Muscat – In recent years, the startup culture in Oman has witnessed significant growth. Despite this development, the collective market value of Omani startups stands at about US$300mn only.

To address the challenges and foster a flourishing entrepreneurial culture, Oman has partnered with the US-based research and advisory firm Startup Genome Foundation, an advisory firm focused on innovation policy.

On Monday, a delegation from Startup Genome presented its insights before officials of the Authority for Small and Medium Enterprises Development (ASMED), chaired by Halima bint Rashid al Zaria. The meeting reviewed the strategic direction of ASMED and its objectives, focusing on the development of emerging technology-based and innovation companies.

The discussion also covered various government and private initiatives in Oman aimed at stimulating the startup ecosystem. Emphasising the importance of the sultanate’s entry into the global startup ecosystem, ASMED explored opportunities to enhance the competitiveness of Omani startups and align these with global trends.

Startup Genome’s expertise lies in analysing policies and programmes that maximise economic impact and growth in the startup sector. It has developed more than 145 startup ecosystems in over 50 countries.

Currently, Startup Genome is conducting an analytical study on the challenges facing startups in Oman. This effort includes interviews and meetings with Omani startup owners, decision-makers in entrepreneurship-supporting entities, and educational institutions.

Startup Genome recently released a global report on the performance of the startup ecosystem, ranking Oman among the top ten countries in the MENA region for attracting talented entrepreneurs. Oman also ranks among the top 15 countries in MENA for development and efficiency of startup ecosystems.

These positive indicators reflect the collaborative efforts and integration between government institutions to advance the Omani startups sector. A notable achievement is the launch of the ‘Promising Omani Startups Programme,’ chaired by H H Sayyid Bilarab bin Haitham al Said.

The national programme aims to stimulate an ecosystem for emerging startups based on advanced technology and innovation in Oman. It focuses on promoting the startup culture in educational institutions, raising community awareness of its importance, and elevating Omani startups to regional and global markets. The programme operates on three main pillars: capacity building, financing and investing, and a supportive regulatory framework.