
It would have to be Pierre Omidyar the founder and chairman of ebay. He created an empire which in 2005 generated US$4.55 billion.

How do you recognize the next big thing?
A really creative idea is often a very simple idea. It's one of those things that make people say: "Now, why didn't I think of that?"

What's the most interesting part of your job?
I've been running TKM for the past two and a half years and it's been a great experience. I'm surrounded by very talented start-ups and this is a really stimulating environment to work in. TKM represents the bleeding edge of entrepreneurship in Oman and I'm deeply proud to be associated with this important national initiative.

BBIC Semi-finalists Meet Judges

Entrepreneurs, business people, government representatives, media and sponsors gathered at Knowledge Oasis Muscat (KOM) on Sunday to meet the 11 semi-finalists of the TKM – Ernst & Young Big Business Idea Competition. Developing online trading solutions, a tourism portal, recycling, a web-based real estate company, SMS brokerage services, environmental friendly fertilizer, recycling and eco-tourism are among the new ventures shortlisted as semi-finalists for this year's competition.

"The competition judges have selected 11 potentially high-growth businesses, drawn from entries from around the sultanate, to compete for 12 months rent free accommodation in the Knowledge Mine incubator program based at KOM plus RO6,000 (US$16,000) in start-up finance," said Abdullah Al Jufaili, TKM Director.

The 11 semi-finalists are in the early stages of setting up businesses based on innovative science, technology and design.

o Musallam Al Shukairi – online trading strategies for SMEs
o Amal Al Maamari – eco-tourism hotel
o Abdullah Al Kindi and Zuhair Al Harthy – online real eastate
o Bader Al Hinai – SMS brokerage services for property and goods
o Saada Saif Al Harthy – mobile toilets
o Hamed Al Aghbari and Musallem Al Rahbi – web GIS
o Ammar Al Ghazali – recycling
o Sami Al Khalbani – organic fertilizers
o Talal Rakha – automated business solutions
o Majda Al Hinai and Maha Al Bulushi – tourism portal
o Hadia Al Baluchi - tourism

Semi-finalists have until 21 October to submit revised business plans, judges will then nominate four finalists who will be given the opportunity to deliver five minute power pitches to the judging panel at the Award Dinner on 5 November at the Crowne Plaza Hotel.

According to KOM management, the competition attracted over 70 entries and sponsorship for this year's program was offered by Ernst & Young; National Bank of Oman; Ericsson; Nawras; ITA; and The Week. KOM's Director General, Mohammed Al Maskari welcomed the guests and competition semi-finalists, saying after the event: "The business ideas submitted were excellent and the enthusiasm for the competition has been tremendous. We're delighted with the response to this important and annual national business initiative. "

Al Jufaili added: "The idea behind Sunday's gathering was to provide the 11 semi-finalists with the opportunity to meet the competition's supporters and judges as well as meet potential investors and partners and get well-earned media exposure to help turn dreams into realities."

NBO's Anees Sultan BBIC Interview

This week we chatted to Anees Sultan of National Bank of Oman - a member of the BBIC judging panel and an important sponsor of the competition. This is what he had to say about overheads; Virgin Megastores; SMEs; and losing hair.

Would you mind giving our readers an overview of NBO?

Established in 1973, NBO was the first Omani bank. Today, we offer retail services and increasingly sophisticated corporate banking, specialized teams in treasury, investment banking and trade finance. We're also expanding our regional reach through our close relationship with the Commercial Bank of Qatar.

Why has NBO become involved in the TKM – Ernst & Young Big Business Idea Competition?

NBO is keen to support winners. A successful small business or new business idea will have smart, motivated and committed people at its helm. NBO wants to recognize the efforts of these people and provide them with the necessary tools for success. This doesn’t mean an automatic loan but a good business idea will find finance if its management can demonstrate real commercial potential.

How important are start-ups to Oman’s economy?

NBO recognizes that it’s SMEs that drive the economy forward. Small businesses create employment and this has a multiplier effect that improves the demand dynamics for goods and services in the economy.

What personal experience do you have of the start-up culture?

