TKM - Ernst & Young Big Business Idea Competition

Oman Souq Online Wins 2007 BBIC Title

2007-11-01T17:27:00.001+04:00

Under the patronage of the Minister of Commerce & Industry, HE Maqbool bin Ali Sultan, Oman Souq Online led by Anwar Al Tobi, Abdulhakeem Al Tobi and Badriya Al Baqlani received the top award at this year’s TKM – Ernst & Young Big Business Idea Competition held on Sunday evening at the Crowne Plaza Hotel, Muscat.

Founded in 2006 by Knowledge Oasis Muscat and supported by Ernst & Young, Nawras, Ericsson, NCR, Talal Abu Ghazaleh Intellectual Property, Infocomm and Oman Economic Review the annual competition recognizes and celebrates Oman’s most inspiring business plan.

Organizer of the annual competition, Hilal Al Ahsani, CEO, Public Establishment for Industrial Estates said: "I congratulate the winning team of Anwar Al Tobi, Abdulhakeem Al Tobi and Badriya Al Baqlani and all those short-listed for the competition because many of them have developed potentially winning ideas for areas which are crucial to our economy.”

At the award ceremony Mohammed Al Maskari, Director General, Knowledge Oasis Muscat (KOM) said: “Innovation depends on taking ideas right through to become fully-fledged marketable products and services. Annual competitions like this which help mentor and develop people to market and sell their ideas can only help us in boosting innovation in Oman."

Al Ahsani added: “I’m thrilled to see the growing, important contribution the TKM – Ernst & Young Big Business Idea Competition is making in showcasing young Omani entrepreneurs. The value of role models can not be underestimated and each of our finalists is someone that other young entrepreneurs will aspire to be like. I know that some things are universal when it comes to achieving business success - it takes vision, determination, commitment, sacrifice and passion. This year’s four finalists are testament to that and I applaud their incredible achievements."

To help realise their ideas, Oman Souq Online will have access to 12 months rent free office accommodation in The Knowledge Mine incubator program based on KOM. They will also receive RO4,000 in start-up cash, RO2,000 in telecommunication and Internet credit from Nawras and access to regular business mentoring sessions

Philip Stanton, Managing Partner, Ernst & Young – Oman, and lead sponsor of the business idea competition added: “This year’s finalists are talented and determined young men and women who all have the potential to be tomorrow’s business leaders. They are innovators who are true role models. I know they will inspire many others to take up the challenge of the TKM – Ernst & Young Big Business Idea Competition in future years.”

2007 BBIC Finalists Announced

2007-10-21T12:40:00.000+04:00

E-security, online retail, internet research and survey and multimedia projects, are among the new technology ventures short-listed for this year's TKM – Ernst & Young Big Business Idea Competition final which will be held Sunday 28 October at the Crowne Plaza Hotel, Muscat.

The TKM – Ernst & Young Big Business Idea Competition, the largest such competition in Oman, has selected four potentially high-growth businesses, drawn from entries from around the sultanate, to compete on 28 October for RO6,000 of start-up finance and 12 months rent free office accommodation in the TKM incubator program based at Knowledge Oasis Muscat.

The four outstanding finalists are in the early stages of setting up businesses and are based on innovative ideas. The finalists are:

Saleh Al Shukairy – multimedia;
Badriya Al Baqlani, Anwar Al Tobi and Abdulhakim Al Tobi - online retail;
Majid Al Yaqoobi - online research and survey project; and
Jafer Al Mamari - e-security.

The TKM – Ernst & Young Big Business Idea Competition is a prestigious launch pad to raise investment and create high-value technology companies. The finalists will present elevator pitches to the competition’s judging panel on 28 October at the event’s annual gala dinner at the Crowne Plaza Hotel. According to Mr. Mohammed Al Maskari, Director General, Knowledge Oasis Muscat: “The judges look at a wide range of criteria; in particular, business success either by increase in sales and unit volume, market research and identification of customer focus, organizational and team building effectiveness, strategic planning, overcoming obstacles and barriers to success, visionary leadership and social and community responsibility.”

Hilal Al Ahsani, CEO, Public Establishment for Industrial Estates said: “This is the second year that we’ve run the TKM – Ernst & Young Big Business Idea Competition and it’s developing an impressive track record for creating new ventures. However, we could not organize such an important initiative without the critical support of Ernst & Young, Nawras, Talal Abu Ghazaleh Intellectual Property; Ericsson, NCR, Grofin; Oman Economic Review and Times of Oman. We’re thrilled with the calibre of this year's entries and it has been tough job for the judging panel to narrow it down to the final four.”

Would Be Omani Tycoons Meet Up

2007-10-11T19:28:00.001+04:00

Would be Omani business tycoons are lining up to do battle for the biggest cash prize fund of any business planning competition in Oman.

Semi-finalists of the TKM – Ernst & Young Big Business Idea Competition will gather on Wednesday at Knowledge Oasis Muscat (KOM) to trial their business plan pitches to this year’s judging panel for advice and feedback ready for the 28 October Final, where judges will ultimately decide who wins the prize of RO6,000 in start-up finance and 12 months rent free office accommodation in The Knowledge Mine business incubator based on KOM.

“We received over 40 applicants to this year’s competition,” commented Mohammed Al Maskari, KOM’s Director General, adding: “developing an SMS search service, online real estate, e-shopping, e-security, software for event organizers, business continuity and disaster recovery and e-travel are among the new ventures short-listed as this year’s semi-finalists. The calibre of entry has been fantastic,” remarked KOM’s Director General

The semi-finalists include: Zaha Al Abri; Ghalib Al Abri; Mohammed Al Kindi; Mundhir Al Alawi; Anwar Al Tobi; Jaifar Al Mamari; Abdullah Al Riyami; Malika Al Amri; Ahmed Al Yahmadi; Rabab Al Zaabi; Saleh Al Shukari; Ibrahim Al Mowali; Ishaq Al Mamari; Almutajaredah Al Manthari; Eiman Al Wohaibi; Khalid bin Mohammed Al Rawahy; Sultan Al Alawi; Khalid bin Saif Al Rowahy; Mohammed Al Humimi; Asma Al Thuhlia; Saif Al Hinai; Majid Al Yaqoubi; Khalid Al Yaqoubi; and Irfan Al Lawati.

The panel of judges will review the semi-finalists and select four to go forward to present at the TKM – Ernst & Young Big Business Idea Gala Dinner on 28 October at the Crowne Plaza Hotel.

“We held Wednesday’s meeting to provide semi-finalists with an opportunity to meet the competition's judges as well as meet their fellow competitors and get some well-earned media exposure to help them turn their dreams into realities," added Ibtisam Al Faruji, KOM’s Head of Marketing.

Fueling Innovation

2007-07-09T09:09:00.000+04:00

The 2nd TKM – Ernst & Young Big Business Idea Competition (BBIC) was launched Monday 9 July at Knowledge Oasis Muscat (KOM) under the patronage of HE Ahmed Al Dheeb, Under Secretary for Commerce & Industry, Ministry of Commerce & Industry.

"Last year's competition attracted over 70 entries from local entrepreneurs, business people and academics, we were delighted with the response and expect a larger number of entries to be submitted this year," said Abdullah Al Jufaili, Director, The Knowledge Mine (TKM) incubator program. Sponsored by Ernst & Young, Ericsson, Nawras, NCR, Infocomm, GroFin Oman and OER, the competition is viewed by many in Oman’s business and public sector circles as a launch pad for participating entrants to successfully raise investment for their commercial ventures.

Although the competition is limited to Omani nationals the organizers welcome entries from individuals, teams, students and entrepreneurs. According to Al Jufaili, "anyone with a good, innovative idea for a technology-driven business should think about participating in the Big Business Idea Competition.'"

In partnership with Ernst & Young, Ericsson, Nawras, GroFin Oman, Infocomm and NCR, TKM will run a series of pre-competition workshops at the Ernst & Young offices in Qurum and at KOM. “The 10 workshops will cover business plan writing, attracting finance, developing a marketing strategy and the importance of technology in the small business environment. We've also arranged for start up firms operating in TKM to give workshops on their personal experiences, what it means in real terms to set-up and run a business. Full details on these can be seen on www.kom.om/bbic," remarked Al Jufaili.

Commenting on their success in the 2006 Big Business Idea Competition, Zawan Al Sabti, Co-founder of tourism portal Qumriyat: "Winning last year's BBIC was huge for us. Since picking up the award we've received a tremendous amount of guidance and PR support from the TKM management. Moreover, we've been contacted by people who want to hear more about our business concept and the technology we're using. The feedback has helped us build an even stronger business model."

"There's compelling market potential for what Qumriyat is doing," said Mohammed Al Maskari, KOM's Director General. "There’s a large tourism market out there, and their technology can be applied to multiple aspects of the industry. It's certainly not a one hit wonder in its potential," he added. "They’re a young, educated and energetic team and they’ve a great plan on how to proceed."

“The three women that make up the Qumriyat team are typical of the hi-tech entrepreneurs we see operating on KOM. In fact, entrepreneurship is a key driver of our economy,” said Al Maskari. “It’s not just wealth but a high proportion of jobs that are created by small businesses – businesses that are started by entrepreneurially minded individuals, many of whom go on to create much bigger businesses. It’s obvious to me that if we foster a robust domestic entrepreneurial culture we’ll maximize individual and collective economic success. It’s with this in mind that we initiated the TKM – Ernst & Young Big Business Idea Competition in 2006. In simple terms, we want to help spread the word of innovation and entrepreneurship particularly among the youth,” commented the KOM Director General.

“We’ve seen from our own experience with manufacturers on PEIE estates and ICT firms on KOM that small firms are dynamic agents of change within the economy,” he added. The creation and growth of small firms helps drive productivity through a competitive spur to other businesses, to improve their efficiency and seek quality improvements. Small firms drive innovation by being flexible and willing to experiment. Nearly half of small firms with between 10 and 50 staff are active innovators. They are a crucial source of new products, services and processes in our economy.

It’s initiatives like the TKM – Ernst & Young Big Business Idea Competition that will help Oman create small businesses, generate employment and show youngsters that it’s perfectly feasible to have an idea and set up a business. "It’s critical for the Omani economy that we get youngsters thinking more creatively about business and getting them interested in the enterprise culture. That’s got to be good for everyone,” concluded Al Jufaili.

Entrants have until 9 September to enter their business plan. The four entrants with the best plans will be invited to present at the TKM – Ernst & Young Big Business Idea Competition Gal Dinner on 22 October. The most fundable business plan will earn its writers a prize of RO6,000 and 12 months rent free office accommodation in TKM.

BBIC Launches 9 July

2007-07-08T13:47:00.000+04:00

The 2nd TKM – Ernst & Young Big Business Idea Competition (BBIC) will be launched 10:00am on Monday 9 July at Knowledge Oasis Muscat (KOM) and under the patronage of HE Ahmed Al Dheeb, Under Secretary for Commerce & Industry, Ministry of Commerce & Industry. This is the largest such competition in Oman and is now well established as a prestigious launch pad for new science and technology businesses.

"Last year's competition attracted over 70 entries from local entrepreneurs, business people and academics, we were delighted with the response and expect a larger number of entries to be submitted this year," said Abdullah Al Jufaili, Director (pictured), The Knowledge Mine (TKM) incubator program. Sponsored by Ernst & Young, Ericsson, Nawras, NCR, Infocomm and OER, the competition is viewed by many in Oman’s business and public sector circles as a launch pad for participating entrants to successfully raise investment for their commercial ventures.

Although the competition is limited to Omani nationals the organizers welcome entries from individuals, teams, students and entrepreneurs. According to Al Jufaili, "anyone with a good, innovative idea for a technology-driven business should think about participating in the Big Business Idea Competition.'" The idea should be original or a significant improvement on an existing business. "The 9 July launch will be an excellent opportunity for people to learn more about the competition and what it means to initiate a start-up company,” remarked the TKM Director.

“If you’re new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. Entrants will receive high-level feedback on their business idea and the chance to learn more about processes of business. We believe that the competition is a highly-prestigious platform for successful new venture creation – it offers entrants access to networks, training and valuable contacts and it helps further understanding of the investment process and what constitutes a realistic marketable idea,” said Karim Rahemtulla, CEO, Infocomm and a sponsor of the competition.

Dave Pender, Advisor, Public Establishment for Industrial Estates, explained that the perfect business plan doesn’t exist because each business plan has to be designed for its particular function. His advice to BBIC entrants on pitching an idea to investors: "You’re selling futures and building credibility, so if they don’t believe in you they won’t believe what you tell them."

In partnership with Ernst & Young, Ericsson, GroFin Oman, Infocomm and NCR, TKM will run a series of pre-competition workshops at the Ernst & Young offices in Qurum and at KOM. “We'll be announcing the free of charge workshop schedule on 10 June. In fact, free access to experts from Ernst & Young, Ericsson, GroFin Oman, Infocomm and NCR is an opportunity that doesn’t come along everyday,” commented the TKM Director. The workshops are intended to help would be entrepreneurs look at what it means to research and write a business plan plus how to use the business plan to raise investment for the business.

Entrants have until 9 September to enter their business plan. The four entrants with the best plans will be invited to present at the TKM – Ernst & Young Big Business Idea Competition Gala Dinner on 22 October. The most fundable business plan will earn its writers a prize of RO6,000 and 12 months rent free accommodation in TKM.

Sultan Al Habsi - The Power of Start Ups

2006-11-19T11:02:00.000+04:00

Oman Gateway Portal, an internet-based tourism start up won RO6,000 and 12 months rent free office accommodation in The Knowledge Mine incubator program, in the annual TKM – Ernst & Young Big Business Idea Competition. Organized by the Public Establishment for Industrial Estates (PEIE) and supported by NCR; Abu Ghazaleh Intellectual Property; Oman Chamber of Commerce; Ericsson; National Bank of Oman; Nawras; isurf.co.om, The Week and the newly-formed Information Technology Authority; the competition attracted over 70 business plans.

A national and international panel - consisting of entrepreneurs, bankers, telcos, consultants and experienced managers - served as judges and selected the winner. Results were announced at the award dinner at Barr Al Jissah Spa & Resort on 13 November.

"This is huge for us," said Zawan Al Sabti, a co-founder of Oman Gateway Portal. "Just in the past few days we've been contacted by people who want to hear more about our business concept and technology and provide us with feedback and guidance. As a result, we'll come out with a better business. We want to take it to the next step.”

"There is compelling market potential for what Oman Gateway Portal is doing," said Sultan Al Habsi, CEO, PEIE (pictured above). "There’s a very large market out there, and their technology can be applied to multiple aspects of the tourism industry. It's not a one hit wonder in its potential," he added. "They’re a young, educated and energetic team and they’ve a good plan on how to proceed."

“The three women that make up the Oman Gateway Portal team are typical of the hi-tech entrepreneurs we see operating on Knowledge Oasis Muscat (KOM). In fact, entrepreneurship is a key driver of our economy,” said Al Habsi. “It’s not just wealth but a high proportion of jobs that are created by small businesses – businesses that are started by entrepreneurially minded individuals, many of whom go on to create much bigger businesses. It’s obvious to me that if we foster a robust domestic entrepreneurial culture we’ll maximize individual and collective economic success. It’s with this in mind that we initiated the TKM – Ernst & Young Big Business Idea Competition. In simple terms, we want to help spread the word of innovation and entrepreneurship particularly among the youth,” commented the PEIE CEO.

