Sharakah, Oman’s Fund for Development of Youth Projects, has successfully concluded the inaugural edition of its innovative incubator program, VC999. The program was designed to accelerate the growth of early-stage startups, home-based businesses, and high-potential SMEs within the Sultanate, significantly enhancing their market readiness and long-term sustainability.
A Hands-On VC Studio Approach
The VC999 initiative distinguishes itself from traditional incubators with a name that reflects its methodology. It adopts a hands-on “VC Studios” model focused on direct, practical support, while the “999” designation evokes the urgency and responsiveness of an emergency service for startups. The program provides participants with customized mentorship, financial facilities, and collaborative workspaces to foster innovation. Developed from extensive research into Oman’s entrepreneurial landscape, this pilot project was specifically created to fill market gaps by offering integrated technical and operational incubation, directly aligning with the economic diversification goals of Oman Vision 2040.
Commenting on the program’s success, Ali bin Ahmed Muqaibal, CEO of Sharakah, stated, “The VC999 incubator embodies our commitment to meeting the current and future needs of Oman’s entrepreneurial sector, especially for ventures in their early stages. The success of the first batch in achieving remarkable revenue growth and improved operational efficiency is a testament to the effectiveness of this model. We are not just providing a traditional incubator; we are accelerating innovation in line with the Sultanate’s economic diversification objectives.”
Measurable Impact and Growth
To track progress, the pilot program utilized Sharakah’s proprietary performance measurement tool, which assessed participants before and after the incubation period. The results demonstrated significant improvements across key indicators, including financial awareness, operational efficiency, and social media management.
The initiative successfully achieved its strategic objectives of supporting a diverse range of startups, strengthening the overall entrepreneurial ecosystem, and making essential incubation services more accessible to small enterprises.
Spotlight on Success Stories
The impact of the VC999 program is evident in the tangible growth of its participants. Ideal Oman, a venture founded by Asma Al Hamdani, saw its monthly revenue increase by 50% to OMR 2,500. During the incubation period, the company also successfully onboarded 15 new clients and expanded its team. Its evaluation on Sharakah’s performance tool saw a dramatic jump from 17.4% to 42.6%, reflecting substantial progress in business planning and strategic clarity.
Similarly, Marcom, a marketing and communications firm founded by Khalid Al Busaidi, demonstrated exceptional commitment by completing 90% of the incubation term. The founder leveraged intensive consulting sessions and workshops to expand into new verticals, including software subscription sales, and acquire a significant number of new clients. This strategic expansion resulted in the launch of two new products, a 10% increase in revenue, and the development of a powerful professional network through the program.
Future Focus on High-Growth Sectors
Building on the success of its pilot cohort, Sharakah plans to evolve the VC999 incubator by implementing a two-track system to support startups and SMEs separately, offering tailored guidance for each group. The upcoming edition will focus on high-growth sectors critical to Oman’s sustainable economic development, including Information Technology, Cybersecurity, and Green Projects.
About Sharakah
Established in 1998 by Royal Decree, Sharakah is a leading initiative for the development of Small and Medium Enterprises (SMEs) in the Sultanate of Oman. Since its inception, Sharakah has supported numerous projects across various sectors through awareness efforts, training programs, financial support, and advisory services. It plays a strategic role in bolstering the SME sector in Oman, guided by a vision to create a positive impact on the nation’s economy.
Source: 25H
