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.