Oil and Gas - - OMAN NEWS -

Com­mem­o­rat­ing Global En­trepreneur­ship Week, 20 Omani in­no­va­tors rep­re­sent­ing six emerg­ing busi­nesses made it into the next stage of the full-cy­cle in­cu­ba­tion pro­gram ‘GlassPoint In­no­va­tion Spur’. The pro­gram is set to con­trib­ute and sus­tain­ably drive in­no­va­tion within Oman’s re­new­able en­ergy and wa­ter man­age­ment sec­tors. After a rig­or­ous se­lec­tion process for more than 140 ap­pli­cants from across the Sul­tanate, the pro­gram’s steer­ing board com­prised of GlassPoint, The Re­search Coun­cil (TRC), In­no­va­tion Park Mus­cat (IPM), Pub­lic Au­thor­ity for SME Devel­op­ment (Riyada) and the Fund for Devel­op­ment of Youth Pro­jects (Sharakah), has se­lected these in­no­va­tors to par­tic­i­pate in the next stage of the pro­gramme, the three-month ‘Spur Work­out’ phase. Badar Al Sariri, Coun­try Di­rec­tor, Oman at GlassPoint said, “We are com­mit­ted to spear­head­ing a cul­ture of in­no­va­tion across Oman.

The 20 fi­nal­ists share our vi­sion in con­tribut­ing to the Sul­tanate’s ef­forts to be an epi­cen­ter of re­new­able en­ergy and wa­ter man­age­ment so­lu­tions. They were se­lected based on their orig­i­nal ideas, im­pact on the com­mu­nity, as well as the busi­ness vi­a­bil­ity and po­ten­tial of sus­tain­able suc­cess in the mar­ket­place.”

The ma­jor­ity of the six fi­nal­ist busi­ness pro­pos­als were cre­ated by Omani stu­dent-led groups from var­i­ous uni­ver­si­ties across the Sul­tanate. The two-year pro­gramme equips par­tic­i­pants with valu­able skill sets through coach­ing and men­tor­ship, as they trans­form their in­no­va­tions into im­ple­mentable busi­nesses. The 20 se­lected in­no­va­tors will spend the next three months from Jan­uary 2019 in the ‘Spur Work­out’ phase, de­signed to pre­pare them for the fi­nal pitch by build­ing their full busi­ness plan and be el­i­gi­ble to en­ter the one year ‘Spur In­cu­ba­tion’ phase to es­tab­lish their in­ven­tion.

The fi­nal three in­ven­tions will be awarded a com­bined to­tal of up to OMR 45,000 in ini­tial seed fund­ing for fur­ther devel­op­ment and test­ing.

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