Riyada data finds surge in Oman’s startup ecosystem

MUSCAT, OCT 8
Indicators released by the Small and Medium Enterprises Development Authority, Riyada, reveal growth in the Sultanate of Oman’s entrepreneurship and innovation ecosystem. There has been notable expansion across various stages of the ecosystem ranging from idea generation to funding, investment, and startup support aligning with the goals of Oman Vision 2040.
The data indicates a growing trend of transforming ideas into startups within the university environment; innovation competitions and hackathons attract participants to over 50 bootcamps and hackathon events annually. Furthermore, the emergence of more than 3,000 startup ideas each year reflects a widening base of innovators and a shift in innovation from isolated individual initiatives to structured activities within educational and economic institutions.
Iman bint Abdullah al Shakiliya, Acting Director of the Business Incubators and Accelerators Department at the Authority, stated that the Authority aims to transform graduation projects and student work into startups or tangible products. The Authority focuses on addressing core challenges, including those that may not initially present clear commercial pathways.
In the realm of student innovation, there are 310 projects in technology and innovation fields. Meanwhile, the entrepreneurship support infrastructure has expanded to include 30 business incubators and 10 business accelerators, alongside a university incubator linked to 35 colleges, thereby facilitating the transition of ideas from the academic environment to the market. There is a clear trend toward linking academic outcomes with entrepreneurship and transforming student ideas into commercially viable projects.
Regarding startups, 338 companies have obtained the 'Riyada' entrepreneurship card, benefiting from 32 government incentives and facilitations a move aimed at improving the business environment and fostering startup growth.
The finance and investment sector has also seen an expansion in support mechanisms, with 101 grants recorded within the ecosystem of grants, funding, investment, and venture capital, thereby enhancing startups' ability to secure the necessary capital for growth and sustainability.
These indicators spanning 11 metrics reflect a drive to build an educational and economic environment that fosters innovation and entrepreneurship while supporting startups and small and medium-sized enterprises (SMEs). This contributes to achieving the goals of Oman Vision 2040 and diversifying sources of economic growth.