National Bank of Oman opens entry for its 5th Annual Innovation in SME Award

MUSCAT: National Bank of Oman invites Small and Medium Enterprises (SMEs) across the country with an innovative business concept to enter the Innovation in SME award for a chance to win OMR10,000. Accepting applications until January 3, 2019, NBO’s Innovation in SME award is part of the bank’s commitment to its community, ensuring that start-ups are supported with financial solutions and mentoring programmes that can help them grow.

Open to student-led start-ups and entrepreneurs between 1825, applications will go through a round of judging.

Five shortlisted candidates will be selected to pitch their ideas in the form of a business plan in front of a live audience and judging panel during the award ceremony on January 30, 2019 at the NBO headquarters in Athabia. First place will go to the most commercially-promising business idea, winning a OMR10,000 cash prize and additional support from the bank in developing the concept further.

The first place winner will also join NBO’s Tijariati SME mentoring programme, strengthening their skills and learn new ways to grow their business, in addition to access to the Bank’s Academy of Excellence and all its training programmes.

The second place winner will be awarded a OMR5,000 cash price while third place will be awarded a OMR2,500 cash prize.

Sayyid Wasfi Al Said, CEO at National Bank of Oman said, “Often we find entrepreneurs who have the right idea, but just need to find the financial advice and support to help propel them. As the Sultanate works towards more economic diversification, we want to ensure that there continues to be a heavy emphasis placed on supporting SMEs.

Now in its 5th year, the innovation in SME Award has seen more than 400 aspiring and innovative ideas be submitted, a growing number which showcases our communities determination and creative thinking.”

The winning idea will be selected based on a number of criteria such as the quality of the business plan and idea, its uniqueness and USP, sustainability and feasibility as well as its potential for success.

Open to the public the event will attract a number of Oman’s SME community, excited to see who will win this year’s award.