innovator Besides Riyada, the Saih Al Shamekhat symposium also led to the creation of another organization catered specifically to Oman’s SME sector: the Al Raffd Fund. While Riyada is aimed at helping SMEs with training and advisory services on everything from starting up on an idea to finally marketing their respective endeavors, Al Raffd Fund has been set up to provide the requisite financial support for Omani nationals to start their businesses. The two bodies’ work can thus be said to be complementary to each other- entrepreneurs often go to Riyada first to build and develop their enterprise ideas, following which they submit a proposal to Al Raffd Fund to get financed. Between the two organizations, they are trying to get rid of -or at least relax- the obstacles in front of Omani entrepreneurs today- these range from finding ways to speed through procedural roadblocks, to dispelling societal norms that discourage entrepreneurship. From his perspective, Al Abri agrees that there are several hurdles to overcome if one chooses to go down the path of entrepreneurship in Omanbut then again, he notes, the rewards are worth the ride. “The opportunities are there,” he says. “There is a huge potential for entrepreneurs to find opportunities within the ecosystem. It is not easy work- but the benefits will be huge.” Dar alHerfya CEO Zuwaina Sultan Al-Rashdi
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Entrepreneur march 2016
From advising Omani entrepreneurs on how to deal with government authorities, to making sure the directives made at the 2013 Saih Al Shamekhat Symposium are being followed through, it’s clear that Riyada has a lot on its plate, with respect to its task of developing the SME sector in Oman. But Al Abri notes that the organization has also been tasked with promoting the culture of entrepreneurship in Oman- and this is basically how Riyada’s Entrepreneurship Awards came to be. “There are three reasons for these awards to exist,” Al Abri explains. “First is to create the culture of business in Oman- just to increase the awareness of Omanis that there are opportunities, there are ways to establish their own businesses within the ecosystem. The second reason is to highlight the success stories in the ecosystem- so that they can be like role models, heroes, for other young Omanis… The third reason is to encourage government authorities and other institutions in the ecosystem to establish programs or initiatives to help SMEs… So there are awards for government authorities, financial institutions, corporate giants, etc. that support and help SMEs- and we want to encourage more of these activities. We want more entities to be a part of the entrepreneurial ecosystem, and
Taskeen Properties’ Khalid Al Habsi winning at the Oman Entrepreneurship Awards
start establishing and organizing their own programs to help the SME sector.” The first edition of the Entrepreneurship Awards was held in 2015, which saw 13 winners (out of a total of 581 applications) being awarded for their achievements in Oman’s SME sector. The second edition (for which Entrepreneur Middle East was a media partner) saw 481 applications, of which 21 saw their achievements awarded at a gala ceremony held at the Sultan Qaboos University in late January. While the awards are, by themselves, a rather worthwhile initiative to support Omani entrepreneurs, Riyada doesn’t stop just there. “Our idea is not to just give them some money, or give them some trophies, and that’s the end of the story,” Al Abri says. “Our aim is also to start the journey with them- as in, move from what they are now, and how we can help them to grow and promote their businesses in the future. So there is a support program after the winners are announced, and our plan is to continue working with them from now, until the end of the year. We think this is important, because winning a trophy or an award is not the end of the story- we think this is the starting point for
“Establishing a culture of entrepreneurship is not something that can be done within one or two years.” them.” And the post-awards program is a pretty intensive one- Riyada’s personnel get to work with the winners on their businesses, identify gaps in their models and help solve those issues, and further assist them in their growth by showcasing them at events to potential partners. Nadia Maqbool was one of the winners in last year’s installment of the Entrepreneurship Awards. Her company, 23 Degrees North, an architectural consultancy founded in 2011, won the title of the “Best Small Enterprise in the Service Sector,” and for Maqbool, the award was just the impetus she needed to turn her attention to all of what she needed to do to make her business a sustainable one. “Winning the award last year was a huge boost of confidence for us,” she says. “As entrepreneurs in a technical field -we are architects- we were focused