‘SMEs, start-ups vital for diversification of Oman economy’

Muscat: Perseverance while setting up a start-up business can only be done with the help of other entrepreneurs, speakers at a meeting organised by Startup Oman said.
Startup Oman hosted their second Startup Grind, featuring Loulou Khazen, founder of Nabbesh, before an energetic crowd.
Sherry Colbourne, managing partner of Startup Oman, told the Times of Oman that people who want to start a business here need the support of the entrepreneurial community, as their path to success is often a long and difficult one.
“We are here to help them get inspired by other start-ups that have been successful and get the necessary energy to move ahead,” she said.
Colbourne explained that Startup Oman is an informal organisation that helps starters expand their network and learn from others. She explained that Small and Medium Enterprises (SMEs) play an important role in the economy.
“Start-ups and SMEs are the backbone of the diversification of the Omani economy and therefore critical,” she said.
Colbourne further said that in currently turbulent economic times, hope and inspiration in entrepreneurship has never been more important.
“What others might perceive as a negative crisis, entrepreneurs recognise as an opportunity to become the emerging superheroes,” she said.
Loulou Khazen took the stage and shared her story with an audience made up of entrepreneurs, hopeful youth, and prominent stakeholders from Oman. Focusing on her personal journey starting with Nabbesh, Khazen highlighted the importance of the founding team in the life of a start-up.
“People can make or break your company, so make sure you invest in choosing the right team,” she said.
Khazen’s talk also drew questions from the audience about her emotional journey and disclosure about her most challenging times.
Freedom of choice
“There was a time when I was unable to pay my employees because of not completing a round of funding on time. I had to make a decision on whether I wanted to stay in the business or just let Nabbesh go. I spoke to my team, I explained to them the situation, and gave them the freedom to make their choice. They decided to stay with me, and they are with me still today. I couldn’t be more appreciative of them and their work,” she noted.
According to Colbourne, the meeting demonstrated that “an incredible entrepreneurial movement is coming from Oman” and that “the ecosystem is about to become a booming hub of innovation, leadership and new startups.”
The next Startup Grind event is scheduled to take place on February 28 and will feature Rabea Ataya , founder and chief executive officer of Bayt.com.