Do you have a great idea but don't how to fund it? NBO's Innovation in SME Award offers OMR10,000 to turn the next great business idea into a reality. As part of our commitment to the community, we are delighted to announce the launch of a new initiative for all university students across Oman.
Eligibility
- Unemployed individuals aged 18-25 years
- Individual and team applications will be accepted (up to three individuals per team).
- Business ideas can fall under any business sector: Business, Industrial, IT, Environmental, Retail, Hospitality…etc.
- The submission must reflect the original work of the team/individual.
Application Deadline: 3 January 2019
Guidelines and Entry procedure
Stage 1: The Application
Summary of the idea:
What is the objective and purpose of the idea?
The Market:
Explain what market segment(s) you would be targeting, how big is this segment, and what are some of the changes you are likely to experience with this target segment?
The product or service:
- The concept / development process
- How much R&D does it require?
- How is your business idea novel or different?
- Does it require a pilot launch?
- The brand
- The prototype
The Competition
- Is it a winning idea? Why?
- How will you market your idea (what is your marketing plan)?
- How attractive is it to customers?
- Who is in this market already?
Profit potential:
- Is it profitable?
- How much will it cost to set up? What investments are required?
- What are your profit projections for the first: 6 months, 1 year and 5years?
The Business Plan
What skills, experience or knowledge make your business idea likely to succeed?
The following criteria will be considered by the judges:
- Is the idea new or unique?
- Can it be sold?
- Will it be sustainable?
- Is it realistic, feasible and practical?
- Do you have a working prototype?
Please submit your proposals to watani@nbo.co.om by the 3rd of January, 2019.
Stage 2: Shortlisting
Three short-listed candidates will be asked to present their ideas to a panel of judges in the form of a business plan. The winning idea will be selected based on a number of criteria, namely: The quality of the business plan/idea, its uniqueness and USP, sustainability and feasibility and its potential for success.
Stage 3: The Award Ceremony
Winner is Announced and will receive the following prizes:
- A OMR10,000 cash prize will be awarded to the first place winner(s) and commercially-promising business idea to help develop the idea further.
- The first place winner(s) will join NBO's Tijarati SME mentoring programme to strengthen their skill-sets and build a strong knowledge base to start and grow their business.
- The first place winner(s) will also have access to the Bank's Academy of Excellence and all its training programmes.
- A OMR 5,000 cash prize for the second place winner(s).
- A OMR 2,500 cash prize for the third place winner(s).
- 'NBO's Innovation in SME' Award and will be recognized publicly: In the press, social media…etc
- Certificates of participation will also be awarded to all teams.
