Knowledge Oasis Muscat announces TKM - Ernst & Young Big Business Idea finalists

Supported by Ernst & Young; Knowledge Horizon; Infocomm; NCR; Intilaaqah; OER; and Sanad Projects, four high-potential businesses have been short-listed from over 50 entries from around the sultanate to compete for the RO5,000 prize.

The finalists are: Al Madaris Omani Network - a company offering e-education services; Mazoon Environmental & Technical Services - a biotech company that provides bio-remediation of hydrocarbon contamination resulting from the production process or accidental spills; 3D Cartoons - a film company specializing in cartoon animation drawing on Omani culture and heritage; and Robotics & Embedded Systems - a hi-tech engineering company that designs and integrates intelligent mobile robots.

Mohammed Al Maskari, Director General, Knowledge Oasis Muscat (KOM) said: "The competition was established in 2006 to recognize and reward innovation and entrepreneurship in Oman and the vital contribution that start-ups make to the sultanate's economy. Indeed, the small business sector employs thousands of people and generates over 50 per cent of the country's business turnover."

According to Ibtisam Al Faruji, Head of Marketing at the Public Establishment for Industrial Estates there is substantial evidence to show that business plan competitions provide a platform to turn innovative ideas into businesses - not only through prize money, but the mentoring, PR and credibility that goes with it can help secure investment. "In a knowledge economy it's vital to provide mechanisms to support innovative technologies. Oman has a world-class education and business base and initiatives such as the TKM - Ernst & Young competition leverage this knowledge into the commercial world and help support social and economic growth," says Al Faruji.

Entrants to the competition included science researchers, lone inventors, small companies and entrepreneurs from around the sultanate. "This year's entrants made significant use of science, technology and design and ranged from wireless communications to environmental solutions to novel materials," comments KOM's Director General.

From a global perspective, the longest-standing business plan competition is the $50,000 competition at the Massachusetts Institute of Technology, which has facilitated the birth of over 60 companies with an aggregate value of over $10.5bn. These companies have generated over 1,800 jobs and received $175m in venture capital funding.

The TKM - Ernst & Young Big Business Idea Competition is much younger, but can already boast success stories, such as Muscat Geographic Systems (a finalist in 2006), which has developed mapping technology and is now thriving in the TKM business incubator program.