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TKM-E&Y Big Business Idea
finalists announced
The finalists were short-listed from over 50 entries to compete for
the RO 5,000 prize. The award ceremony will be held on September 7
By A Staff Reporter
MUSCAT — The four finalists
of the TKM — Ernst & Young Big Business Idea Competition have now been named
by the organisers. They are: Al Madaris Omani Network — a company offering
e-education services; Mazoon Environmental & Technical Services — a biotech
company that provides bio-remediation of hydrocarbon contamination resulting
from the production process or accidental spills; 3D Cartoons — a film
company specialising in cartoon animation drawing on Omani culture and
heritage; and Robotics & Embedded Systems — a hi-tech engineering company
that designs and integrates intelligent mobile robots.
The largest of its kind in Oman, the TKM — Ernst & Young Big Business Idea
Competition is supported by Ernst & Young; Knowledge Horizon; Infocomm; NCR;
Intilaaqah; OER; and Sanad Projects. The finalists were short-listed from
over 50 entries from around the Sultanate to compete for the RO 5,000 prize.
The final and award ceremony will be held on Sunday, September 7, at the
Muscat Inter-Continental Hotel.
Mohammed al Maskari, Director-General, Knowledge Oasis Muscat (KOM) said:
“The competition was established in 2006 to recognise and reward innovation
and entrepreneurship in Oman and the vital contribution that start-ups make
to the Sultanate’s economy. Indeed, the small business sector employs
thousands of people and generates a substantial percentage of the country’s
business turnover.”
According to Ibtisam al Faruji, Head of Marketing at the Public
Establishment for Industrial Estates there is substantial evidence to show
that business plan competitions provide a platform to turn innovative ideas
into businesses — not only through prize money, but the mentoring, PR and
credibility that goes with it can help secure investment. “In a knowledge
economy it’s vital to provide mechanisms to support innovative technologies.
Oman has a world-class education and business base and initiatives such as
the TKM — Ernst & Young competition leverage this knowledge into the
commercial world and help support social and economic growth,” says Al
Faruji.
Entrants to the competition included science researchers, lone inventors,
small companies and entrepreneurs from around the Sultanate. “This year’s
entrants made significant use of science, technology and design and ranged
from wireless communications to environmental solutions to novel materials,”
comments KOM’s Director-General. From a global perspective, the
longest-standing business plan competition is the $50,000 competition at the
Massachusetts Institute of Technology, which has facilitated the birth of
over 60 companies with an aggregate value of over $10.5 billion. These
companies have generated over 1,800 jobs and received $175 million in
Venture Capital funding.
The TKM — Ernst & Young Big Business Idea Competition is much younger, but
can already boast success stories, such as Muscat Geographic Systems (a
finalist in 2006), which has developed mapping technology and is now
thriving in the TKM business incubator programme. |