“We’ve seen from our own experience with manufacturers on PEIE estates and ICT firms on KOM that small firms are dynamic agents of change within the economy,” he added. The creation and growth of small firms helps drive productivity through a competitive spur to other businesses, to improve their efficiency and seek quality improvements. Small firms drive innovation by being flexible and willing to experiment. Nearly half of small firms with between 10 and 50 staff are active innovators. They are a crucial source of new products, services and processes in the economy.

“It’s initiatives like the TKM – Ernst & Young Big Business Idea Competition that will help us create small businesses, generate employment and show our youngsters that it’s perfectly feasible to have an idea and set up a business. In tandem with our partners, PEIE will take the competition forward. Indeed, it’s critical for the Omani economy that we get youngsters thinking more creatively about business and getting them interested in the enterprise culture. That’s got to be good for everyone,” concluded Al Habsi.

Oman Gateway Portal Wins BBIC 2006

2006-11-14T13:50:00.000+04:00

Oman Gateway Portal picked up first prize at the 2006 TKM – Ernst & Young Big Business Idea Competition at an award dinner held Monday evening at the Barr Al Jissah Spa & Resort. Organized under the patronage of HE Maqbool bin Ali Sultan, Minister of Commerce & Industry and Chairman, Public Establishment for Industrial Estates (PEIE), over 220 guests packed the hotel's Al Bandar Ballroom to watch the four finalists - Oman Geometrics; Dalali; AqarOman; and Oman Gateway Portal - deliver 5 minute elevator pitches to a panel of judges and battle it out for RO6,000 in start-up funds plus 12 months rent free accommodation in The Knowledge Mine incubator program based at Knowledge Oasis Muscat (KOM).

"We're delighted to win the competition" remarked Zawan Al Sabti who partners Majda Al Hinai and Maha Al Balushi (pictured above with Minister Maqbool bin Ali Sultan) in the Oman Gateway Portal, a dynamic and interactive online tourism company. "Given the number and quality of entries to the competition we're thrilled to come out on top. The start-up funds plus free office accommodation in TKM will give us a tremendous boost in getting our company up and running," said Zawan.

"This is the first year that we've organized the competition" remarked Abdullah Al Jufaili, TKM Director, "it attracted in excess of 70 business plans from across the sultanate, many more than we had anticipated." According to Ibtisam Al Faruji, the competition co-ordinator: "The TKM – Ernst & Young Big Business Idea Competition is designed to encourage creative and highly motivated people to form teams, sharpen their thoughts, and focus their energies and talents on developing business ideas with the potential for commercial impact and success. We're confident that the competition will help develop entrepreneurial talent, contribute to the innovative spirit of the sultanate and help national economic growth."

But the real prize is advice and feedback from the experienced judges and the business plan seminars delivered by Ernst & Young. "Just over half of the participating teams took advantage of these sessions. Education is what the competition is really about. If you have an idea for a new venture, then the TKM – Ernst & Young Big Business Idea Competition offers practical guidance and financing that helps turn dreams into reality," remarked Al Jufaili.

"TKM plays an important role in turning outstanding new ideas into products, services and processes which will help us build a healthier, safer society, a cleaner environment and a dynamic knowledge economy for the 21st century. The TKM – Ernst & Young Big Business Idea Competition is an important step towards realizing this goal, helping to turn ambitions into reality and increasing our rate of innovation," commented Dave Pender, Adviser, PEIE.

This year's competition attracted an unprecedented amount of support from government and the business community: "without input from Ernst & Young; Ericsson; Nawras; NCR; ITA; National Bank of Oman; The Week; Infocomm; and Talal Abu Ghazaleh we couldn't have organized such an important national initiative," said Al Jufaili.

Sultan Al Habsi's BBIC Address

2006-11-13T15:28:00.000+04:00

Your Excellencies, Distinguished Guests, Ladies and Gentlemen

Welcome to the 2006 TKM – Ernst & Young Big Business Idea Competition Gala Dinner.

As many of you will be aware, PEIE hosted the World Summit on Innovation and Entrepreneurship at this hotel earlier in the year – this event emphasized the need to create and nurture a stronger domestic culture of innovation and enterprise. Building on this message, we launched in June, the TKM – Ernst & Young Big Business Idea Competition, a national initiative that is intended to raise awareness of the start-up culture, particularly amongst Oman's youth. Indeed, the TKM – Ernst & Young Big Business Idea has brought together entrepreneurs, financiers, academics, government agencies and supporters to promote enterprise ideas, introduce them to potential funding, encourage business networking and explore the formation of new markets and partnerships.

I am delighted to tell you that the competition attracted over 70 entrants from across the sultanate – many more than we had expected. Business plans were submitted from a wide variety of sectors, from eco-friendly fertilizer, adventure tourism, paper recycling, SMS brokerage services through to online real estate. All highly creative and innovative ideas.

The business plans were evaluated by our judging panel and a shortlist of 11 semi-finalists was drawn up. From these 11, four teams were chosen to present at this evening's function.

Reaching the final of the BBIC opens the door to opportunity. The quality of entries was very high and our experienced judges are not easily impressed, so reaching the final is a great achievement. I do not envy the judges' task of picking a winner this evening, although we could not have had a better panel of judges and I wish the four teams competing this evening the very best of luck.

Thank you very much I hope you enjoy the rest of the evening.

TKM Director's BBIC Award Dinner Speech

2006-11-13T15:25:00.000+04:00

Your Excellencies, Distinguished Guests, Ladies & Gentlemen

As the Director of The Knowledge Mine Business Incubator program I am proud to welcome you to this evening's TKM – Ernst & Young Big Business Idea Competition. Indeed, I'm delighted see so many supporters of the TKM program here tonight.

This is first year that we've organized the TKM – Ernst & Young Big Business Idea Competition and as pointed out earlier by Mr Sultan Al Habsi, PEIE's CEO, it attracted in excess of 70 business plans from across the sultanate. In simple terms, the Competition is designed to encourage creative and highly motivated people to form teams, sharpen their thoughts, and focus their energies and talents on developing business ideas with the potential for commercial impact and success. The competition will help develop entrepreneurial talent, contribute to the innovative spirit of the sultanate, and help national economic growth.

As the competition moved through its several phases, contestants continued to tighten their business plans and judges narrowed the field from the 70 plus entrants to the 4 finalists — the "Fab 4" — who will compete this evening for RO6,000 in start-up finance and 12 months rent free accommodation in TKM.

But the real prize is advice and feedback from our experienced judges and the business plan seminars delivered by Ernst & Young. Nearly half of the participating teams have taken advantage of these sessions. Education is what the competition is really about. If you have an idea for a new venture, then the TKM – Ernst & Young Big Business Idea Competition offers practical guidance and financing that helps turn dreams into reality.

Research demonstrates that Technology Parks around the world have a significant role to play in the growth of high-tech businesses and the development of the knowledge-driven economy. From a domestic perspective, Knowledge Oasis Muscat has the potential to play an important part in achieving this aim by exploiting available knowledge and technology through its close working relationship with its tenants, domestic tertiary institutes as well as with key partners in government and the private sector.

Indeed, TKM has a key part to play in turning outstanding new ideas into products, services and processes which will help us build a healthier, safer society, a cleaner environment and a dynamic knowledge economy for the 21st century. The TKM – Ernst & Young Big Business Idea Competition is an important step towards realizing this goal, helping to turn our ambitions into reality and increasing our rate of innovation.

This year's Competition attracted an unprecedented amount of support from government and the business community – in particular, I should like to thank: Ernst & Young; Ericsson; Nawras; ITA; National Bank of Oman; The Week; Infocomm; and Talal Abu Ghazaleh – without their invaluable support we wouldn't be here this evening. I should be grateful if you would join me in a round of applause for our supporters.

I look forward to your continued support to make the TKM – Ernst & Young Big Business Idea Competition an even greater success in 2007.

Thank you very much I hope you thoroughly enjoy the evening.

Four BBIC Finalists Battle it Out

2006-11-06T15:44:00.000+04:00

GPS technology, SMS brokerage service, online real estate and a tourism portal, are the new technology ventures shortlisted for this year's TKM – Ernst & Young Big Business Idea Competition final. The four finalists are potentially high-growth businesses and were drawn from entries from around the sultanate. The four finalists will have the opportunity to compete on 13 November for RO6,000 in start-up finance and 12 months free office acommodation in The Knowledge Mine business incubator program based at Knowledge Oasis Muscat.

“The TKM – Ernst & Young Big Business Idea Competition is the first of its kind in Oman and has sparked tremendous interest both domestically and internationally,” commented Abdullah Al Jufaili, Director, TKM. This year’s event which was open to entrepreneurs, students and small business owners interested in starting or growing a business appropriate to creating jobs, attracted more than 70 entries when it began in June. Over the summer period contestants were offered a series of four free workshops - delivered by staff from Ernst & Young - designed to help guide emerging companies through the process of establishing and growing a new business.

The finalists are:

o Oman Geometrics – Hamed Al Aghbari and Musallem Al Rahbi.
o Dallali – Bader Al Hinai
o Aqaroman – Abdullah Al Kindi (pictured) and Zahir Al Harthy
o Oman Gateway Portal – Majda Al Hinai, Zawan Al Sabti and Maha Al Balushi.

The four finalists will present their business ideas to a panel of judges on 13 November and give elevator pitches to an audience of entrepreneurs, government personnel and investors at a celebration award dinner at the the Barr Al Jissa Spa & Resort. The judges will award the winner with start up funds of RO6,000 plus 12 months free office accommodation at the Knowledge Mine incubator program. The 2006 competition attracted sponsorship from Ernst & Young; Ericsson; National Bank of Oman; NCR; Nawras; The Week; isurf.co.om; and the newly-formed Information Technology Authority.

The goal of the competition is to provide the winner with an adequate initial financial foundation to start or expand their business. The businesses that have entered the competition span a variety of industries from tourism to agriculture to, of course, technology. “We’re delighted with the response to this year’s competition and the diversity of business concepts represented in the plans we received,” stated Ibtisam Al Faruji, the Competition Co-ordinator: “This experience has stretched every contestant and made them all winners!”

BBIC Interview with Abdullah Al Jufaili

2006-10-17T09:05:00.000+04:00

This week we met up with Eng. Abdullah Al Jufaili, Director (pictured), The Knowledge Mine (TKM) who shared his vision and thoughts on the future of ICT entrepreneurship in Oman. This is what he had to say about the TKM – Ernst & Young Big Business Idea Competition (BBIC), Oman's annual business plan competition – an initiative that will hopefully help produce start-ups with bullet proof ideas.

What triggered the idea for the Big Business Idea Competition?
TKM has had a vision since its inauguration in March 2003 to establish a base for the next generation of Omani entrepreneurs. The BBIC is one of the tools we're using to nurture domestic business creativity and encourage Oman's youth to think about the opportunities available in the private sector in general and the ICT sector in particular. In brief, the objective is to create awareness and build a stronger entrepreneurial culture in Oman.

What characteristics do you need to be a successful entrepreneur?
The ingredients have to include vision, purpose, leadership and strategic thinking. But perhaps the most important element is an entrepreneur's fearless approach to risk taking.

What path do you suggest for would-be entrepreneurs?
You need to know the market and what's needed to do business in that particular environment. Starting a new business can be a bumpy road so it's important to get advice from experts. Start small but aim big and set realistic goals.

What’s the downside to being an entrepreneur?
Forget weekends and vacations, entrepreneurs work 24/7. Balancing your social, family and business life can be a real challenge.

What do you think the dotcom has done for enterprise?
The dotcom era has created tremendous business opportunities. Indeed, some companies started operating without having a physical presence – no bricks or mortar. The successes and benefits of the dotcom era has encouraged the public sector to initiate "the dotgov" era.

Have you got a favourite entrepreneur?
It would have to be Pierre Omidyar the founder and chairman of ebay. He created an empire which in 2005 generated US$4.55 billion.

How do you recognize the next big thing?
A really creative idea is often a very simple idea. It's one of those things that make people say: "Now, why didn't I think of that?"

What's the most interesting part of your job?
I've been running TKM for the past two and a half years and it's been a great experience. I'm surrounded by very talented start-ups and this is a really stimulating environment to work in. TKM represents the bleeding edge of entrepreneurship in Oman and I'm deeply proud to be associated with this important national initiative.

BBIC Semi-finalists Meet Judges

2006-10-15T10:10:00.000+04:00

Entrepreneurs, business people, government representatives, media and sponsors gathered at Knowledge Oasis Muscat (KOM) on Sunday to meet the 11 semi-finalists of the TKM – Ernst & Young Big Business Idea Competition. Developing online trading solutions, a tourism portal, recycling, a web-based real estate company, SMS brokerage services, environmental friendly fertilizer, recycling and eco-tourism are among the new ventures shortlisted as semi-finalists for this year's competition.

"The competition judges have selected 11 potentially high-growth businesses, drawn from entries from around the sultanate, to compete for 12 months rent free accommodation in the Knowledge Mine incubator program based at KOM plus RO6,000 (US$16,000) in start-up finance," said Abdullah Al Jufaili, TKM Director.

The 11 semi-finalists are in the early stages of setting up businesses based on innovative science, technology and design.

o Musallam Al Shukairi – online trading strategies for SMEs
o Amal Al Maamari – eco-tourism hotel
o Abdullah Al Kindi and Zuhair Al Harthy – online real eastate
o Bader Al Hinai – SMS brokerage services for property and goods
o Saada Saif Al Harthy – mobile toilets
o Hamed Al Aghbari and Musallem Al Rahbi – web GIS
o Ammar Al Ghazali – recycling
o Sami Al Khalbani – organic fertilizers
o Talal Rakha – automated business solutions
o Majda Al Hinai and Maha Al Bulushi – tourism portal
o Hadia Al Baluchi - tourism

Semi-finalists have until 21 October to submit revised business plans, judges will then nominate four finalists who will be given the opportunity to deliver five minute power pitches to the judging panel at the Award Dinner on 5 November at the Crowne Plaza Hotel.

According to KOM management, the competition attracted over 70 entries and sponsorship for this year's program was offered by Ernst &amp;amp; Young; National Bank of Oman; Ericsson; Nawras; ITA; and The Week. KOM's Director General, Mohammed Al Maskari welcomed the guests and competition semi-finalists, saying after the event: "The business ideas submitted were excellent and the enthusiasm for the competition has been tremendous. We're delighted with the response to this important and annual national business initiative. "

Al Jufaili added: "The idea behind Sunday's gathering was to provide the 11 semi-finalists with the opportunity to meet the competition's supporters and judges as well as meet potential investors and partners and get well-earned media exposure to help turn dreams into realities."

NBO's Anees Sultan BBIC Interview

2006-10-10T08:36:00.000+04:00

This week we chatted to Anees Sultan of National Bank of Oman - a member of the BBIC judging panel and an important sponsor of the competition. This is what he had to say about overheads; Virgin Megastores; SMEs; and losing hair.

Would you mind giving our readers an overview of NBO?

