National Bank of Oman (“NBO”) has announced the launch of the second edition of NBO’s Innovation in SME Award for students, a unique competition designed to inspire a new generation of entrepreneurs and support the Sultanate’s wider economic diversification agenda.
The competition is open to all full-time undergraduate university students in Oman, with entries invited from individuals or teams of up to three members. As part of the competition, participants are required to develop innovative and promising business ideas related to sectors ranging from business to information technology to hospitality.
Entries can be submitted via email, watani@nbo.co.om by February 29, 2016. Shortlisted candidates will make their pitch before an expert jury in April 2016, and the most innovative and promising business idea will win a cash prize of OMR10,000.
The competition reflects NBO’s belief in creating a culture of innovation to advance Oman’s economy and the wider community. The first edition of the initiative saw Eureka Company, a group of students from Sultan Qaboos University, walking away with RO 10,000 to further develop their innovative business idea to benefit Oman’s economy
Commenting on the launch of the second edition of the initiative, Mr. Mohammed Mahfoodh Al Ardhi, NBO’s Chairman, said: “At NBO, we believe that SMEs are pillars of Oman’s economy that is why we created the Innovation in SME Award to support students who are potential entrepreneurs of tomorrow. Building on the success of the first edition, we are confident that this initiative will pave way for innovative business ideas that support economic prosperity and employment generation.”
Mr. Ahmed Al Musalmi, Chief Executive Officer of NBO, commented: “Access to capital is often considered the major roadblock for SMEs. Equally important is the access to expert mentoring and guidance. NBO’s Innovation in SME award is in response to this requirement, aimed at fostering future business owners, ensuring that they master the fundamentals of establishing a successful venture. I encourage all participants to put in their best effort and take advantage of the mentoring and guidance that we provide, whilst chasing the dream of becoming a successful business owner one day.”
In addition to the cash prize, the winning team will also join the bank’s Tijarati SME mentoring programme and be given access to NBO’s training arm, the Academy of Excellence.