Muscat: The Supervisory Committee of the "Programme of Promising Omani Startups (POPS)" convened for its fourth meeting of 2024, presided over by HH Sayyid Bilarab bin Haitham Al Said, the Honorary President of the initiative.
During this meeting, the committee assessed the advancements made in executing the decisions ratified during the third meeting of 2024.
HH Sayyid Bilarab received updates on the progress of various initiatives within the program, notably the establishment and activation of a venture capital fund as part of the Oman Future Fund framework.
Significant achievements highlighted included the launch of the Promising Omani Startup Accelerator in collaboration with the Industrial Innovation Academy and Madayn, which currently supports 20 startups in the pre-seed funding phase and another 20 in the idea development stage. Additionally, specialized accelerators have been set up in partnership with holding groups linked to the Oman Investment Authority (OIA), alongside the initiation of the Startups Support Programme, which has provided financial grants totaling RO 600,000 to 75 startups and 33 student enterprises.
Furthermore, POPS has introduced Angel Investors Programmes in collaboration with Estidama to foster startup growth and promote innovative financing practices, featuring six workshops presented by the European Business Angel Network (EBAN). The committee also discussed the implementation of the Bold Investment and Family Business Governance Programme in partnership with the Tharawat Family Business Forum.
The program facilitated licensed crowdfunding platforms and established a dedicated page for Omani startups on both the “Invest Oman” platform and the global “Dealroom” platform. As a result, 70 new Omani startups were registered, enabling them to gain improved access to global investors in collaboration with the Financial Services Authority.
Additionally, the meeting featured a visual presentation highlighting the performance indicators of the POPS initiatives.
The committee also reviewed the advancements made in drafting a law aimed at fostering innovation and technology-based startups in the Sultanate of Oman.
This proposed legislation includes the creation of a working group focused on promoting innovation and entrepreneurship, encouraging investment, creating new job opportunities, and supporting the digital economy.