Established in 1973, NBO was the first Omani bank. Today, we offer retail services and increasingly sophisticated corporate banking, specialized teams in treasury, investment banking and trade finance. We're also expanding our regional reach through our close relationship with the Commercial Bank of Qatar.

Why has NBO become involved in the TKM – Ernst & Young Big Business Idea Competition?

NBO is keen to support winners. A successful small business or new business idea will have smart, motivated and committed people at its helm. NBO wants to recognize the efforts of these people and provide them with the necessary tools for success. This doesn’t mean an automatic loan but a good business idea will find finance if its management can demonstrate real commercial potential.

How important are start-ups to Oman’s economy?

NBO recognizes that it’s SMEs that drive the economy forward. Small businesses create employment and this has a multiplier effect that improves the demand dynamics for goods and services in the economy.

What personal experience do you have of the start-up culture?

I started a stock broking firm in 1997 and worked with a team of committed partners and employees. It’s important to work with people you trust and let them take their own decisions, otherwise you end up doing everything which leaves you drained and people tend to leave when you run a company that way!

What characteristics do you need to be a successful entrepreneur?

Most successful entrepreneurs don’t necessarily create a new product or service, but conduct business in a smarter way. This means patient understanding and build-up of business knowledge, working on every detail and every possibility, test assumptions and more importantly strict adherence to an implementation plan.

Which international entrepreneur has inspired you and why?

I like Virgin’s Sir Richard Branson. He’s built a business empire based on serving an existing need - leisure and entertainment – but he's done it in a better way. For example, part of his business is selling music but he does it in Megastores which involves an entirely different consumer experience.

What are the key ingredients for a successful start-up?

Keep overheads low. There's no shame in buying used furniture. If you don't control costs from the start they'll turn around and bite you. There will be lean months when income is low and you don't want to face instalment or interest payments your business can't afford.

Clearly define the role of your team.

Know your client’s needs. Check the competition and its offerings and always try to offer something your competition doesn't have. It's also important to work on customer service. I continue to be amazed at how badly some businesses in Oman treat their customers.

What path do you suggest for would-be Omani entrepreneurs?

Pick an industry or a business you're excited about. This is important because you will be spending a lot of time in it. Next, work in the business to learn its intricacies, dangers, potentials and tricks of the trade. A famous story I like to recount is that of an airline owner who spent time as a luggage handler in a competing airline in order to improve his own airline’s service offerings.

What are the drawbacks to being an entrepreneur?

For the first 6 months of a start-up, forget personal and family life. You'll be the manager, negotiator, secretary and salesperson – all in one. Be prepared to age a little and lose some hair!

BBIC Semi-finalists Announced

2006-10-09T10:58:00.000+04:00

Developing online trading solutions, a tourism portal, recycling, a web-based real estate company, SMS brokerage services, environmental friendly fertilizer, recycling and an eco-tourism are among the new ventures shortlisted as semi-finalists for this year's TKM – Ernst & Young Big Business Idea Competition.

The TKM – Ernst & Young Big Business Idea Competition, Oman's annual business plan competition, has selected 10 potentially high-growth businesses, drawn from entries from around the sultanate, to compete for 12 months rent free accommodation in the Knowledge Mine incubator program based at Knowledge Oasis Muscat (KOM) plus RO6,000 in start-up finance.

The 10 semi-finalists are in the early stages of setting up businesses based on innovative science, technology and design. The semi-finalists are:

o Musallam Al Shukairi – online trading strategies for SMEs
o Amal Al Maamari – Eco-tourism hotel
o Abdullah Al Kindi and Zuhair Al Harthy – online real estate
o Bader Al Hinai – SMS brokerage services for property and goods
o Saada Saif Al Harthy – mobile toilets
o Hamed Al Aghbari and Musallem Al Rahbi – web GIS
o Ammar Al Ghazali – recycling
o Sami Al Khalbani – organic fertilizers
o Talal Rakha – automated business solutions
o Majda Al Hinai and Maha Al Bulushi – tourism portal

"The TKM – Ernst & Young Big Business Idea Competition is a prestigious launch pad to raise investment and create high-value technology and knowledge-driven companies. Moreover, it's an initiative that's intended to raise the profile of innovation and entrepreneuship amongst Oman's youth. We want to get young people thinking about starting a business and everything that's involved in that process. Putting start-up ideas down on paper is a great mental exercise," commented Mohammed Al Maskari, Director General, KOM.

The semi-finalists will present their business plans to a panel of judges in late October, four selected finalists will then be given the opportunity to deliver 5 minute elevator pitches to a panel of judges at the Award Dinner scheduled to be held 5 November at the Crowne Plaza Hotel. The competition has attracted substantial support from Ernst & Young; The Week; National Bank of Oman; NCR; Ericsson; Nawras and the Information Technology Authority. "We couldn't have put the Competition together without the support of our sponsors and judging panel," remarked Ibtisam Al Faruji, Head of Marketing, KOM.

Abdullah Al Jufaili, Director, TKM, said: "The competition was launched in June by HE Ahmed Al Dheeb, Under Secretary, Ministry of Commerce & Industry and is aimed at Omani entrepreneurs, students and small business owners interested in starting or growing a technology and knowledge-driven business in the TKM incubator program. We attracted more than 70 entries, in fact the response has been excellent."

Beginning in June contestants were offered a series of three free workshops, delivered by Ernst & Young, designed to help guide emerging companies through the process of developing and writing a business plan.

BBIC Interview with Mohana Prabhakar

2006-09-20T07:32:00.000+04:00

This week we caught up with Mohana Prabhakar (pictured left) of Apex Press and Publishing - one of Oman's most influential business editors. Mohana is also a member of the BBIC judging panel and this is what she had to say on Steve Jobs; conservative bankers; and her own California start-up experience.

Can you give us an overview of Apex Press and Publishing?
We've been in the publishing business for over 25 years. Our products include many of Oman’s firsts: Oman Today – a leisure magazine, BusinessToday – a business monthly and TheWeek – the first free paper in the region. Last year we launched our first titles in Arabic: Al Youm, a weekly family magazine and Al Isbou’a, a free weekly paper.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
In an economy that's fast expanding and with opportunities coming up in every sector, our objective as a leading media house, is to do as much as possible to highlight these developments and thereby build confidence in today’s youth to come forward with their ideas. The BBIC is technology focused and that's another reason for us to get involved.

How important are start-ups to Oman’s economy?
Extremely important – enterprise among the youth in any country is seen as a true barometer of economic progress.

What personal experience do you have of the start-up culture?
I worked for a software start-up in Mountainview, California, joining the company just after it had been set-up. The biggest thing I brought back from that experience was that there was never any time to sit down and moan that something wasn't possible – you just got on with finding a solution. Everything was possible, because you thought it was. Our experience with launching TheWeek was a similar experience, though it doesn’t really qualify as a start-up. We worked on it with one objective in mind – to make it a success. If we'd listened to the huge number of naysayers, Oman's Wednesdays wouldn't be what they are today.

What characteristics do you need to be a successful entrepreneur?
Primarily, you need to be a person who isn't afraid of taking risks. Be prepared to be in there for the long haul and understand that you have to work very hard to be successful. Planning is another important aspect of entrepreneurship and you can’t be an expert at everything so you need to seek the advice of experts. Don’t be embarrassed when you make a mistake. Learn from it and your chance of success improves immeasurably. Just don’t make the same mistake again.

Which international entrepreneur has inspired you and why?
Steve Jobs – he said ‘stay hungry, stay foolish’. He went from a garage to a US$2bn company to being fired at 30 from the company he set up, and came back with Pixar and NeXT and again ended up at Apple. The other is the man who revolutionised the way the world felt about Indian software capabilities, N R Narayana Murthy.

How could the region’s banking community improve the services they provide to start-ups?
Traditionally, it's always been difficult for businesses that ask for loans on intangibles – until you start your business you have nothing material with which to convince the conservative banker. Add to that a fresh entrepreneur, and the banker is even more worried. This is especially true for the tech sector, where you're often dealing with just an idea of a software application that you can’t see or touch and bankers as we all know have trouble putting their faith (and money) into ventures like this. Things have improved in recent years, but there's still a lot more that needs to be done to help entrepreneurs. Going the venture capital route is a possibility.

What path do you suggest for would-be Omani entrepreneurs?
Don’t try and reinvent the wheel – or concentrate on coming up with an idea that nobody has ever had. Identify the need and then go fill it.
What are the drawbacks to being an entrepreneur?
Get used to working 24/7, living with uncertainty, possible financial instability, and accept the possibility that you may have to start from scratch again.
What do you think the dotcom has done for enterprise and innovation?
Showed us how easy it is to be successful and equally how fragile that success can be.

How do you recognize the next big thing?
I don’t think you can. There's no set path to this and the smallest idea becomes the biggest thing and vice versa. Just believe in what you're doing and go for it with all you’ve got – if you find you can do that, possibly, that’s your next big thing.

PEIE Marketing Team Talk BBIC

2006-09-12T10:09:00.000+04:00

This week we talk to PEIE's Marketing Team - Ibtisam Al Faruji (IF); Mulki Al Hashmi (MH); Ahmed Al Hadhrami (AH); and Badar Al Zadjali (BZ) about the TKM – Ernst & Young Big Business Idea Competition (BBIC) – this is what they had to say on entrepreneurship, hectic schedules, GDP and innovation.

What’s PEIE’s take on the BBIC?

IF: In a nutshell, the TKM – Ernst & Young Big Business Idea Competition (BBIC) aims to foster entrepreneurship throughout Oman by providing an opportunity for people - young and old - to develop and present business ideas in a realistic business environment. A key part of the competition has been a series of events and seminars – many delivered by Ernst & Young - which have been designed to help entrants develop the business acumen necessary for success in the competition as well as in the wider business world.

With regards younger applicants to the BBIC, at PEIE – which manages industrial estates in Rusayl, Sohar, Sur, Al Buraimi, Raysut and Nizwa as well as KOM and the TKM incubator program - we're passionate about helping young people take control of their future and want to stimulate enterprise, innovation and creative thinking in Oman. Whether you want to start your own business or sharpen your enterprise skills for entering business the BBIC is a great place to start.

How important is entrepreneurship to Oman’s economy?

AH: Entrepreneurship is certainly important to our economy. Helping raise levels of entrepreneurship, competitiveness and productivity in manufacturing and ICT is at the heart of what PEIE does. Indeed, an enterprising small business sector is key in moving any economy on and up. An interesting point here is that international studies have demonstrated the positive correlation between entrepreneurship on the one hand and GDP on the other. Research also indicates that firms that innovate consistently have higher skill levels than others, pay higher salaries and offer better prospects to both employees and investors.

Why is it so hard for companies to develop and maintain effective innovation processes?

MH: We live in busy times and not a lot of firms have the luxury of being able to sit down and discuss innovation. We need to clean out the project closets to make room for some new style thinking. Let’s be frank, firms are still trying to figure out how to be innovative in the simplest way possible. Quality didn't happen over night and your clean health and safety record didn't happen without a lot of thinking and planning. We need to devote the same type of focus and commitment to innovation.

What’s the role of management in innovation?

BZ: Business leaders need to communicate a clear vision and strategy and make innovation part of the expectations of every employee. They have to drive home the philosophy of "there's always a better way" and make failures and mistakes learning opportunities.

What's the root of innovation?

MH: I think we need to be clear here. Innovation is all about people. Ideas are born in people, judged by people and implemented by people.

Any career advice for the younger BBIC entrants?

IF: We've received a lot of BBIC entries from Sultan Qaboos University students which we're delighted about. I think if you want to get on in life you’ve got to be up for a challenge. Always grasp your opportunities. Don’t take yourself too seriously. If you don’t have the experience and academic background, just believe that you can do it and you will. You might have to start at the bottom, but if you're good at what you do you’ll quickly catch up. Finally, to get on you need to be persistent.

Bluffer's Guide to Blogging

2006-09-10T14:30:00.000+04:00

Four years ago blogging was a little-known pastime practised only by computer geeks. The idea was to make interactive journals available on the Internet that anyone, anywhere with a computer could access. Since then the blogging trend has grown explosively. Let’s consider some figures – it’s estimated 40,000 of these online journals are created each day and they cover everything from industrial estates (http://peie.blogspot.com) to climate change (http://www.realclimate.org) to the latest in Latino style, products, entertainment and culture (http://vivirlatino.com) and everything in between. Believe it or not, there are over 16 million blogs in existence.

What is a blog? Simply put, it’s a series of updated posts on a web page in the form of a diary or journal, often including commentary on, and hypertext links to, other websites. Additions to the blog are posted in chronological order and can contain anything from simple text, to music, images and even streamed video.

For corporates across the globe, blogs are quickly becoming the new darlings of interactive marketing – firms have discovered that blogs support branding and customer communications, create awareness and customer loyalty. Moreover, it offers firms an additional opportunity to sell their product or service. But how many Oman-based organizations are benefiting from a corporate blog? Apart from the one you’re reading (http://www.bigbusinessidea.blogspot.com) - there seem to be few Omani organizations tapping into the potential of blogging. In fact, there are obvious sectors in the Omani economy that should be developing blogs - If they did, they’d be reaping rich rewards.

1. Radio, TV & Cinema
Oman’s radio, TV and cinema businesses are still relatively young and all rely on three forms of marketing: advertising, public relations and word-of-mouth. The latter has been the most important for all three and has contributed to the organic growth we're seeing in these industries. However, none of them have blogs and that's surprising.

For Cinema owners, a blog would be a great way to promote upcoming releases and little-known movies that are finding an audience. Radio could use blogs to promote programs, new music releases, events and a DJ culture. TV could use a blog as a marketing device to help push television scheduling on behalf of advertisers.

The news flow in these industries is steady and blogs would be a great opportunity to get that information out to a growing youthful, educated and tech savvy Omani audience. Radio, TV and cinema are three key and important creative sectors and I’m surprised they haven’t embraced a cheap, interactive and non-resource-intensive marketing device like blogs.

Sample Blogs
http://news.minnesota.publicradio.org/collections/weblogs/

http://www.wwoz.org/on/
http://overxposure.fm/blog.php

2. Supermarkets
Contrary to popular belief, supermarkets make us richer. They’re hugely efficient, forcing down costs. Groceries - and now clothes and household goods - are today much cheaper than in the pre-supermarket age 20 years ago. That leaves us more money to spend on the things we value. Supermarkets enrich our choice too. The shelves groan with fruit and vegetables that were unknown 25 years ago - or unavailable when they were out of season.

In brief, supermarket shopping is big business, but why no blogs?
For example, a food smart blog with food-related news, views and advice would be a good way to attract and retain customers. There could be a Q&A section where folk ask a local chef associated with the supermarket questions on everything from health food to preparing a dinner party for 10. Extend this idea to include news about slashing your weekly food bill, cheap and easy recipes, menu planning ideas, shopping hints and you have a destination for food lovers, and a way to extend your brand and increase sales. This isn’t rocket science and in fact I have to say how surprised I am that apart from Marks and Spencer’s and ToysRus, I receive no e-mail or text contact from the supermarkets and larger stores my family and I spend our cash in. Most seem to rely on the fliers they put under my gate. Maybe they need to master a few Net basics before they blog?

