Overview
The knowledge Mine (TKM) – Ernst & Young Big Business Idea Competition (BBIC) is an annual event that aims to encourage and develop a stronger domestic entrepreneurial culture. In brief, the competition is designed to:
- Encourage tertiary staff and students to transfer their research into viable business projects.
- Encourage the development of new innovative businesses.
- Create employment opportunities.
- Stimulate innovation and creative business thinking.
- Help start ups get off the ground.
- Create the next generation of Omani entrepreneurs.
The Big Business Idea Competition
Do you have a business idea that could be a winner? Can you put together a plan to make it happen? Would you like advice and feedback from people with a track record of success? If so, then enter the 2009 TKM – Ernst & Young Big Business Idea Competition.
There are lots of potential entrepreneurs in Oman who have great ideas for businesses but who may not have the confidence or the support to take the leap into an entrepreneurial life. The TKM business incubator program - based at Knowledge Oasis Muscat - and Ernst & Young have come together to provide an opportunity for potential Omani entrepreneurs to take the plunge.
Competition Format
To be considered for the competition, Omani entrepreneurs need to complete and submit an official application form by the closing date of 10 August 2009. Applicants must be Omani nationals and be at the seed, start-up or early stages of developing their business idea. Business ideas should be related to services or products in the field of information communication technology, the ultimate winner is expected to display a high level of originality, creativity and/or innovation in their idea. It must also be noted that business ideas must be compatible with and meet the conditions for occupancy of the TKM business incubator program (www.kom.om/tkm)
Application
The application form offers Omani entrepreneurs the opportunity to outline in detail why they feel their particular idea is worthy of the prize. Headings on the application form include:
- General overview of business idea
- Relevant education/experience
- Target market
- Major issues/obstacles likely to be faced
- Progress to date
- Main reasons why the idea will be a success
Benefits to Applicants
If you are new to business and creating a business idea, you will learn a lot by participating in the Big Business Idea Competition. We offer high-level feedback on your business idea and the chance to learn more about the processes of business. The competition is a highly-prestigious platform for successful new venture creation and it helps further understanding of the investment process and what constitutes a realistic marketable idea. All applicants will be offered a one-on-one advisory consultation session with a TKM business advisor. This will be offered regardless of the level of innovation exhibited in the application.
How to Enter
To enter the competition, individuals or teams need to complete the short application form and send by e-mail to: mulkie@kom.om no later than 1pm 10 August 2009.
The Winning Prize
The winner of the competition will receive the following:
- 12 months free rental of a unit in The Knowledge Mine. While rental of the unit will be provided free as part of the prize fund that includes utility and maintenance charges Technical Assistance of 50% of costs of office, equipment and/or other eligible costs related to the set-up of the business subject to a maximum of RO4,000.
- Up to 6 days consultancy from TKM business advisors, who will formally assist with business planning, financial planning and marketing. A comprehensive business plan covering all aspects of the business will be developed.
- Opportunity to avail of the wide range of other support provided by TKM.
Judging Criteria
Applicants will be required to submit a completed application form with details of their business idea to be judged by a panel of experienced professionals. The ideas will be short listed based on their level of innovation, creativity and/or originality, understanding of commercial realities and overall potential for long-term success. Short listed applicants will then be required to undertake a short informal interview to discuss their business idea in greater detail. The winner will be deemed by the judges to have the greatest overall potential for long-term success.
Confidentiality
The organizers, judges and mentors associated with the Big Business Idea Competition are required to sign a non-disclosure agreement. Both your Business Idea and Business Plan will be treated in the strictest confidence. It is the participant's responsibility to make the organization they are employed by or affiliated with aware of their participation in the Big Business Idea Competition.
The Knowledge Mine Profile
TKM was established in April 2004 and was set-up to provide state of the art incubation workspace and support for start-up businesses. Knowledge Oasis Muscat oversees the management and running of TKM. To date, TKM is home to 15 start-ups. A core component of TKM’s make-up is its business mentoring services, provided by: KPMG; Ernst & Young; Intilaaqah; Ericsson and Trowers & Hamlins.
Rules and Regulations (eligibility to participate in the competition as compliant with TKM requirements)
- The proposed business should be fundable.
- Winners of the BBIC must co-operate in maximizing publicity for the BBIC on an ongoing basis.
- All business plans are held in confidence. It is the responsibility of the applicant(s) to confirm they have the rights to any intellectual property contained in their business plan and have taken appropriate steps to protect it.
- The competition winner must be able to take up residency in TKM by 31 December 2009.
- On taking up residency in TKM, the competition winner will not be permitted to maintain other employment be it full or part-time for the duration of their tenure in TKM.
- Participants, partners, project owner and their subordinates have to be of Omani nationality
- Participants once they have been accepted to join the TKM program they are required to:
- Actively and conscientiously utilize the business support made available by TKM
- Actively and conscientiously pursue any business development program brokered by TKM
- Work on keeping the omanization level at their company at 100%, should they be a need to hire an expatriate, client will be required to submit a proposal outlining the need and job responsibilities
- To avoid any dispute, client will inform the management when they sign an agreement to outsource any part of their business
- Establish an appropriate accounting and bookkeeping system, and will provide income and balance sheet statements to TKM on a quarterly basis
- Provide an updated progress report on a quarterly basis
- Actively participate in Tenant Networking opportunities (guide level: At least 15 Mentor Sessions per year)
- Where appropriate TKM tenants will complete necessary legal actions including incorporation and protection of intellectual property via patents, trade secrets, copyrights, trademarks, or otherwise
- Obtain necessary business insurance, including liability insurance and contents insurance
- Co-operate with TKM to fully and accurately complete an Annual Client Survey with statistical data on employment and finances, such data to be used in summary form by TKM in evaluating and publicizing the impact of its operations and services
- Agrees to move towards graduation and start working on an exit strategy in the second year of their tenancy agreement
- Agrees that TKM provides incubation services to clients only with the objective of helping clients to grow and solidify their business models to the point where they can move out of the incubator program to be on their own, and to make room for new clients in TKM. We anticipate that admitted clients will take up to 36 months to successfully complete the program and enter Graduate status. This is the maximum term of occupancy of an incubation unit. Clients that fail to progress satisfactorily toward Graduate status may be terminated or graduated at any time prior to the 36 month point. Equally, clients whose growth is more rapid, such that they are ready to graduate (or need more space than is available in TKM) in a shorter time, will be assisted to move to suitable grow-on space on KOM.