The Small and Medium Enterprises Development Authority announced the ‘Entrepreneurial Ideas Competition’ in cooperation with Oman Investment Authority (OIA) companies on November 11.
The initiative aims to unlock innovative ideas and explore opportunities within various economic sectors, ultimately contributing to the growth of industries and services within the Sultanate of Oman.
Participating in this competition are three major OIA companies: Nama Group, Global Integrated Energy Group (OQ), and Oman Tourism Development Company (Omran). Together, they aspire to instill a culture of initiative and innovation, generating groundbreaking ideas and identifying leadership prospects in sectors vital for localising industries and services.
The competition will also focus on supporting local value-added programmes and addressing challenges faced by businesses, ensuring that the innovative solutions align with the strategic plans of these organisations. Furthermore, it will encourage the exchange of knowledge and expertise with renowned economic field experts and specialists.
Qais bin Rashid al Toobi, General Supervisor of the Omani Emerging Companies Programme, emphasised the significance of the competition. He described it as a golden opportunity to chart a new path for innovative solutions and explore promising economic opportunities that respond to the rapidly evolving world, where technology and the elements of the Fourth Industrial Revolution are at the forefront, offering numerous possibilities for economic and societal advancement.
The competition is open to approximately 130 participants, including young men and women from all governorates of Oman, spanning various age groups from 18 to 40. The diverse pool of participants includes young entrepreneurs, government and private sector employees, university and college students, as well as experts and academics. The event will kick off with virtual workshops designed to equip participants with theoretical and practical insights into entrepreneurship. Intensive in-person workshops will follow these activities.
Participants will be organised into groups, allowing them to collaborate with mentors and advisers to refine their solutions, initiatives, and opportunities. The ultimate goal is transforming promising ideas and initiatives into successful economic projects and emerging companies rooted in innovation and technology, creating significant impact and added value. These projects will be identified and nurtured by companies affiliated with the Oman Investment Authority.
The competition offers a unique platform for ideas and initiatives to transcend mere concepts and become a reality. The events provide institutions with an avenue to foster skills and competencies, especially in the face of the rapidly evolving job market and the emergence of the Fourth Industrial Revolution. This new era is characterised by features such as robotics, generative artificial intelligence, and the Internet of Things (IoT).
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