Sample Blogs
http://www.grocerylists.org/
http://www.kiplog.com/food/archives/2005_0.7.htm

http://www.just-food.com/blogs.as

3. Stock Brokers
Interest in stocks and shares and the Muscat Securities Market has boomed over the past few years. Oman-based investors need professional advice. Indeed, the vast majority still rely on word-of-mouth recommendations and full or partial service brokers to execute trades, provide guidance and research.
Stock brokers could easily launch a simple blog that tracks daily market-moving events, highlights research and helps investors understand the in and outs of stock market investing. A more informed investor is more profitable than his uninformed counterpart. A blog can help turn those not so well briefed investors into better customers, right?

Sample Blogs
http://nasreena.blogharbor.com/blog/StockBroker
http://blogshares.com/help.php?node=8
http://www.fatpitchfinancials.com/
http://tradermike.net/

4. Travel
Today, most folk are members of frequent flier programs – but how often does your airline of preference talk to you? And when they do, what are they selling you? That’s right, knock down fares at times of the year when you either can’t or don’t want to travel! Let’s face it, they could be communicating a whole lot more often as well as whetting our appetite with news on locations, car hire, restaurant and hotel recommendations, sightseeing tips, airline regulations and flight specials would all be a hit. I’d like to see airlines humanize the travel experience, this would certainly foster goodwill with passengers.

Sample Blogs

http://www.airlinesindia.org/aviation/
http://www.bizbuzzmedia.com/blogs/airline/default.aspx

5. Education
Individual departments and university lectures have blogs, but I haven’t been able to track down an Oman-based college or university with a blog of its own. Oman’s higher education sector is booming and colleges are competing each year to attract the best students. So how can colleges talk to prospective students as well as mums and dads? Blogs. Most colleges run a website – but these tow an official and fairly dry line. On the other hand, a blog with information about the college, one that could include news about its great business or IT departments, and student life issues would spice things up and give prospective students a reason to keep checking in with the college during the decision-making process. A blog would also provide current students with information on campus events, workshops, seminars, career fairs, deadlines for course enrolment and other relevant news. Let students have a separate voice and use blogs as a way to bring information directly to current and prospective students in a straightforward fashion.

Sample Blogs
http://blogs.warwick.ac.uk/directory
http://www.adm.uwaterloo.ca/blogging

http://www.isat.jmu.edu/blogs/

http://mbaleague.blogspot.com/

Wrap Up
Blogging is a cheap and effective form of information dissemination that can fit nicely into an overall PR, marketing, communications and sales strategy. Start-up costs are minimal and oversight is simple. Just one word of warning – make sure your blog is professionally and responsibly crafted. At the very least, blogs can be a good customer retention tool, and if successful, they can drive sales, create brand awareness and attract new customers.

If you want to set up a blog I thoroughly recommend you log on to Blogger (www.blogger.com). Indeed, anybody with a working computer and an Internet connection can become a blog publisher in the 10 minutes it takes to sign up.

In brief, blogging is the new public relations, the new market research, the new branding and the new R&D rolled into one. In fact, it represents one of the most forceful weapons in the dissemination of information since the invention of the printing press by Johannes Gutenberg in 1450. Irrespective of whether you run a start-up, a cinema, TV or radio station, a stock brokers, an airline or a college, shouldn’t you consider starting a blog some time soon?

Sponsorship - How to Make it Work

2006-09-09T15:48:00.000+04:00

And the Survey Says…
A recent survey revealed that event marketing has become a top choice for marketers – 44% of those polled chose event marketing over advertising at 18%, direct marketing at 15% while public relations, sales promotion and Internet advertising registered just single-digits.

Event Marketing Booms
Globally, trade shows were perceived by one-third of those surveyed as the leading event type in terms of ROI. Following behind trade shows in perceived ROI were conferences (24%) and seminars (20%). Across all geographies, event marketing averaged 20% of total marketing communications budgets. This trend is most visible in Asia Pacific, where 74% of the survey's participants cite the growing influence of event marketing, almost 20 points higher than the global average. In fact, more Asian Pacific corporations (49%) anticipate increased budget allocations to event marketing than for any other marketing activity. I fully expect Middle East markets to follow this marketing trend. Eng. Mohammed Al Ghassani, Deputy CEO of the Public Establishment for Industrial Estates – responsible for Oman’s six industrial estates as well as Knowledge Oasis Muscat (KOM), and the BBIC – recently said: “Whether it's increased service knowledge, greater brand awareness, a boost in space rentals or a reinvigorated work force, face-to-face events are instrumental in helping PEIE and KOM advance their strategic goals.” In short, event marketing is big and getting bigger.

Wealthy Greeks
Events whether they’re seminars, workshops, conferences or football tournaments can provide golden opportunities not just for those participating but also for companies aiming to promote their brands to a large audience. For those involved in organizing events, whose aim is often to maximise the generation of income, corporate sponsorship is one of the most lucrative sources of revenue. If you look back at history, the origins of sponsorship can be found in Ancient Greece, where wealthy Athenians contributed hard earned cash to cultural, defence and sports events. This was to help events become more accessible to Citizen Stavros. In return, sponsors were honoured by having their names engraved on marble tablets. This tribute was a mark of the city’s respect, value and appreciation.

In more recent times, corporate sponsorship has been viewed mainly as a commercial transaction where a sponsor pays a given fee and in return receives certain rights. In most cases, in addition to the fee, the sponsor also supplies the sponsored party with their products or services. In return, corporate sponsors expect to receive exclusivity in the use of the official logo, be given unique advertising and promotional opportunities, on site concessions/franchise and product sales together with the right to describe themselves as the official sponsors of the event in their marketing and promotional campaigns.

It is estimated that brand marketers worldwide will spend US$50 billion on sponsorships in 2006. Indeed, sponsorship and event marketing opportunities have proliferated as interest in opportunities and spending has increased. Oman-based firms have a domestic event buffet to choose from, we’ve rallying, camel racing, golf and football tournaments through to musical concerts, exhibitions, eGames conferences, monthly Open House seminar programs to mobile marketing tours, sampling and product placements on TV.

Sponsorship & the Feel Good Factor
From a local perspective, let’s say you’ve just sponsored a local business conference or a sporting event to the tune of RO3,000 - what impact will it have on the local community – what kind of buzz will it generate? Here are two examples, the first is from a guy living in Los Angeles who attended a track and field event during the 1984 Olympic Games:

This is really fantastic! The crowds … the excitement. I’m so glad I came. I thought I wouldn’t attend any [Olympic] events. I don’t like sport. I was even sorry that the Olympics were going to be in LA. But there was so much energy … people were so excited. I just had to be part of it. So here I am. It really doesn’t matter what is happening down there [on the track]. There is just so much energy! People are so happy! It’s just fun!

The second story is from a young Sydney Olympic Volunteer who describes an incident she was involved in: My [volunteer] assignment finished late. I was still in my [volunteer] uniform, and I had to change trains at Cabramatta. I wouldn’t have been there if I didn’t have to be. It isn’t safe. I was alone on the platform and [a teenager] walked up. He looked tough, and I thought he was going to rob me. He said, “I want to thank you for what you are doing for our country.” Then he just walked away.

There are hundreds of stories like these at most events whether they’re business or sport-oriented. There is a sense that something important is happening - a sense that is felt more than understood. If the occasion is a sporting event, the sport may be the catalyst, vehicle, or rationale for the felt sense of importance, but is neither the object nor the cause. The sporting outcomes may matter to some, but there is a sense of something more important happening. In brief, something that transcends the sport that is going on. It feels as if new energy has been injected into the community - an energy that can be shared by all. There is a heightened sense of community among those who attend the event. If you’re looking for an incentive to sponsor an event and get your brand associated with a good-feel vibe, then this is it.

ROI
Naturally, bigger Rial allocations means more intense scrutiny from senior management. In turn, the demand for accountability and demonstrable ROI from sponsorships and event marketing has never been higher. Unfortunately, tools for assessing the performance of sponsorships and event marketing in terms of contribution to sales and profitability have always been in short supply. According to research, 60 percent of marketers say they are not satisfied with their ROI tools. All I can say on this point is if you don't measure it, then it’s obvious you don't care about it!

Big Business Idea Competition - That's Us!
However, the goal of sponsoring an event, let’s say a business plan competition, has to be about making the brand message become part of the event because, if done successfully, the two will be inextricably linked and always associated with one another. For example, the recent involvement of Ernst & Young with the launch of the Knowledge Mine - Ernst & Young Big Business Idea Competition (www.kom.om/bbic) will without doubt build brand equity and brand awareness for Ernst & Young. Just tagging a name onto an event and not supporting the sponsorship fully leads to a disassociation between the name of the event and the actual brand. How often have you seen corporates give over cash to an event but not get behind the event? Indeed, just attaching your name to an event is lazy marketing. It is not about the corporate name; it is about what will happen pre- during and post-event: how the brand will come to life and how the target audience can experience the brand image at the event. The corporate needs to be aware of this and act on it.

Work Together
A successful event sponsorship deal is very similar to a joint venture or partnership in that the parties work closely together and assist each other to achieve their respective commercial aims. Don’t underestimate this commitment. Sponsorships tend to be long-term relationships, many lasting for two, three or four years. As the activities of parties to a sponsorship contract can affect the reputation and goodwill of each other, it is important that both parties make enquiries of the other prior to contract as part of the commercial evaluation of a sponsorship proposal. If this is done properly then real and meaningful ROI will be had.

Even More Marketing Tips

2006-09-07T20:22:00.000+04:00

Is your start up fit and ready for the challenges of today's global economy? Here we suggest 15 simple marketing ideas that will help get your business into shape.

If your company wants to stand out from the crowd in 2006 then you’ll need to take a fresh look at your marketing activities and do something different for a change. It’s not rocket science and you certainly needn’t reinvent the wheel. In fact, I suggest you borrow some marketing techniques – just borrow them from outside your industry. Here's an example. Enterprise Rent-A-Car (www.enterprise.com) is one of the biggest and most successful rental car companies in the US. Enterprise became successful because it catered to a specific niche market - insurance replacement vehicles. If you're involved in an accident or your car goes into the garage, you need a rental car to drive until yours is ready, and that's where Enterprise comes in.

So what marketing technique did Enterprise use to get noticed? The answer is donuts. Enterprise employees regularly visit garages in their area and bring free donuts for the mechanics to eat. It's simple, it's cheap and it keeps Enterprise at the top of the list when customers need replacement rental cars. Could you use this idea? What would people think of your firm if you were giving out free donuts (or pizza) at places where your customers collect? Well, here are 15 marketing ideas to think about for 2006.

1. What are you doing?
This is the basic stuff. Review the marketing activities you use and the marketing skills you and your team have. You’re probably already doing things right. But here’s a quick check list of the bases you should be covering.

Understand what your market wants; where, when and why your customers buy; what benefits they want from your product or service; and be aware of what your competitors are offering. Define your objectives, identify and choose your target customer groups and position your business to serve your chosen market. Monitor the effectiveness of your marketing activities in terms of customer satisfaction and the impact on your bottom line.

Just like consumers anywhere in the world, Omani consumers are becoming more demanding and less loyal than ever before. They want to know that your product or service will be of value to them and why it’s better than everything else on the market from a price, quality or service perspective. In today’s economy, you’ve got to be customer-centric, you’d be surprised how few firms are. Make customer the focal point of everything your business does. At the end of the day, happy customers means greater returns, right?

2. Public Service
This is a great chance to do well by doing good. Sponsor a blood donation drive – I’ve seen the KOM-based Knowledge Mine business incubator program do this. Donate your product to local charities or give them out at special events. This is an excellent way to position your company in a positive light. the Wisconsin Bankers Association's (www.wisbank.com) Personal Economics Program is a case in point – it combines financial education and marketing by sending bankers on education forays into schools and colleges. The presentations are particularly effective with the parents of children whom the bankers reach at school. It's an outstanding example of good old-fashioned "cause marketing" that's even more relevant in today’s depersonalized age of low-touch.

3. Launch a Blog
Develop a blog – this is an easy and free way to stand out from your competition, to develop a relationship with current and potential customers.

Talk about your business. If you run a firm that manufacturers mattresses, then use your blog to talk about mattresses; give sleep, relaxation and exercise tips; special product ideas or ways to use your products; ways your mattresses can help alleviate spinal problems. Got a special promotion running? Use your blog to announce it.

The same rules apply to blogs as they do to newsletters. If your blog is just a sales pitch, don't bother. If, on the other hand, you can provide useful or entertaining information for visitors and subscribers, then your firm will benefit from a blog.

4. Not All Clients Are the Same
Customers are different so why treat them all the same? Treat them as individuals, look at how and when they buy. This will help to start putting them into groups and understanding the needs of each group. For example:

High volume/high value buyers - place frequent large orders
High volume/low value buyers - place frequent small orders
Low volume/high value buyers - place occasional large orders
Low volume/low value buyers - place occasional small orders

Customers are prospects too. Stay in contact with them. Find or develop other products or services you can offer them. It's easier to make a sale to a previous customer than to someone who’s never bought from you.

5. Nag Them
Never underestimate the nag factor — target Oman’s youth and establishing brand loyalty from a young age.

6. Your Environment
Pay some attention to how your office looks. Fresh flowers, a clean, light and airy office or workspace is welcoming to visiting customers. Indeed, how many dirty, badly lit offices have you visited lately? What your office looks and smells like says a lot about your company, believe me – so invest in your décor.

7. Word of mouth
Word-of-mouth is a cost-effective, powerful form of marketing. Write a list of 50 people you know but don’t see regularly. Send them a friendly e-mail or postcard to let them know what you’re firm is up to. Ask them for feedback, advice or contacts of anyone who might be interested in hearing about your product or service. People will help.

8. Networking
For many, networking can be intimidating experience but there are ways to make it less scary. Networking isn’t about sell, sell, sell - it’s about building relationships - go to a networking event looking for opportunities to help others. Ask questions, gather information, offer contacts and advice – people will remember you for it. Knowledge Oasis Muscat runs a monthly Open House (OER supports it!) seminar, it attracts anything from 75 to 150 attendees, this is a good place to start.

9. Business cards
Get a new card designed, stand out from the crowd. For example, print it on unusual material – textured card, plastic, wood – or make it an unusual shape. Offer a business tip or special offer on the back.

10. Testimonials
Collect testimonials from your customers and use them in your advertising. Testimonials provide evidence that your product or service delivers the results you promise. For maximum impact, use only testimonials that describe specific results the customer enjoyed. After all, testimonials also offer your customers great publicity. It’s win-win.

11. Press releases
They have to be targeted. There is little point sending round a generic press release to lots of newspapers and business magazines. Start by focusing on five publications ideal for your target market. Read back editions thoroughly – understand what kind of stories they like to publish and the style of language they use. Find a relevant news hook and tailor your press release specifically for each publication. The first paragraph is key and must provide the who, what, where, when and why of your story. Here’s a great press release story - when Jim Dutchess started a mobile wash business, he called the wire service UPI, told them he had a truck with portable washing equipment, and made an offer to go anywhere in the US and wash a UFO for free if he could get there in time. After the reporter stopped laughing, he ran the story. Dutchess got national coverage, became a celebrity in his home market and saw his start-up business boom.

