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 Program for SMEs in Oman. The program, initiated in association with Riyada and National Business Center (NBC) - The public authority of SME development in Oman, has paved the way for sustainable development through 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 Program, 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 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 Program, Mr. 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; Mr. 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.”
EEA has undertaken several other initiatives to establish an exclusive Incubation Center and craft strategic partnerships with Riyada, SME Development Fund (SMEF) and NBC to work hand-in-hand on multiple initiatives. These significant initiatives include Start-up Weekend Sponsorship; INMA Leadership Program for SMEF; and the Business Incubation Center to name a few. These programs not only mentor, coach, and train SMEs but also provide them with networking opportunities. The start-ups are also offered office space, telephone, internet, and other essential resources at no cost.
Eshraqa is the social development arm of the prolific Khimji Ramdas and operates under the four key pillars of Health, Education, Community Well-being and Training. The EEA falls under the pillar of Training is committed to supporting the society with the aim to empower people from different walks of life through assistance and support that promotes economic, social and environmental development in a sustainable manner within the Sultanate of Oman.
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