Venture capital fund to boost startups
The Supervisory Committee of the Promising Omani Startups Programme is planning to launch a venture capital fund under the umbrella of Oman Future Fund.
The decision was taken during the committee's first meeting of 2024, chaired by H H Sayyid Bilarab bin Haitham al Said, who serves as the Honourary President of the programme.
The committee assessed the progress of initiatives launched in 2023, which were designed to stimulate the growth and sustainability of the startup ecosystem, including promoting entrepreneurship, providing mentorship, harnessing innovative solutions from startups, and identifying opportunities for technological advancement.
An analysis of Oman's startup landscape revealed considerable advancements in government support. Despite these gains, the committee acknowledged existing challenges that impede startup growth and sustainability.
In response, a venture capital fund was proposed. The fund will empower entrepreneurs, attract investments, support tech-based companies, and extend their reach to foster growth. It also seeks to broaden financing options for new enterprises, moving beyond conventional methods.
Looking ahead, the committee outlined several initiatives for 2024, focusing on innovation, capacity building, talent attraction and idea generation. These projects are intended to enhance economic diversification and establish Oman as a prime location for investors and tech companies.
The Promising Omani Startups Programme is dedicated to creating a dynamic and thriving economy by facilitating an advantageous environment for entrepreneurs and startups. This encompasses support through various stages of project development, and expanding their regional and international footprint. The programme prioritises capacity building, financing, investments and providing legislative backing for startups.
The meeting saw participation from government bodies and startup representatives, highlighting a collaborative approach towards nurturing Oman's entrepreneurial ecosystem.
The fund will empower entrepreneurs, attract investments and support tech-based companies