12. Image: Look Beyond Price
Move away from price. Promote the value of your product or service not simply its price. Your customers and potential customers are looking for value and they believe you can provide it. Your challenge is to promote and sell the value of your product or service and ask your customers to take action to receive that value.

13. Postcards

Print your best small ad on a postcard and mail it to prospects in your targeted market. Postcards are inexpensive and easy to use. Most recipients who ignore other types of advertising will read a brief ad when it's delivered to them on a postcard. Corporate Identity Solutions (www.identify-yourself.com) created and mailed a set of 4 postcards celebrating spring and featuring beautiful flowers and their symbolic meanings. A fifth card served as an introduction to the set, bearing the company's wishes for a happy spring season. It also explained the significance of the selected flowers (respect, wisdom, distinction, devotion) and how each relates to the company's approach. The reverse side of the postcards was left blank for the recipient to mail to a friend or associate. At a little more than a 500 baizas a pack including twine-tying and packaging, this direct mail effort delivered viral impact with a deft, light-handed approach.

14. 80 – 20 Rule
Continually test and evaluate everything you use or do to market your business. Allocate 80 per cent of your advertising budget to proven promotions. Use the other 20 per cent for testing new variations. Most businesses using this system continue growing - even in highly competitive markets.

15. Power of Odd Numbers
Express numerical claims as odd numbers with fractions or decimals. For example, "Our clients save 18.3 per cent" sounds more credible than "Our clients save 20 per cent" ...even if 20 per cent is the accurate number.

Develop a series of four or five different special offers. Use them one at a time with an expiry date. When one offer expires, replace it with the next offer and a new deadline. Continuously recycle through the same series of offers. This enables you to keep using special offers to generate sales without taking time to develop new ones. Remember, the majority of sales aren’t made on the first contact. Develop a method to capture and save the names and contact information of prospects who don't buy from you. Follow up periodically. A little gentle coaching will eventually convert many of them into buyers.

Each of these 15 marketing ideas can be highly effective. Take action now to apply those you overlooked. You'll be surprised by how much business it brings in.

The Home Business Report

2006-09-07T13:23:00.000+04:00

This is a report that BBIC entrants might be interested in learning more about. Figures from the US-based Small Business Administration ( http://www.sba.gov/) have revealed that home businesses generate more than US$530 billion (RO204 billion) in turnover each year and are more profitable than businesses based in offices!

The report's findings have surprised many who underestimated the size and worth of the US home business sector. The report's headlines are:

o Businesses based at home generate more than $530 billion (RO204 billion) in annual turnover.
o 52% of small businesses in the US are based at home.
o Home businesses record a lower turnover compared with office based peers, but they have a higher net income.
o Female owned businesses are growing faster than male operated firms, both in terms of the number of new businesses created and also in income levels.

The research was conducted by analysing tax returns submitted by people claiming home business/office related expenses.

The report is upbeat about future prospects, believing that the number of home business owners will continue to grow, influenced by factors such as technology, demographics and lifestyle.

16 Marketing Tips for Start Ups

2006-09-06T20:14:00.000+04:00

Here’s a laundry list of 16 marketing ideas that start ups involved in the BBIC might want to think about.

E-mail: From a marketing perspective it’s inexpensive and highly effective. Too often, marketers are tempted to broadcast a message to their entire database. I suggest you’ll generate more revenue when you focus on the 20% of your database that produces 80% of your sales. Prospects at the top of your lead-generation pipeline who are poised to buy within the next 30 - 90 days should also be hit. A lot of marketers are keen to e-mail key decision makers but too often ill-informed PAs get in the way and delete your all important message. Then why don’t you ping the CEOs at the weekend - when their PAs aren't screening correspondence - and they’re checking their own mail.

New Clients: I know this one is utterly obvious but when we think about marketing and sales we tend to think of new clients. Why don’t you focus on selling more of your products/services to existing clients? It generally produces better results.

Emotions: Consider the emotions you want associated with your product/service and the impact those emotions and related activities would have on your firm. Which emotions and activities do you want to use? Do you want to be funny, controversial, topical, clever, mysterious, or a trend setter? You may also want to consider associating your product/service with a current trend, fashion or sports celebrity.

Communities of Interest: Establish a marketing and public relations advisory and referral team composed of your colleagues and/or neighbouring business owners to share ideas and referrals and to discuss community business issues. You could meet quarterly for breakfast or dinner.

Inform Clients: Photocopy interesting articles and send them to your clients and prospects with a hand-written ‘for your information’ note and attach your business card.

Ask Clients: How do you know which features of your product/service are most useful to your clients? Let your clients suggest new features and then let them vote (or bid) for those features they would most like to see incorporated into the new product/service.

Pay Clients: Pay your clients if they use your product/service a lot. Sounds suicidal, doesn’t it? However, this might encourage people to use your product/service more. This in turn could certainly stimulate demand to use your product/service more often. It could also encourage more new clients to come on board if they think they stand a chance of getting paid. This is certainly a bold move and one that could deliver lots of PR coverage.

Free CD: Many Oman-based magazines and newspapers are now willing to carry CDs. Choose the magazines and newspapers appropriate to your target audience and offer to provide something worth including on a CD. This’ll be circulated to thousands of people, worth considering, don’t you think?

Key Words: Search engines will index the content (text) of your website and use that to find matches against the queries typed by those googling. Nothing new there I know, but instead of just describing what you do, include extra words that describe the benefits to the end user and include words that represent the language of your potential client - rather than your own product/service jargon.

Benefits: This is standard marketing practice - promote the benefits, not the features of your product/service. Although not innovative, I think it’s a marketing issue worth considering.

Competition: You have a product/service that you want to promote, so why don’t you get your existing clients to enter a competition that tells you how they use your product/service. The best application of your product/service wins a prize. This not only provides you with great PR but gives you a superb list of the applications and benefits of your product/service. Promote these ideas on your website or blog.

Outrageous: So you want to be noticed, and you’ve got a three figure annual marketing budget? Here’s what you do. You do something outrageous! This will get you plenty of free publicity and lots of word-of-mouth marketing coverage about your firm and product/service. However, be careful there’s a fine line between what’s outrageous and acceptable and what’s outrageous and totally not acceptable. Get it right and everybody will know you – get it wrong and you may as well pack your bags and head for the Airport. If this frightens you a bit too much, try an alternative, do something good, a good deed. Though this won’t generate the same amount of press coverage or marketing buzz.

Advice: This is a marketing classic - provide advice, training and support to your existing clients. Folk appreciate the after sales touch – it shows them you haven’t taken the money and run. Start a free tip line. Offer a free daily, weekly, or monthly tip recorded on your voice mail or answer service. The tips you give should be related to your line of business. Include an ad for your website or business at the beginning or end of your message.

Cred: People usually like to see a demonstration of your credibility and abilities - either through a live demonstration, or via association with known and respected organisations. Think about how you can demonstrate your credibility. The ideas mapped out in this article should go some way to helping you in this regard.

Media Support: Identify media channels - print, web, TV and radio - that can help you promote your product/service, you can always provide journalists with a free trial in exchange for free exposure in their medium. Another possibility is to start a blog.

Business Card: Everybody has a business card and so many of them are badly designed and utterly forgettable. Try giving out business cards that offer a chance to win a competition, enter a prize draw, reveal a must know business secret or get a free trial. Create a different form of business card - something memorable. This is one way of demonstrating your firm’s creativity. Printing business cards cost just a few Rials so this is an idea you can experiment with.

BBIC Interview with Rajeev Singh

2006-09-04T09:48:00.000+04:00

Would you mind giving us an overview of Ernst & Young?
Ernst & Young is a professional services organisation committed to providing the highest quality professional accounting, auditing, taxation and consultancy services. With more than 103,000 personnel worldwide, we provide integrated services to private enterprises and public agencies located in more than 140 countries. The Middle East practice of Ernst & Young is an independent professional firm which has operated in the region since 1923 and is a full member firm of Ernst & Young Global. Today our clients are served by over 2,000 professionals, out of 17 offices in 13 countries in the Middle East. We are by far the leading professional services provider in the region.

The Oman office started operations in 1974 and is today the leading professional services firm in Oman. It offers a full range of accounting, taxation and business advisory services through a team of approximately 120 resources, led by four resident partners and one resident director. About 30% of our team are Omani nationals.

Why did Ernst & Young get involved in the Big Business Idea Competition?
Globally Ernst & Young has a long association with promoting and celebrating entrepreneurship. In Oman, we have historically been associated with the Oman Awards for Excellence since its pre-inception days. A key award category is the Entrepreneur of the Year, which is an award category we have a close affiliation with.

Over the past 30 years, we have interacted with and provided services to the private sector including a few entrepreneurs on a daily basis, and our contribution to the development of the Omani economy makes us very proud of what we do. We have also had a strong role to play in the Youth Fund project during its establishment phase.

Finally, coming to the KOM project, we have had close relations with the KOM team and play an important role in the TKM mentor program. We perceive the BBIC as a continuation of our pro-bono involvement in such projects, which is one way of sharing the benefits of our experience as well as helping foster a stronger domestic culture of innovation and entrepreneurship.

How important are start-ups to Oman’s economy?
The realisation of Vision 2020 is dependant on increasing the role of the private sector. Encouraging start-ups is a way of promoting the role of the private sector. Start-ups offer employment opportunities to the Omani youth and further reduces the sultanate's dependence on foreign labour. It is an undisputed fact that SMEs contribute significantly to the growth in any well developed economy. SMEs promote the growth of industries and the formation of well organized clusters and consequently drive growth within the private sector and the evolution of the economy as a whole.

Economists believe that every start-up creates about 5 to 7 service opportunities in the economy (think about additional services required by the new business and its employees). An increase in start-ups will lead eventually to more and more Omani skilled and un-skilled resources finding gainful employment.

What characteristics do you need to be a successful entrepreneur?
Planning / Goal Setting – Challenging yet realistic goals are in order. Comprehensive , simple, clear and updatable plans are essential.

Sacrifice & Hard Work – Starting up a business does not come cheap, entrepreneurs are financially and emotionally locked into their ventures which causes a lot of strain on their personal lives.

Motivation / Enthusiasm – There are many challenges associated with starting up a business, entrepreneurs must have the drive and the mindset to overcome obstacles.

Market Needs – A successful entrepreneur must be in tune with the market, identifying needs and providing products and/or services which are in demand.

Ability to visualize the “Business / Bigger Picture” – It is easy to get distracted by the many money generating opportunities, however due to the limited resources available to the entrepreneur, he/she must remain focused on the bigger picture and be aware that every decision made will have an impact on the overall picture.

Emotional Maturity – Entrepreneurs should learn from mistakes and accept losses. Mistakes and financial losses are inevitable and sometimes necessary as part of the learning curve. Business plans of entrepreneurs must have the flexibility of recovering from failures in order to achieve maximum benefit. Constant evaluation and improvement of performance / progress is imperative.

Which international entrepreneur has inspired you and why?
It is very difficult to pinpoint a specific entrepreneur as a source of inspiration. From an historical perspective, I find the American business culture interesting as it has produced some of the most successful entrepreneurs. This list includes folk like Henry Ford, Phil Knight (Nike), Colonel Sanders (KFC), Microsoft's incomparable Bill Gates who has evolved from an entrepreneur to a global business tycoon to a philanthropist, Apple's Steve Jobs, and the Starbucks trio of Jerry Baldwin, Zev Siegel and Gordon Bowker.

Narayan Murthy of Infosys has not only inspired other Indian entrepreneurs but also helped in creating the Indian software story. Another inspiration is definitely Richard Branson whose rebellious and anti-establishment biography is very interesting indeed.

What are the key ingredients for a successful start-up?
Planning (business plan).
Updating the plan constantly.
Committed and invested (emotionally) people / team.
Creativity / resourcefulness.
Ability to turn obstacles to your favour.
Client focused.
Setting challenging yet realistic and achievable goals.
Understand and co-operative investors – Creating trust and credibility.
Special entrepreneurship fostering programs – for example, The Knowledge Mine incubator program based at KOM.

What path do you suggest for would-be Omani entrepreneurs?
Vision, commitment and passion in your idea.
Don't invent needs – identify customer needs – develop solutions for the customer needs.
Flexibility to change their plans in the light of the developments.
Company of like minded and committed people.
What are the drawbacks to being an entrepreneur?
Some of the drawbacks of being an entrepreneur include:
High financial risk – your personal funds and assets are invested in the start up capital.
Fixed income insecurity – no monthly salary and associated allowances that give the comfort of a fixed income to offset your fixed expenses (rent, mortgage, car loan, school fees, utility bills, etc.)
Social sacrifices – inability to build or maintain a stable family / social relationships, based on fixed regular working hours.

How do you recognize the next big thing?
Well, that's for you to guess and me to know! More seriously, I presume that recognizing the next big thing will never be as obvious as it may seem. A crystal ball could come in handy. History is full of run-away successes that were dismissed as frivolous at the time - IBM, Kodak and GE never believed that photocopier machines could have a business future; Xerox never believed that there could be a market for computers; even the Chairman of IBM apparently believed that there was probably a world market for only 5 computers !

One of the critical differentiators will be the commitment of the core promoters. Entrepreneurship is based on the promoter’s vision for a particular product or service and the vision itself is based on providing solutions to the needs of customers. Successful entrepreneurs don't invent needs but identify products or/and services that will serve the needs.

BBIC Entry Date Extened

2006-08-31T14:48:00.000+04:00

The TKM – Ernst & Young Big Business Idea Competition is a prestigious launch pad for new commercial ventures. The 2006 competition was launched in June by HE Ahmed Al Dheeb, Under Secretary at the Ministry of Commerce and Industry and according to Knowledge Oasis Muscat (KOM) management entries have been pouring in from entrepreneurs, students and new companies. To be eligible, the ideas have to be original or a significant improvement on an existing business and make significant use of technology. “We’ve received a large number of entries so far and due to the response and interest in the competition it’s been decided to extend the competition’s entry closing date from 1:00pm, Saturday 2 September to 1:00pm, Saturday 16 September. After the 16th we’ll be sending entries to our panel of judges (technology investors, consultants, bankers, government personnel and successful entrepreneurs) for comment and feedback. We’ll then have the unenviable task of reducing this to a shortlist of semi-finalists and finalists,” remarked Ibtisam Al Faruji (pictured left), Head of Marketing at KOM. More information about the TKM – Ernst & Young Big Business Idea Competition is available at www.kom.om/bbic

The TKM – Ernst & Young Big Business Idea Competition is expected to provide a platform to turn innovative ideas into businesses – not only through prize money, but the mentoring, PR and credibility that goes with it that can help secure investment. “In a knowledge economy it’s vital to provide mechanisms to support innovative technologies. Oman has a growing technology and science base and competitions such as the TKM - Ernst & Young Big Business Idea Competition leverage this knowledge into the commercial world and helps support social and economic growth, this is extremely important to Oman,” commented Mohammed Al Ghassani, Executive Vice President, PEIE and member of the judging panel.

