Eshraqa Entrepreneurship Academy paves road for innovative Omani SMEs

Business Tuesday 30/July/2019 20:21 PM
By: Times News Service
Eshraqa Entrepreneurship Academy paves road for innovative Omani SMEs

Muscat: In line with its commitment towards the development of the Sultanate through various sectors such as healthcare, education and community development, the Eshraqa Entrepreneurship Academy (EEA) culminated the three-month-long pre-incubation programme for SMEs in Oman. The programme, initiated in association with Riyada and National Business Center (NBC) - The Public Authority for SME Development in Oman, has paved the way for sustainable development through the provision of vital tools and financial support to fledgling businesses.
The pre-incubation platform served as a comprehensive platform for aspiring entrepreneurs to convert novel business ideas into viable business models that have not only strengthened employment opportunities and promoted the culture of entrepreneurship but are also generating revenue. Furthermore, these ventures continue to lay the foundation of a strong future; supporting innovative endeavours and adding value to the economic diversification of the nation. The programme, hosted by the Khimji Training Institute, operated on 4 primary objectives; the module identified inventive business ideas; trained and mentored the teams; assisted them in the creation of business models and finally; pitched their ideas to investors and financial institutions.
With these objectives in mind, EEA worked with NBC and Riyada to shortlist 22 revolutionary business ideas from over 200 applicants. These budding entrepreneurs were provided with training, coaching and mentoring by a panel of mentors from all three institutions. Successfully concluding the entire program, 3 start-ups presented their unique business propositions along with supportive information on market research, financial projections and investment opportunities at an event organised by Riyada. The 3 efficacious SMEs included Yas'eer A.C Maintenance, a mobile app providing user-friendly end-to-end on-the-move service solutions; Last Mile Connectivity, an app providing internet solutions in association with Oman broadband along with PHI Design Studio that excels at architectural and interior design solutions.
In celebration of the teams that successfully concluded the intensive pre-incubation programme, Nailesh Khimji, Director of Khimji Ramdas said, “We heartily congratulate the teams on successfully completing the Pre-incubation modules and we are extremely excited to follow their journey towards business success. Our belief in the aptitude and capacity of the Omani youth propels us forward and remain true to our cause; to be the sustenance required to add more value to the positive growth of the nation.”
In praise of the participants; Nadeem Ahmed, GM – Khimji Training Institute, said, “The success of these remarkable entrepreneurial ventures lies in the hands of the youth of Oman. Our role as mentors has served a fruitful purpose to encourage and elevate promising ideas into mature and developed business units. We will continue to create opportunities and empower the youth with knowledge, skills and resources that will enhance their learning curve.”