Biotech triumphs at Oman business competition
Science graduates win 2008 The Knowledge Mine – Ernst & Young Big Business Idea Competition
A biotechnology startup run by science graduates has taken top honours at the 2008 TKM – Ernst & Young Big Business Idea Competition (BBIC) in Oman.
Mazoon Environmental & Technical Services, run by Rayan Al Kalbani and Yaqoob Al Mahrooqi, won with a business plan for using microorganism technology to clean up oil spills economically. Bader Al Hamadani who presented a 3D cartoon animation and Hussam Al Amri who submitted a business idea on robotics and embedded systems were runners-up of the competition.
Organised annually by the TKM incubator program based at Knowledge Oasis Muscat (KOM) and Ernst Young, the winners will receive OR 5,000 and the opportunity to operate their company at a rent-free office for a year through The Knowledge Mine (TKM) business incubator program.
“The Mazoon Environmental & Technical Services team showed a first-rate grasp of the principles of finance, marketing and intellectual property and demonstrated the attributes needed to be a success. I'm sure we're going to hear a lot about them over the coming months,” commented Mohammed Al Maskari, director general of KOM and head of the judging panel.
”From the perspective of any lender or investor, a good business plan is absolutely crucial. I'm delighted that my colleagues and I have been actively involved in the TKM - Ernst & Young Big Business Idea Competition and the number of sponsors who have committed their support speaks volumes about the importance of initiatives like this that benefit not just the business community but society at large,” said Philip Stanton, country manager at Ernst & Young.