According to Dave Pender, Adviser, PEIE and member of the judging panel: “Entrants to the competition include science researchers, lone inventors, small companies and entrepreneurs from around the sultanate. The ideas received so far make significant use of science, technology or design and range from wireless communications to environmental solutions.” From a global perspective, the longest-standing business plan competition is the US$100K competition at MIT, which has facilitated the birth of over 60 companies with an aggregate value of over US$10.5 billion dollars. These companies have generated over 1,800 jobs and received US$175 million dollars in Venture Capital funding. The TKM – Ernst & Young Big Business Idea Competition is certainly much younger, but it has every intention of taking domestic entrepreneurs on and up.

BBIC Interview with Habib Hanna

2006-08-22T12:28:00.000+04:00

Habib, would you mind giving us an overview of NCR Corporation?
NCR Corporation (NYSE: NCR) is a leading global technology company. Based in Dayton Ohio, NCR (http://www.ncr.com/) employs approximately 28,000 people worldwide. In Oman, NCR is offering integrated Information and Communication Technology (ICT) solutions in the field of Financial Solutions (ATMs, Bill Payment, etc.), Teradata enterprise data warehouse (EDW) and Customer Relationship Management (CRM), contact centres, retail solutions (web kiosks/ point of sales, etc.), cheque processing and Imaging Solutions, high-quality document and media consumables, turnkey ICT infrastructure and business solutions, as well as lifecycle support and managed services for critical IT environments.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
One of our key objectives as NCR Oman is to effectively contribute to the development of the ICT sector in the Sultanate. This is our duty towards this country where we employ more than 50 people. And thus we will try to support all initiatives that we believe will bring positive results to the domestic ICT scene.

How important are start-ups to Oman’s economy?
Start-ups enable the ICT sector to become productive rather then being just receptive, allow new job creation, provoke business innovations, fuel capital investments into the country, and contribute effectively and sharply to the overall growth of the economy. In short, they’re important.

What personal experience do you have of the start-up culture?
I was engaged on the business side with many start-ups in the area of ISP/ASP business – where we were advising those new companies on how to build their business models, structure their mode of operation as well as to design, implement and manage their full technology infrastructure.

What characteristics do you need to be a successful entrepreneur?
Good vision, directed by a solid business plan and coupled with sound execution.

Which international entrepreneur has inspired you and why?
Google. They changed the rules of the game and have been very successful with introducing innovative services and products such as “Google Earth”.

What are the key ingredients for a successful start-up?
First, start-ups should come with something that the market needs and wants. Second, start-ups should have a solid business plan. Third, they should start with the minimum investment required. And lastly, they should start with the right people on board.

How could the region’s banking community improve the services they provide to start-ups?
Banks could support start-ups not only by offering financial facilities to those enterprises, but also to advise them on their overall financial plans. The banking community in the region is very sophisticated and has extensive experience and knowledge in various industries – and thus could help those start-ups by advising and re-shaping their plans to be the best possible.

What path do you suggest for would-be Omani entrepreneurs?
Improve something in what customers do today. Customers normally invest in technologies to at least fulfil one of those things: save money (think of ROI) , improve existing services, create new services, create new revenue streams, enable better security and control, and/or improve their image in the market place.

What are the drawbacks to being an entrepreneur?
There is always a risk involved when we talk about entrepreneurs. Will you be able to cope with the market challenges? How quickly the market would react to those products/services or even to the business model of the start-up? A lot of effort is needed initially to build the credibility of the start-up in the market. However, those could be covered with the proper market strategy and a solid business plan directed by sound execution.

What do you think the dotcom has done for enterprise and innovation?
On the positive side we have global reach – where any enterprise can market and sell its products globally. However, it also showed us that you have to have real value in what you do in order to stay in the market. You cannot create a bubble that will last for long.

How do you recognize the next big thing?
Simply by thinking globally and acting locally

BBIC Interview with Matt Harrison

2006-08-16T01:47:00.000+04:00

This week we caught up with Matt Harrison – a Muscat-based marketing consulting. Matt’s a big supporter of the BBIC initiative and this is what he had to say on entrepreneurs, lack of sleep, Citigroup and Procter & Gamble, the importance of listening to young people and the advice he’d give his kids on setting-up a start-up.

Matt, what’s your interest in the BBIC?
Entrepreneurs drive the Omani economy, whether they’re a small family-run grocer shop, a smart graphic design firm or the next big Internet idea. It’s this zeal for creating something new and building something that we need to encourage and promote in Oman. In this regard, the TKM – Ernst & Young Big Business Idea Competition is an excellent initiative that can only help contribute to developing a stronger domestic entrepreneurial environment. We’ve got to be running these kinds of initiatives - they play an important social, economic and business role.

What advice do you have for young entrepreneurs? What's the most important thing they need to do to succeed?
Forget about sleeping or learn to need less sleep. Focus on doing a few things extremely well. Do everything with a vengeance. Make room in your business for all kinds of people. Plan to make lots of mistakes - make them, fix them and then forget them. Look forward not back.

I like that. On the flip side, what are some of the reasons you think entrepreneurs fail?
Entrepreneurs can sit on the accelerator for too long. They need to partner with a good finance guy to put the brake on their enthusiasm and excesses. Otherwise, one day they'll just slam into the wall. As they say: there are no skid marks in start-ups.

Some Oman-based business people believe that IT is a commodity - necessary for competitiveness but insufficient for advantage. What do you think about this?
Adopting IT is very much a part of the entrepreneurial process. In fact, recent research indicates that IT is more than a commodity, it’s a strategy and one that Oman-based companies need to capitalize on in order to survive.

Look at large multinationals like Citigroup and Procter & Gamble - all early IT adopters – they dominate their markets because of superior IT and a superior knowledge of how it impacts every segment of their business. It doesn't matter whether you’re in healthcare, manufacturing, banking, logistics or selling toothpaste in a local supermarket understanding how to use IT to design, organize and implement your business is key to survival.

Sticking with the IT theme, it’s probably safe to say that the very thought of the Internet and e-business strikes fear into the minds of many Oman-based executives. What do you make of this?
If your GM or CEO is frightened of the Internet and e-business, then your firm has got big problems. Fearing what’s quickly becoming a reality isn’t going to move your firm on and up, is it? While the Internet and its ability to transcend geographies is a huge threat to traditional, stagnant business models, it’s also one of the biggest opportunities Omani businesses have ever had. In today’s networked economy, progressive companies can take advantage of lower than ever transaction costs, global recruiting and sales, fast-track business models and an overall ability to make their businesses faster, stronger and more fluid.

What general words of business wisdom would you offer to entrepreneurs, managers and executives reading this BBIC interview?
I'd tell them…

Technology’s not a commodity - firms that treat it as such are doomed to mediocrity or worse.
Listen to young people - they represent your biggest consumer market and will increasingly become your most valuable human resource.
Look beyond your company’s walls. To succeed you need more than a solid business - you need an effective business web, so get out there and network, attend seminars, workshops and conferences.
Always make new mistakes - never old ones - and learn from them.
IT serves people and not the other way around.
Take great pleasure in what you do, or find something else to do.

Final question: You’ve got children - if one of them came home tonight and said they wanted to quit their job and start a company, what would you say?
I’d ask them three questions.

Is the product or service to be provided by the new company real? I mean, does it save time or money or increase productivity?
Is the problem they’re solving big enough to matter to a lot of people? You don't want to create the greatest gaming software never sold.
Are they starting a business or just creating a product or service that's an add-on or nice to have extension of things that are already offered by major players.

Then I'd ask how much they want to borrow from me!

Planning for Start Ups

2006-08-07T00:06:00.000+04:00

Did you know that one half of all new businesses fail within the first 3 years of trading? But with sound planning, some business know-how and, most important of all, a great dream you can dramatically improve your chances of surviving, growing and succeeding.

Look to the long-term
The primary task in managing a business is deciding its long-term objectives. If you can imagine what you want your business to look like in 5 years time you have more chance of achieving your dreams.

Create your vision
You need to think about what products and services you will be offering and to what type of customer. Consider your future market position and competitive advantage. Do you envisage expanding and if so what turnover, outlets, staff and annual growth rate to you anticipate? Think big and dare your dreams to come true.

Plan for success
On any long journey a map is essential. So take your dream and plan the main steps you will need to take to get from where you are now to where you want to be in 5 years. Then plan this in detail for the next 12 months. Include a cash flow projection, so you can be sure you don't run out of cash along the way. Review what you have achieved every 6 months and plan the next stage of development.

Review your customer profile
Most businesses can identify future outgoings. Sales projections are more difficult. Market research helps here. Review the profile of typical customers and note any changes or gap.Look at your sales pattern. Has it changed dramatically? If so, how will you redress the balance? Are you overly dependent on any specific products or customers? Who are your most profitable customers? Do you look after them to ensure repeat business?

Identify your most profitable products/services
Do you concentrate enough on these to maximise profits? Exactly how many enquiries do you get anyway? How many of these ask for quotations? How many go on to buy? What is stopping the others from going from one stage to the next?

Think about your image
How can you improve the image people have of your business? Why do clients buy? Why don't they? How important is price or quality when closing a sale?

Consider the competition
How do you compare with your competitors? Can you learn from them? Why do people buy from them, not you?

Managing price and margins
Pricing is a compromise between cost, quality, demand and competition. But when setting a price, remember to cover everything. A Rial free delivery service as a sales initiative still costs money to provide. Margins are very important. Often it is better to sell less at a higher margin.

Managing discounts
Give discounts by all means but consider their real impact on profits. If you buy something for RO70 and sell it for RO100, you make RO30. If you offer a 10% discount, you give away one-third of your profit. So you have to sell 50% more to finish where you started.

Special promotional discounts
Quantity discounts soon become part of your customer's perception of your price structure. Special promotional discounts are better. Ideally set a time limit on them. This allows you to measure their real impact.

Manage cash flow
Your precious working capital should be funding your growth, not your customers'! Remember that customers cost you money until their invoice is settled. It is considered professional, not pushy, to ask customers to agree to your payment terms when taking an order. Get the invoice out the same day as delivery, clearly marking when payment is due. Give customers a credit limit, both in time and money. If they reach it, don't take new orders until the invoices are settled. Consider factoring your invoices to generate extra working capital.Give your bank confidence

Your bank is there to help. To do this, they must have confidence in you. So even if you are not borrowing money, keep them informed. This is where your business plan comes into its own. It shows them the route map to your goal and they can use it to benchmark the stages in your journey. If you consistently reach the targets you set yourself, you will find it that much easier to raise finance when you need to fund growth in the future. Give your bank regular updates and provide accounts. Annual accounts show how you have managed the business historically. Regular management accounts will show where your business is today.

BBIC Interview with Alan Rooke

2006-08-06T23:00:00.000+04:00

Would you mind giving us an overview of OmanLine?
OmanLine is A BPO organisation based in KOM. We offer four products/services to clients within Oman and the region. The first is an outsource Contact Centre services; the second is a medical transcription services; the third is the training of Omani nationals in certain BPO disciplines and finally we offer Business Consultancy Services to medium and large organisations which either wish to outsource Contact Centre services or which wish to create and/or improve a captive Contact Centre.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
To be totally honest – because I was asked if I would be interested and, upon consideration, realised that I am very interested and am very keen to be part of this process.

How important are start ups to Oman’s economy?
Start ups are vital to any economy but even more so for Oman. There has been a tendency in the GCC region to stick with what is safe i.e. multi disciplined family run trading companies, construction companies, retail etc. Oman needs to have a fuller more rounded economy of which start ups are a vital component.

What personal experience do you have of the start-up culture?
I have been involved in two start up ventures – one is a major success and the other failed due to the inexperience of those involved and their inability to adhere to their original plan and strategies.

What characteristics do you need to be a successful entrepreneur?
Excellent business sense, single mindedness and dedication.

Which international entrepreneur has inspired you and why?
Richard Branson. If you read his book “Losing my Virginity” you cannot fail to be impressed by his vision, his irrepressible spirit and his ability to surmount massive obstacles.

What are the key ingredients for a successful start-up?
The most obvious is a workable proposition or idea. Once you have that it all comes down to hard work, making sure you have done all the necessary homework. You need to have done exhaustive research on the markets, the demand, the pricing, the competition, your positioning and all the other forces that either Michael Porter or Tom Peters can explain better than I can.

How could the region’s banking community improve the services they provide to start-ups?
My experience of regional banks is that they don’t support SME or start ups. Therefore, just having a program in place that caters directly to such operations would be a major step in the right direction.

What path do you suggest for would-be Omani entrepreneurs?
I think the BBIC has to be a very good starting point.

What are the drawbacks to being an entrepreneur?
No personal life, no personal time and lots stress.

What do you think the dotcom has done for enterprise and innovation?
Depending on what you mean by “the dotcom” my response would vary. If you mean the dotcom revolution of the 1980s and 90s I think it showed us all what is possible. It also showed us how fragile companies can be when there is no proper product or service and no proper business plan. In other words it showed us how gullible people can be.

How do you recognize the next big thing?
Again to be honest I can’t define how – I just go with a gut feeling. Some things you instinctively know will not work – no matter how good the idea or the plan, others shouldn’t but do.

BBIC Interview with Peter Andersson

2006-07-25T15:31:00.000+04:00

Would you mind giving us an overview of Ericsson?
Ericsson (www.ericsson.com/ericsson/worldwide/oman.shtml) is a world-leading provider of telecommunications equipment and related services to mobile and fixed network operators globally. We have deployed our solutions in over 1,000 networks in 140 countries and 40% of all mobile calls are made through our systems.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
Ericsson believes in the power of ideas. Innovation is how nations grow and prosper. We feel very strongly about supporting and encouraging local endeavours that will create and generate new opportunities for the betterment of the national economy and society.

How important are start-ups to Oman’s economy?
Extremely important. Start-ups are an important vehicle for the growth of small medium enterprises and SMEs play a vital role in economic and societal development.

What personal experience do you have of the start-up culture?
Every new project that we go after is like a starting up a new business. We have to prepare and present a business plan and we have to market and sell our product.

What characteristics do you need to be a successful entrepreneur?
You need to think big. You need to have imagination and be innovative. You can’t have any limitations especially self-doubt and you need to be passionate and believe in your idea/concept.

Which international entrepreneur has inspired you and why?
The inventors of trivial pursuit board game. They came up with an innovative idea.

What are the key ingredients for a successful start-up?
It goes without saying that you need to have a good idea and a solid business plan. But the business plan is not worth the paper it’s written on if you can’t or don’t properly execute your plan.

How could the region’s banking community improve the services they provide to start-ups?
Banks need to recognize that start-ups and SMEs can grow into very large and important customer. Banks need to make it easier for start-up companies to get financing and provide them good interest rates and cater to their unique needs.

What path do you suggest for would-be Omani entrepreneurs?
They need to think big and they need to think global. If they only focus on the Omani market they will be limiting themselves. Oman is a small country from a population perspective. There isn’t the critical mass like in China.

What are the drawbacks to being an entrepreneur?
Unfortunately, the failure rate of start-up companies is very high. With the odds against your favour, it will take determination of steel, perseverance and hard work to succeed. Therefore, entrepreneur’s need to be extremely passionate about their business.

What do you think the dotcom has done for enterprise and innovation?
The dotcom revolution has helped with access to information/ideas and it has made it easier for a small start-up business to market and sell their products globally.

