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Industrial Innovation Centre gives RO2mn to startups

12 Oct 2021

Muscat – The Industrial Innovation Centre (IIC) is leading efforts to support startups and providing investment in promising sectors to promote local companies and their products.

IIC’s annual report shows that the centre supported startup companies in the sultanate with an amount of RO2,085,057 from 2017 to 2020.

This comes as part of the efforts exerted by IIC to enhance innovation in industrial activities, add high value to natural resources in the sultanate and promote self-sufficiency of locally made products.

The IIC report, established as an outcome of the National Programme for Enhancing Economic Diversity (Tanfeedh), showed that the centre has provided 72 investment opportunities for several promising industrial sectors, such as fisheries, marble, food and beverages, mining and technologies. The IIC achieved this by creating and financing economically viable industrial products, as well as qualifying the national cadres who develop such products.

The report indicated that IIC developed 20 startups operating in the industrial sector. It also pointed out that such companies have registered their brands at the Intellectual Property Department in the Ministry of Commerce, Industry and Investment Promotion.

The report demonstrated that IIC sought to create an appropriate ecosystem for Omani innovators and national cadres through its finance, technical support, guidance and advice. It also indicated that the centre strived to enhance the competitiveness of Omani factories, improve their operational efficiency and qualify human resources who are the main pillar and sustainable component for leading national innovation.
The report revealed that IIC financed and enabled 43 factories and companies to produce innovative technologies and services. The centre prepared 70 detailed economic feasibility studies to measure the potential revenue and promising investment opportunities.

It also reflected that IIC contributed to the provision of 41 training programmes, offered its services to 660 entities and entered into partnerships with 43 governmental agencies, private sector companies and academic institutions.

The report disclosed that the centre prepared and carried out four important programmes; the first of which was the human resources development programme. Designed to prepare industrial innovation specialists, this programme contributed to qualifying about 400 innovators, entrepreneurs and jobseekers, as part of IIC’s efforts to cement national innovation competencies in the industrial sector. The other programmes included the startup innovation programme, which contributed to the establishment of startup companies, in addition to the industrial innovation programme.

The report illustrated that IIC has made significant achievements during the past four years by carrying out 128 technology transfer operations along with the companies benefiting from its services.

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