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.