How do you recognize the next big thing?
I believe the next big thing will be in converged end user applications. With Vision 2020 and eOman, the Government is investing heavily in infrastructure and pushing ICT.

BBIC Interview with Eyhab Al Hajj

2006-07-15T21:36:00.000+04:00

Would you mind giving us an overview of Nawras?
A Telecommunications company that operates in Oman offering Mobile services. Nawras was launched 16 March 2005 and today has 400,000 customers with unique service offerings in a highly competitive mobile market. Nawras’s current market share stands at around 25%.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
Since its launch, Nawras has continuously been improving on customer experience through innovative methods, that's why Nawras was happy to get behind TKM’s initiative which has ‘innovation’ at its very heart.

How important are start-ups to Oman’s economy?
Over the past couple of years, Oman has witnessed a growth in foreign investment, such growth provides the ideal environment for secondary markets to develop, especially those which are service oriented, bearing in mind that the best ‘products’ sold are the ones that are sold as ‘services’ . I can’t think of a better time for start-ups to start!

What personal experience do you have of the start-up culture?
At Nawras I’m part of a highly dynamic start-up team. If I can sum up the start-up culture in a couple of words it would be: “exciting and hectic.” I’ve never felt a 12-hour day go by so fast!

What characteristics do you need to be a successful entrepreneur?
Being able to think about the future and putting your ideas down on paper. I mean think to the extent that you live the situation, that’s what you'll need todo to ensure momentum and drive. An all encompassing business plan will help you realize your dream before selling it to your banker or business angel.

Which international entrepreneur has inspired you and why?
HH Sheikh Mohammed Al Maktoum, a man with vision and real drive.

What are the key ingredients for a successful start-up?
A well thought through business plan, covering all possible angles including customer satisfaction and market entry. One important dimension is planning for change, ask yourself “what if” - life's full of surprises and it usually happens when you least expect it, generally on a Tuesday afternoon at 4:00pm.

What path do you suggest for would-be Omani entrepreneurs?
Tourism and ICT are where it’s at and will be for a long time to come.

What are the drawbacks to being an entrepreneur?
There’s a greater sense of self-reliance and commitment. It's very different to working in an established organization where there’s a higher level of intrinsic momentum and collectiveness.

What do you think the dotcom has done for enterprise and innovation?
Business models have become more focused on delivering differentiated service offerings whether through speed or reach. Indeed, in the dotcom era these have becoming increasingly more important to customers.

How do you recognize the next big thing?
If you’ve a passion for it and a market, than you’ve found it!

BBIC Start-up Tips

2006-07-12T20:54:00.000+04:00

Starting your own business is one of the most challenging but rewarding experiences you will ever embark on. While there is no way to eliminate all the risks involved, careful planning and research can improve your chances of success. The following 14 tips will give you an overview of what's involved in starting out on your own, and the issues you will need to address.

1. Focus

You are not all things to all people. Decide on your niche - narrow your focus and broaden your appeal.

2. Stand Out

If your competitors are doing it, don't. Find a way to stand out from the crowd.

3. Team Player

Don't hire someone just to fill a position. Employ someone to be part of your team.

4. Quick Reactions
Time a precious commodity. When delivery is expected on Tuesday afternoon, deliver on Monday morning. Return calls and e-mails as quickly as possible.

5. Find the Right Location
The decision on where you base your business needs to be carefully considered, taking into account costs, competition and accessibility for staff and clients. Also consider the kind of image you wish to convey with your business premises. Do you need to attract passing trade in a busy area or is it more important to have cheaper or larger premises in a less prominent area?
6. Now Say Thank You

Say thank you to your customers and employees. When you can, sit down and write them a note – people will really appreciate the gesture.

7. Take Advice
Always seek advice, guidance and support in all aspects of your business - from the initial concept and business planning, to ongoing development and beyond.
8.Know the Law
Make sure you understand the legal intricacies of starting and running a business, accounting, audits, partnership contracts, health and safety, etc.,
9. Same, Same

Your business has to have a consistent look and feel. A customer must get the same impression/message from everyone within your organisation.

10. Be Happy

People will buy from you because they like you. People buy from those they like dealing with even if they can get it cheaper elsewhere.
11. Keep on Top of Bookkeeping
The paper chase can be incredible when first starting out in business, but it pays to keep on top of it all. Many small business owners end up managing the accounts themselves, especially when first starting out. For this reason it's essential that you find an accountant that you can trust and who can advise you on the financial aspects of running a business.
12. Upbeat
Your glass must always be half full. A positive attitude will always pay dividends in the end.

13. Meet Their Needs

Don't hard sell. Solve problems. Satisfy wants. Do what is truly best for your customer.

14. Challenge the Status Quo

Never accept the idea that this is the way you've always done it. Accept that a new idea or technology could work for you and your business.

BBIC Judging Criteria

2006-07-11T08:55:00.000+04:00

In order to help those participating in the TKM – Ernst & Young Big Business Idea Competition (BBIC), we’ve detailed below the general criteria the judges - headed up by Dr. Graham Smith of Sohar Aluminium - (pictured right) will use in evaluating submissions.

There are five (5) categories of criteria which the BBIC judges will consider when reviewing the business plans:

1. Innovation
Does the business have the potential to break new ground in their field and could it truly be described as cutting edge?

2. Team
Have the key functions of the business been properly identified and have gaps within the business been recognized? Do we have credible candidates in place or identified for those functions?
Is the team clearly led?

3. Technology
Is the product/service likely to be ready for market within a realistic (i.e. fundable) timescale?
Has the technology been verified, either independently or by prospective customers?
Is it genuinely original and valuable?

4. Business Model
Does the plan spell out clearly how the business will make money?
How sustainable is the business?
Does it have high growth potential?
Is there a convincing focus on cash-generation?

5. Market Opportunity & Proposition
Does the plan define a clear need for the product/service?
Is there a viable value proposition on offer to meet that need?
Is the market defined in terms of size, dynamics and competition?
Is there a credible marketing strategy showing routes to market, competitive positioning and partnerships?

Finally, does this Plan present a credible business proposition?

BBIC Interview with Mohammed Al Ghassani

2006-07-11T06:51:00.000+04:00

We spoke to Mohammed Al Ghassani, Deputy CEO, PEIE (pictured right) about the TKM - Ernst & Young Big Business Idea Competition and this is what he had to say on the competition, what it means to be a successful entrepreneur, the downside of 25/8 and recognizing the next big thing

What triggered the idea for the Big Business Idea Competition?
We’re very much of the view that entrepreneurs feel, and probably are, left out in the cold. So it's partly a pat on the back for them but it's also establishing role models for young men and women who want to start a business and trying to help grow the entrepreneurial culture in Oman. We also want to get young business people into The Knowledge Mine, the business incubator program based at Knowledge Oasis Muscat (KOM).

What characteristics do you need to be a successful entrepreneur?
All the successful entrepreneurs I've met have had a vision of what they want their business to be. But it's not just about vision, it's being able to lead and inspire people with your vision. An entrepreneur has determination, works against the odds, shrugs off failure and just gets on with the job.

What path do you suggest for would-be entrepreneurs?
I think it's worth working for someone before you start your own business, unless you’ve a great idea that’s going to take the market by storm. If you work for somebody else you get to understand marketing, sales, accounts and customer care – all the important stuff – and you won’t lose you shirt in the process.

What’s the downside to being an entrepreneur?
Probably working 25/8. Most entrepreneurs I know are workaholics and that isn’t the easiest thing to be when you’re married with three kids. Balancing work and family life must be very challenging if you want to be a successful entrepreneur.

What do you think the dotcom has done for enterprise?
In simple terms, the Internet has created lots of activity that in turn has created a tremendous amount of wealth. The dotcom world has also introduced a lot of changes to business – the landscape has changed dramatically over the past 10 years or so.

Have you got a favourite entrepreneur?
One of the best and classic entrepreneurs has to be Charles Rolls, because he had the vision (and the cash helped) to produce an automobile that’s synonymous with high quality - something all manufacturers try to achieve - and the branding that goes with it.

How do you recognize the next big thing?
I suppose for a business to become a major success it needs to have a new model of some sort, a model that’s driven by new technology, science or the Internet. I’m not entirely sure if you can spot the next big thing, it just creeps up on you.

What's the most interesting part of your job?
The TKM – Ernst & Young Big Business Idea Competition has been a real high point for me recently. I feel we’re really contributing to the development of the country’s economy, that’s a good feeling to have. It’s great meeting so many ‘would-be’ entrepreneurs and networking with them.

Beginner's Guide to Intellectual Property (IP)

2006-07-09T20:33:00.000+04:00

For those of you entering the Big Business Idea Competition - Intellectual Property (IP) issues will certainly be on your agenda. With this in mind, we've decided to include a short introduction on what IP is all about. At the bottom of this short section you'll find links to various IP sites and these should answer any of the queries you have. In the beginning..........the US legal system developed the concept of intellectual property (IP) to encourage the creation of valuable ideas and protect them from being stolen.

In law, particularly in common law jurisdictions, IP refers to a legal authorization which sometimes attaches to the expressed form of an idea, or to some other abstract subject matter. In general terms this legal authorization sometimes enables its holder to exercise exclusive control over the use of the IP. The term IP reflects the idea that the subject matter of this property is the product of the mind or the intellect, and that once established; such authorizations are generally treated as equivalent to physical property and may be enforced as such by the courts. Various schools of thought are critical of the concept of IP, some of which characterize it as intellectual protectionism.

According to Article 2, section (viii), of the Convention Establishing the World Intellectual Property Organization, signed in Stockholm, 14 July 1967: "intellectual property" shall include the rights relating to: literary, artistic and scientific works, performances of performing artists, phonograms, and broadcasts, inventions in all fields of human endeavour, scientific discoveries, industrial designs, trademarks, service marks, and commercial names and designations, protection against unfair competition, and all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields.

IP is a creation of the intellect that has commercial value. It includes copyrighted property such as literary or artistic works, and ideological property, such as patents, titles of origin, business methods, as well as industrial processes. Intellectual property is a term often used to refer generically to property rights created through intellectual and/or discovery efforts of a creator that are generally protectable under patent, trademark, copyright, trade secret, trade dress or other law.

Common types of IP rights protect different types of abstract subject matter. In brief, the 5 main types of non-physical things considered to comprise IP are:

1. Copyright/©: A copyright protects original works of authorship fixed in a physical medium of expression. Copyrights can include published and unpublished works—literary, dramatic, and musical and dance compositions, films, photographs, audiovisual works, paintings, sculpture, and other visual works of art, as well as computer programs—from being copied.

2. Patent: A patent is a grant issued by the federal government giving an inventor the right to exclude others from making, having made, using, leasing, offering to sell, selling, or importing an invention in the United States. A patent does not necessarily guarantee inventors the right to make, use or sell their inventions; in some cases, utilizing a patented invention depends on another person's prior, unexplored patent.

3. Trademark/™ ®: Trademark protection covers a non-functional word, logo, slogan, symbol, design — or any combination of these—that distinguishes a product or service. Essentially trademarks are the brand names that promote competition by giving products corporate identity and marketing leverage.

4. Trade Secret: A trade secret is a formula, pattern, manufacturing process, method of doing business, or technical know-how that gives its owner a competitive advantage. Trade secrets cover a wide range of information, including chemical compounds, machine patterns, customer lists and software.

5. Designs: IP of design refers to the form of appearance, style or design of an industrial object, for example furniture or textiles.

http://www.apecipeg.org/choose.asp

http://www.negativland.com/intprop.html

http://www.wto.org/english/tratop_e/trips_e/trips_e.htm

http://www.iprcommission.org/

http://usinfo.state.gov/products/pubs/intelprp/

http://www.eldis.org/ipr/

http://www.infonomics.nl/ipr/

BBIC Interview with Nick Pattison

2006-07-05T13:00:00.000+04:00

As part of the TKM - Ernst & Young Big Business Idea Competition (www.kom.om/bbic) we will be running a series of weekly interviews with the Competition's organizers, supporters and judging panel - they'll be talking about the start-up culture and its importance to Oman's growing knowledge-based economy, innovation, entrepreneurship and how to spot the next big thing. Nick Pattison (pictured left) of Networking Engineering Services and a BBIC judge kicks off the series.

Q: Would you mind giving us an overview of Network Engineering Services (NES)?
A: NES is a small company that specialises in technology, mainly in the telecoms area but also increasingly in the e-commerce field.

Q: Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
A: A healthy business climate means a healthy economy. Anything and anyone who is encouraging this has my vote and absolute support.

Q: How important are start-ups to Oman’s economy?
A: In one word… Vital! SMEs form the engine of a thriving economy and business start-ups form the nucleus of SMEs. A World Bank report recently emphasized this. The Government of Oman has already created the necessary framework to encourage enterprise. Now those of us who care and can contribute need to help Omanis take advantage, in a structured and professional way, of this attractive business climate

Q: What personal experience do you have of the start-up culture?
A: In my previous life as a Shell employee I have personally been involved with many start-ups in a number of countries: principally amongst contractors.

Q: What characteristics do you need to be a successful entrepreneur?
A: Not the flamboyant ones that people always comment upon! It’s a tough environment so you have to be tough and persistent and you also need to plan, plan, plan. Who would climb Mount Everest without thoroughly planning for every eventuality?

Q: Which international entrepreneur has inspired you and why?
A: Freddie Laker. He started the cheap flight business back in the 1970s and found himself up against some frightening vested interests - mostly countries since airlines in those days were often state-owned.

Q: What are the key ingredients for a successful start-up?
A: You need a product that people want, some good market research, a good business plan that is strong enough to convince the banks of the strength and quality of the business, a credible understanding of the requirement for working capital and as I mentioned before some seriously good planning.

Q: How could the region’s banking community improve the services they provide to start-ups?
A: Banks don’t take risks. They should be prepared to take risks, even if it means reflecting that in the borrowing rates and they should provide advice and support. Too often once the loan has been made they simply wait for it to be paid back.

Q: What path do you suggest for would-be Omani entrepreneurs?
A: I declare an interest here. Shell will shortly launch a Fund for businesses who would normally find it difficult to borrow from banks. The Fund will start with a payment of US$10 million (Shell’s Gift to the Nation to celebrate the 35 years since His Majesty’s accession to the throne) which is designed to stimulate the formation of successful SMEs. Managed by South Africa’s GroFin, the emphasis will be on mentoring and support, areas that GroFin has a lot of experience with.

Q: What are the drawbacks to being an entrepreneur?
A: An entrepreneur by definition is a risk-taker. That in itself can lead to lows and well as highs. Further he/she has to dedicate most of their waking hours to get a business off the ground. This is not easy given social obligations.

Q: What do you think the dotcom has done for enterprise and innovation?
A: It allows anyone access to an incredible range of information and trends. Its importance cannot be over-rated

Q: How do you recognize the next big thing?
A: In Oman? You’re lucky, it’s easy. Be a copycat: see what is happening elsewhere and if you feel it would work here, have a go. Also look at the big developments in, for example, Sohar. Go and talk to them and see what they need in the way of support services.

6 Great Biz Plan Links

2006-07-03T17:14:00.000+04:00

Writing a business plan can be a tough job. So, we thoroughly recommend you check out the websites listed below - six great recommendations. Over the coming months, we'll be posting regular business plan/start-up web-based links.

