MUSCAT, MAY 7
In cheery news for Oman's eco-conscious entrepreneurs, the leading business accelerator programme, Eco-Innovate Oman (EIO), is now back for its third edition. Launched in 2020 by be'ah, the national waste management company, EIO aims to bridge the gap between innovative ideas and sustainable business realities for Omani startups.
This programme is a one-stop-shop for aspiring ‘ecopreneurs’. EIO offers a comprehensive package, starting with a two-week intensive boot camp where participants receive group training on essential business skills. This is followed by a crucial three-month mentorship phase, where seasoned coaches provide one-on-one guidance to refine strategies, build financial acumen, and hone communication skills. Furthermore, EIO equips participants with the knowledge and tools to secure funding through investor-pitching workshops.
The programme targets innovators with a clear vision: to develop and launch eco-friendly products or services. It empowers those who have taken the initial plunge to explore the creation of a prototype and conduct market research.
There are a few eligibility requirements. Omani ownership must be at least 51%, and businesses must have a Commercial Registration (CR) to be considered for funding at the programme's culmination. Dedication is key – at least one founder needs to be fully committed to the venture, and a minimum team size of two founders is required. Finally, strong communication skills in both Arabic and English are essential for navigating EIO's international network of partners.
William R Crew, founder and CEO, Inspired Solutions, commented to the Observer: “So, today we saw some great examples of how we accelerate small businesses in Oman whose prototypes are nearing completion. With regards to the commercialization of waste streams, for instance, one entrepreneur is turning paper into products that are then sold on the market. We saw an example of paper recycling being used to make egg crates – these crates can hold the eggs for transport or storage. She sells these crates to local egg producers.
Another entrepreneur is using certain types of waste to make a type of oil-based mud that's used in the petrochemical industry. Essentially, they're replacing petrochemicals with a much more environmentally friendly organic compound. So all of our products are green or eco-conscious, as we say, all in the sustainability space, meaning we have to use our resources wisely. This ensures those resources are still available in the future,” he added.
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