I started a stock broking firm in 1997 and worked with a team of committed partners and employees. It’s important to work with people you trust and let them take their own decisions, otherwise you end up doing everything which leaves you drained and people tend to leave when you run a company that way!

What characteristics do you need to be a successful entrepreneur?

Most successful entrepreneurs don’t necessarily create a new product or service, but conduct business in a smarter way. This means patient understanding and build-up of business knowledge, working on every detail and every possibility, test assumptions and more importantly strict adherence to an implementation plan.

Which international entrepreneur has inspired you and why?

I like Virgin’s Sir Richard Branson. He’s built a business empire based on serving an existing need - leisure and entertainment – but he's done it in a better way. For example, part of his business is selling music but he does it in Megastores which involves an entirely different consumer experience.

What are the key ingredients for a successful start-up?

Keep overheads low. There's no shame in buying used furniture. If you don't control costs from the start they'll turn around and bite you. There will be lean months when income is low and you don't want to face instalment or interest payments your business can't afford.

Clearly define the role of your team.

Know your client’s needs. Check the competition and its offerings and always try to offer something your competition doesn't have. It's also important to work on customer service. I continue to be amazed at how badly some businesses in Oman treat their customers.

What path do you suggest for would-be Omani entrepreneurs?

Pick an industry or a business you're excited about. This is important because you will be spending a lot of time in it. Next, work in the business to learn its intricacies, dangers, potentials and tricks of the trade. A famous story I like to recount is that of an airline owner who spent time as a luggage handler in a competing airline in order to improve his own airline’s service offerings.

What are the drawbacks to being an entrepreneur?

For the first 6 months of a start-up, forget personal and family life. You'll be the manager, negotiator, secretary and salesperson – all in one. Be prepared to age a little and lose some hair!

BBIC Semi-finalists Announced

Developing online trading solutions, a tourism portal, recycling, a web-based real estate company, SMS brokerage services, environmental friendly fertilizer, recycling and an eco-tourism are among the new ventures shortlisted as semi-finalists for this year's TKM – Ernst & Young Big Business Idea Competition.

The TKM – Ernst & Young Big Business Idea Competition, Oman's annual business plan competition, has selected 10 potentially high-growth businesses, drawn from entries from around the sultanate, to compete for 12 months rent free accommodation in the Knowledge Mine incubator program based at Knowledge Oasis Muscat (KOM) plus RO6,000 in start-up finance.

The 10 semi-finalists are in the early stages of setting up businesses based on innovative science, technology and design. The semi-finalists are:

o Musallam Al Shukairi – online trading strategies for SMEs
o Amal Al Maamari – Eco-tourism hotel
o Abdullah Al Kindi and Zuhair Al Harthy – online real estate
o Bader Al Hinai – SMS brokerage services for property and goods
o Saada Saif Al Harthy – mobile toilets
o Hamed Al Aghbari and Musallem Al Rahbi – web GIS
o Ammar Al Ghazali – recycling
o Sami Al Khalbani – organic fertilizers
o Talal Rakha – automated business solutions
o Majda Al Hinai and Maha Al Bulushi – tourism portal

"The TKM – Ernst & Young Big Business Idea Competition is a prestigious launch pad to raise investment and create high-value technology and knowledge-driven companies. Moreover, it's an initiative that's intended to raise the profile of innovation and entrepreneuship amongst Oman's youth. We want to get young people thinking about starting a business and everything that's involved in that process. Putting start-up ideas down on paper is a great mental exercise," commented Mohammed Al Maskari, Director General, KOM.

The semi-finalists will present their business plans to a panel of judges in late October, four selected finalists will then be given the opportunity to deliver 5 minute elevator pitches to a panel of judges at the Award Dinner scheduled to be held 5 November at the Crowne Plaza Hotel. The competition has attracted substantial support from Ernst & Young; The Week; National Bank of Oman; NCR; Ericsson; Nawras and the Information Technology Authority. "We couldn't have put the Competition together without the support of our sponsors and judging panel," remarked Ibtisam Al Faruji, Head of Marketing, KOM.