1). Entrepreneur.com
Whether you are starting out, need funding or just want to monitor the health of your business, creating a business plan is your first step on the path to success. Read Entrepreneur.com’s extensive how-to, check out dozens of sample plans, and use its calculators to complete your financials.
http://www.entrepreneur.com/Your_Business/YB_Node/0,4507,131-----,00.html

2). Howard University
This is Washington DC-based Howard University’s sample business plan template – it doesn’t get any clearer than this! http://www.ntia.doc.gov/opadhome/mtdpweb/busplano.htm

3). Biz-in-a-Box
This website offers a free business start up guide which looks at business planning, protecting your venture, accounting, staffing your business, finance and insurance issues.
www.biz-in-a-box.co.uk/defaultpage.asp?PageID=quickstart

4). Just Start Ups
A new web resource containing very practical information and advice as well as links to products and services specifically for business start-ups, sole traders and growing small businesses. www.nowletsgetstarted.co.uk

5). Small Business Advice Service
This website is supported by the UK's National Federation of Enterprise Agencies. The service provides access to a range of business information and tools including reference documents, checklists, business planning software, links to other external information sources and services. It also has an "ask a business advisor" service which lets you e-mail an accredited business advisor for free about your business idea. http://www.smallbusinessadvice.org.uk/

6). Youth Business International (YBI)
YBI is a unit of The Prince of Wales International Business Leaders Forum that helps disadvantaged young people realise their ambitions to become entrepreneurs. More than 50,000 young people have been set up in business by twenty YBI programs around the world. http://www.youth-business.org/

Biz Plan Speak

2006-07-03T16:50:00.000+04:00

For those participating in the TKM - Ernst & Young Big Business Idea Competition (www.kom.om/bbic) here are some business plan pointers that might be of use - a mini business plan lexicon if you will.

A Plan: A statement of intent - a calculated intention to organize effort and resource to achieve an outcome - in this context a plan is in written form, comprising explanation, justification and relevant numerical and financial statistical data. In a business context a plan's numerical data - costs and revenues - are normally scheduled over at least one trading year, broken down weekly, monthly quarterly and cumulatively.

A Business: An activity or entity, irrespective of size and autonomy, which is engaged in an activity, normally the provision of products and/or services, to produce commercial gain, extending to non-commercial organizations whose aim may or may not be profit.

A Business Plan: Today, this is a very general and flexible term, applicable to the planned activities and aims of any entity, individual group or organization where effort is being converted into results, for example: a small company; a large company; a shop in the souq; a local e-learning business; a multi-million Rial, multi-national corporation; a school; a hospital; the municipality; a ministry; a joint-venture; a project within a business or department; a business unit, division, or department within another organization or company, a profit centre or cost centre within an organization or business; the responsibility of a team or group or an individual.

The business entity could also be a proposed start-up, a new business development within an existing organization, a new joint-venture, or any new organizational or business project which aims to convert action into results. The extent to which a business plan includes costs and overheads activities and resources (eg., production, research and development, warehouse, storage, transport, distribution, wastage, shrinkage, head office, training, bad debts, etc) depends on the needs of the business and the purpose of the plan. Large 'executive-level' business plans therefore look rather like a 'predictive profit and loss account', fully itemised down to the 'bottom line'. Business plans written at business unit or departmental level do not generally include financial data outside the department concerned. Most business plans are in effect sales plans or marketing plans or departmental plans, which form the main bias of this guide.

Strategy: This term has military roots, in a business planning context strategy/strategic means/refers to why and how the plan will work, in relation to all factors of influence upon the business entity and activity, particularly including competitors, customers and demographics, technology and communications.

Marketing: Many believe that marketing means advertising or sales promotion. In reality, marketing means and covers everything from company culture and positioning, through market research, new business/product development, advertising and promotion, PR (public/media relations - in print and on the Web) and arguably all of the sales functions as well. Marketing is the process by which a business decides what it will sell, to whom, when and how and then does it.

Marketing Plan - logically a plan which details what a business will sell, to whom, when and how, implicitly including the business/marketing strategy. The extent to which financial and commercial numerical data is included depends on the needs of the business. The extent to which this details the sales plan also depends on the needs of the business.

Sales: This is the transactions between the business and its customers whereby services and/or products are provided in return for payment. Sales (sales department/sales team) also describes the activities and resources that enable this process, and sales also describes the revenues that the business derives from the sales activities.

Sales Plan: A plan describing, quantifying and phased over time, how the the sales will be made and to whom. Some organizations interpret this to be the same as a business plan or a marketing plan.

Service Contract: A formal document usually drawn up by the supplier by which the trading arrangement is agreed with the customer.

Strategic Business Plan: This is a business plan with strategic drivers - which actually all business plans should be.

Strategic Business Planning: Developing and writing a strategic business plan.

Philosophy, Values, Ethics, Vision: These are the fundamentals of business planning, and determine the spirit and integrity of the business or organisation.

Start-up Evening at Muscat Inter-Continental

2006-07-03T07:58:00.000+04:00

The Knowledge Mine – Ernst & Young Big Business Idea Competition 2006, Oman’s first nationwide business plan competition is holding a Start-up Evening at the Muscat Inter-Continental Hotel at 7:00pm on 3 July.

The competition - in its first year - is viewed by many as a launch pad for participating entrants to successfully raise investment for their commercial ventures. The competition has a top prize of RO6,000 (US$15,500) and rent free accommodation in the Knowledge Mine business incubator program. According to the organizers, the Start-up Evening will include a brief on the competition, a presentation by Ernst & Young on how to write a business plan plus a presentation by Mohammed Al Rasbi, Founder and CEO of R&D, a start-up firm based in the TKM incubator program.

Ibtisam Al Faruji (pictured above), Head of Marketing, PEIE and organizer of the competition said: “the competition is limited to Omani nationals and we welcome entries from individuals, teams, students and entrepreneurs – anyone with a good, innovative idea for a technology-driven business should think about participating in the competition. The idea should be original or a significant improvement on an existing business. Indeed, the 3 July Start-up Evening will be an excellent opportunity for people to learn more about the competition and what it means to create a start-up company.”

“If you are new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. Entrants will receive high-level feedback on their business idea and the chance to learn more about processes of business. We believe that the competition is a highly-prestigious platform for successful new venture creation – it offers entrants access to networks, training and valuable contacts, and it helps further understanding of the investment process and what constitutes a realistic marketable idea,” said Ahmed Al Hadhrami, Marketing Officer, PEIE.

In partnership with Ernst & Young, TKM is also running three pre-competition workshops. “The first two workshops - 25 June and 2 July - were a big hit with those that attended. Having free access to experts from Ernst & Young is an opportunity that doesn’t come along everyday,” commented Al Faruji. The next workshop will be held at Knowledge Oasis Muscat, building 1 at 5:00pm on 9 July. “The three workshops are intended to take a close look at what it means to research and write a business plan plus how to use it to raise investment for your business,” remarked Al Hadhrami. The workshops are free of charge. To reserve a place for the workshops or to attend the Start-up Evening call: 24155132 or e-mail:

Ibtisam@kom.om

Big Business Idea Competition: What's it All About?

2006-06-12T21:38:00.000+04:00

The Big Business Idea Competition
Do you have a business idea that could be a winner? Can you put together a plan to make it happen? Would you like advice and feedback from people with a track record of success? If so, then enter the 2006 TKM – Ernst & Young Big Business Idea Competition.

There are lots of potential entrepreneurs in Oman who have great ideas for businesses but who may not have the confidence or the support to take the leap into an entrepreneurial life. The TKM business incubator program based at Knowledge Oasis Muscat and Ernst & Young have come together to provide an opportunity for potential Omani entrepreneurs to take the plunge.

Competition Format
To be considered for the competition, Omani entrepreneurs need to complete and submit an official application form by the closing date of 2 September 2006. Applicants must be Omani nationals and be at the seed, start-up or early stages of developing their business idea. Business ideas can be from any industry sector but the ultimate winner is likely to display a high level of originality, creativity and/or innovation in their idea. Although no one is excluded, applicants with ideas exclusively based upon retailing or the provision of personal services are unlikely to be successful. It must also be noted that business ideas must be compatible with and meet the conditions for occupancy of the TKM business incubator program (www.kom.om/tkm)

Application
The application form offers Omani entrepreneurs the opportunity to outline in detail why they feel their particular idea is worthy of the prize. Headings on the application form include:

o General overview of business idea
o Relevant education/experience
o Target market
o Major issues/obstacles likely to be faced
o Progress to date
o Main reasons why the idea will be a success

Benefits to Applicants
If you are new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. We offer high-level feedback on your business idea and the chance to learn more about the processes of business. The competition is a highly-prestigious platform for successful new venture creation and it helps further understanding of the investment process and what constitutes a realistic marketable idea. All applicants will be offered a one-on-one advisory consultation session with a TKM business advisor. This will be offered regardless of the level of innovation exhibited in the application.

Key Dates
18 June 2006: Launch Date – Press Conference
2 September 2006: Closing date for submission of entries
5 September 2006: Semi-finalists announced
20 September 2006: Semi-finalist submit full business plans
5 November 2006: The Big Business Idea Gala Dinner & Award Ceremony

Big Business Idea Workshops
If you have never written a business plan before, or even if you have but would like to improve, then come along to the Big Business Idea Competition Workshops.

25 June 2006: Business Plan Workshop I
This workshop covers the first steps: structuring a business plan; communication techniques; how to research your market and customers; writing for your investor.

2 July 2006: Business Plan Workshop II
In this workshop, we take a close look at three of the most important sections of any business plan: Operations, Finance and Marketing.

9 July 2006: Business Plan Investor Panel
The investor panel will help cover the next step of using your business plan to raise investment for your business.

How to Enter
To enter the competition, individuals or teams need to complete the short application form and hand it in at the Reception of building 1, Knowledge Oasis Muscat by 1:00pm, 2 September 2006. Or e-mail to: ibtisam@kom.om

The Winning Prize
The winner of the competition will receive the following:

o 12 months free rental of a unit in The Knowledge Mine with an option to renew for a further six months. While rental of the unit will be provided free as part of the prize fund, the running costs associated with the unit (i.e. electricity, water; telecomms; etc.) will be covered by the winner.

o Technical Assistance of 50% of costs of office, equipment and/or other eligible costs related to the set-up of the business subject to a maximum of RO4,000.

o RO2,000 of Internet and mobile credit from Nawras.

o Up to 6 days consultancy from TKM business advisors, who will formally assist with business planning, financial planning and marketing. A comprehensive business plan covering all aspects of the business will be developed.

o Opportunity to avail of the wide range of other support provided by TKM.

Judging Criteria
Applicants will be required to submit a completed application form with details of their business idea to be judged by a panel of experienced professionals. The ideas will be short listed based on their level of innovation, creativity and/or originality, understanding of commercial realities and overall potential for long-term success. Short listed applicants will then be required to undertake a short informal interview to discuss their business idea in greater detail. The winner will be deemed by the judges to have the greatest overall potential for long-term success.

Confidentiality
The organisers, judges and mentors associated with the Big Business Idea Competition are required to sign a non-disclosure agreement. Both your Business Idea and Business Plan will be treated in the strictest confidence. It is the participant's responsibility to make the organization they are employed by or affiliated with aware of their participation in the Big Business Idea Competition.

The Knowledge Mine Profile
The Knowledge Mine (TKM) was established in April 2004 and was set-up to provide state of the art incubation workspace and support for start-up businesses. Knowledge Oasis Muscat oversees the management and running of TKM. To date, TKM is become home to eight start-ups. A core component of TKM’s make-up is its business mentoring services, provided by: Ernst & Young; Intilaqaah; Trowers & Hamlins; KPMG; and Talal Abu-Ghazaleh.

Big Business Idea Competition To be Launched

2006-06-12T21:19:00.000+04:00

The Knowledge Mine (TKM) – Ernst & Young Big Business Idea Competition 2006, the first national business plan competition of its kind in Oman, will be launched Sunday 18 June at Knowledge Oasis Muscat.

“The Big Business Idea Competition is a marvellous initiative and we’re searching for ‘would be’ entrepreneurs who want to turn their ideas into a successful business that everyone can benefit from. In simple terms, this is a competition that is designed to encourage Omani students, researchers and entrepreneurs to act on their talent, ideas and energy to produce tomorrow's leading businesses,” said Eng. Mohammed Al Ghassani, Executive Vice President, Public Establishment for Industrial Estates (pictured) and organizer of the competition.

In partnership with The Knowledge Mine incubator program, the competition brings together seven of Oman’s leading organizations with the aim of generating awareness of innovation, entrepreneurship and the start-up culture. “Without the support and involvement of Ernst & Young, Nawras, Ericsson, National Bank of Oman, Apex Publishing, Infocomm Group and the newly-created Information Technology Authority, the competition could not have been organized. Indeed, these are organizations that understand the importance of this annual initiative and its long-term impact on the Sultanate’s economy,” said Al Ghassani.

Entries are welcome from Omani nationals and the organisers particularly encourage University staff, researchers, students and entrepreneurs to enter, but also welcome submissions from individuals and teams and new companies who have good, innovative ideas for a technology-driven business. “Ideas should be original or a significant improvement on an existing business. This year the competition has a top prize of RO5,000 for the winning business plan plus free office accommodation in The Knowledge Mine incubator program,” said Philip Stanton, Managing Partner, Ernst & Young. Full details on how to take part in the competition can be downloaded from www.kom.om/bbic

The competition seeks out the best new business ideas, as judged by a panel of industry experts that includes: Mohammed Salem and Rajeev Singh (Ernst & Young); Rob Clark (Ericsson); Hassan Shaban (NBO); Dr. Ashraf Al Nabhani (The College of Banking & Financial Studies); Eng. Mohammed Al Ghassani (PEIE); Khalid Ansari (KPMG); Dave Pender (PEIE); Alan Rooke (OmanLine); and Nick Pattison (Pattison Consulting). Entrants have until 1:00pm on 2 September 2006 to submit their business plan at Knowledge Oasis Muscat. Semi-finalists will be announced in early September and the four best business plans will be invited to present at a Gala Dinner scheduled for 5 November at the Muscat Inter-Continental Hotel.

Those who submit a business plan will get high-level feedback on their idea and the chance to learn more about processes of business. “The competition is a highly-prestigious platform for successful new venture creation, access to networks, training and valuable contacts and it helps further understanding of the investment process and what constitutes a realistic marketable idea,” commented Al Ghassani. Advisers from Ernst & Young will run three pre-competition workshops (28 June, 2 and 9 July) at Knowledge Oasis Muscat – these are intended to help entrants sharpen up their business ideas to make them more viable. Commenting on Ernst & Young’s involvement in the Big Business Idea Competition, Stanton said: “As Oman’s economy continues to grow, Ernst & Young is delighted to play a role in furthering business development in the Sultanate.”

"It's a wonderful opportunity," said Hassan Shaban, Head of Corporate Communications, NBO. "I'd advise anyone who's interested in starting a business to enter the Big Business Idea Competition. In fact, this is a great opportunity for us to encourage the creative approach that underlies the innovative and entrepreneurial business spirit that’s sweeping the globe.”