Muscat – In a significant boost to the growing entrepreneurial landscape, the Authority for Small and Medium Enterprises Development (ASMED), in collaboration with Nama Group, OQ and Omran, is set to launch a competition called ‘The Race of Entrepreneurial Ideas’ on November 11.

Detailing the competition’s objectives, an ASMED official said, “It is designed to foster a culture of innovation, unearth novel ideas and identify groundbreaking opportunities that can contribute to the sultanate’s self-reliance in industries and services.”

The competition is poised to bolster local value-added programmes, offer solutions to prevailing challenges within certain enterprises, and facilitate knowledge exchange with economy experts and specialists, he added.

Prior to the event, ASMED will conduct virtual workshops to underscore the significance of entrepreneurship and assist participants to fine-tune their proposals into viable, technology-driven business ventures.

The official further noted that promising ideas would receive support from subsidiaries of Oman Investment Authority. He highlighted the fact that such idea-based contests are critical for empowering Omani youth with opportunities that align with current labour market dynamics and the advent of the Fourth Industrial Revolution, characterised by advancements in robotics, generative AI and the Internet of Things.

Reflecting on ASMED’s recent endeavours, the official recounted the launch of a programme called ‘Marketing between Reality and Planning’ last month. Targeting SME owners, it aimed to debunk myths obstructing proper marketing and planning strategies for their products.

Additionally, workshops to enhance the capabilities of SMEs across the country have been scheduled for November and December. These workshops will address the procedures for competing for electronic tenders, registration with Tender Board’s General Secretariat and navigating the e-tender system.

SME owners are encouraged to register for the programme via the link – bit.ly/Development-program

Data reveals the critical role of SMEs in Oman’s economy, with a contribution of approximately 24% or RO7bn to the GDP.