Muscat – A meeting of the “CELL”’s business incubator working group was held on Sunday July 22 at Dhofar Room, Knowledge Oasis Muscat.
The team discussed the latest developments to the program and results of the field survey visits, that focused on screening the gaps in the market as well as challenges facing entrepreneurs and SME’s. The team also discussed the projects timeframe and the proposed dates for launching the much anticipated “Entrepreneurs Induction” two day seminars that will be conducted during September in both Sur and Muscat.
Due to public demand to extend the closing date for the competition to qualify for the “Entrepreneurship Induction”and the subsequent “Entrepreneur Boot Camp” it was agreed to extend the date until August 15th. This will give potential participants more time to apply for the program.
The “CELL” business accelerator/incubator project is an initiative run by the Oman India Fertiliser Company (OMIFCO) as part of its continuing commitment to innovation in the use of its Corporate Social Responsibility funds.
The “CELL” is considered the first initiative of its kind in Oman to be led by the private sector, where businesses owned and managed by Omani entrepreneurs are immersed in an accelerating environment and incubated virtually; this is followed by the granting of seed funding to launch their businesses under close coaching and mentoring from the “CELL” team.
OMIFCO has allocated a sizeable amount from its CSR funding to finance grants to qualified entrepreneurs, primarily from the S. Sharqiya region. The grant program will be implemented with the assistance of two local Omani companies specialized in the development of small business and entrepreneurs. Al Jazeera Training, (an AlJazeera Technical Solutions company), founded and run by entrepreneurship development consultant Sharifa Al Barami, and Inspired Solutions (an SME consultancy) founded by American William Crew. The consultants have been contracted to ensure not only adherence with international best practices but also that skills are effectively transferred to the CELL’s management team.
The project program will host business planning seminars (Entrepreneur Inductions) in Sur and Muscat in order to inspire, motivate and identify the most committed entrepreneurs with the most viable business ideas. Those entrepreneurs will then undergo several weeks of intensive training (immersion & coaching) (Entrepreneur Boot Camp). as they refine their business ideas into concrete business plans. At the end of the intensive, Entrepreneur Boot Camp, the most promising entrepreneurs will be awarded start-up capital in the form of grants. The winning entrepreneurs will then receive continued expert mentoring and monitoring during the critical start-up phases of their new companies.
For more information: Visit www.omifco.com and Find the CELL page on Facebook and follow them on Twitter (@TheCELLOman)