Abdullah Al Jufaili, Director, TKM, said: "The competition was launched in June by HE Ahmed Al Dheeb, Under Secretary, Ministry of Commerce & Industry and is aimed at Omani entrepreneurs, students and small business owners interested in starting or growing a technology and knowledge-driven business in the TKM incubator program. We attracted more than 70 entries, in fact the response has been excellent."

Beginning in June contestants were offered a series of three free workshops, delivered by Ernst & Young, designed to help guide emerging companies through the process of developing and writing a business plan.

BBIC Interview with Mohana Prabhakar

This week we caught up with Mohana Prabhakar (pictured left) of Apex Press and Publishing - one of Oman's most influential business editors. Mohana is also a member of the BBIC judging panel and this is what she had to say on Steve Jobs; conservative bankers; and her own California start-up experience.

Can you give us an overview of Apex Press and Publishing?
We've been in the publishing business for over 25 years. Our products include many of Oman’s firsts: Oman Today – a leisure magazine, BusinessToday – a business monthly and TheWeek – the first free paper in the region. Last year we launched our first titles in Arabic: Al Youm, a weekly family magazine and Al Isbou’a, a free weekly paper.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
In an economy that's fast expanding and with opportunities coming up in every sector, our objective as a leading media house, is to do as much as possible to highlight these developments and thereby build confidence in today’s youth to come forward with their ideas. The BBIC is technology focused and that's another reason for us to get involved.

How important are start-ups to Oman’s economy?
Extremely important – enterprise among the youth in any country is seen as a true barometer of economic progress.

What personal experience do you have of the start-up culture?
I worked for a software start-up in Mountainview, California, joining the company just after it had been set-up. The biggest thing I brought back from that experience was that there was never any time to sit down and moan that something wasn't possible – you just got on with finding a solution. Everything was possible, because you thought it was. Our experience with launching TheWeek was a similar experience, though it doesn’t really qualify as a start-up. We worked on it with one objective in mind – to make it a success. If we'd listened to the huge number of naysayers, Oman's Wednesdays wouldn't be what they are today.

What characteristics do you need to be a successful entrepreneur?
Primarily, you need to be a person who isn't afraid of taking risks. Be prepared to be in there for the long haul and understand that you have to work very hard to be successful. Planning is another important aspect of entrepreneurship and you can’t be an expert at everything so you need to seek the advice of experts. Don’t be embarrassed when you make a mistake. Learn from it and your chance of success improves immeasurably. Just don’t make the same mistake again.

Which international entrepreneur has inspired you and why?
Steve Jobs – he said ‘stay hungry, stay foolish’. He went from a garage to a US$2bn company to being fired at 30 from the company he set up, and came back with Pixar and NeXT and again ended up at Apple. The other is the man who revolutionised the way the world felt about Indian software capabilities, N R Narayana Murthy.

How could the region’s banking community improve the services they provide to start-ups?
Traditionally, it's always been difficult for businesses that ask for loans on intangibles – until you start your business you have nothing material with which to convince the conservative banker. Add to that a fresh entrepreneur, and the banker is even more worried. This is especially true for the tech sector, where you're often dealing with just an idea of a software application that you can’t see or touch and bankers as we all know have trouble putting their faith (and money) into ventures like this. Things have improved in recent years, but there's still a lot more that needs to be done to help entrepreneurs. Going the venture capital route is a possibility.

What path do you suggest for would-be Omani entrepreneurs?
Don’t try and reinvent the wheel – or concentrate on coming up with an idea that nobody has ever had. Identify the need and then go fill it.
What are the drawbacks to being an entrepreneur?
Get used to working 24/7, living with uncertainty, possible financial instability, and accept the possibility that you may have to start from scratch again.
What do you think the dotcom has done for enterprise and innovation?
Showed us how easy it is to be successful and equally how fragile that success can be.

How do you recognize the next big thing?
I don’t think you can. There's no set path to this and the smallest idea becomes the biggest thing and vice versa. Just believe in what you're doing and go for it with all you’ve got – if you find you can do that, possibly, that’s your next big thing.