What’s PEIE’s take on the BBIC?
IF: In a nutshell, the TKM – Ernst & Young Big Business Idea Competition (BBIC) aims to foster entrepreneurship throughout Oman by providing an opportunity for people - young and old - to develop and present business ideas in a realistic business environment. A key part of the competition has been a series of events and seminars – many delivered by Ernst & Young - which have been designed to help entrants develop the business acumen necessary for success in the competition as well as in the wider business world.With regards younger applicants to the BBIC, at PEIE – which manages industrial estates in Rusayl, Sohar, Sur, Al Buraimi, Raysut and Nizwa as well as KOM and the TKM incubator program - we're passionate about helping young people take control of their future and want to stimulate enterprise, innovation and creative thinking in Oman. Whether you want to start your own business or sharpen your enterprise skills for entering business the BBIC is a great place to start.
How important is entrepreneurship to Oman’s economy?
AH: Entrepreneurship is certainly important to our economy. Helping raise levels of entrepreneurship, competitiveness and productivity in manufacturing and ICT is at the heart of what PEIE does. Indeed, an enterprising small business sector is key in moving any economy on and up. An interesting point here is that international studies have demonstrated the positive correlation between entrepreneurship on the one hand and GDP on the other. Research also indicates that firms that innovate consistently have higher skill levels than others, pay higher salaries and offer better prospects to both employees and investors.Why is it so hard for companies to develop and maintain effective innovation processes?
MH: We live in busy times and not a lot of firms have the luxury of being able to sit down and discuss innovation. We need to clean out the project closets to make room for some new style thinking. Let’s be frank, firms are still trying to figure out how to be innovative in the simplest way possible. Quality didn't happen over night and your clean health and safety record didn't happen without a lot of thinking and planning. We need to devote the same type of focus and commitment to innovation.What’s the role of management in innovation?
BZ: Business leaders need to communicate a clear vision and strategy and make innovation part of the expectations of every employee. They have to drive home the philosophy of "there's always a better way" and make failures and mistakes learning opportunities. What's the root of innovation?
MH: I think we need to be clear here. Innovation is all about people. Ideas are born in people, judged by people and implemented by people.Any career advice for the younger BBIC entrants?
IF: We've received a lot of BBIC entries from Sultan Qaboos University students which we're delighted about. I think if you want to get on in life you’ve got to be up for a challenge. Always grasp your opportunities. Don’t take yourself too seriously. If you don’t have the experience and academic background, just believe that you can do it and you will. You might have to start at the bottom, but if you're good at what you do you’ll quickly catch up. Finally, to get on you need to be persistent.