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INNOVATION HUB

Frequently Asked Questions

FAQ

What is Omantel Innovation Labs?

Omantel Innovation Labs is a program created by Omantel to leverage its expertise, partnerships, reach and access to technology to promote innovation and entrepreneurship in new and emerging technology. The program aims to contribute to the growing technology startup ecosystem in Oman through various activities including a 6-month acceleration program.

What type of companies does the Omantel Innovation Labs support?

We work with technology based Omani companies at all stages providing them with relevant support and resources from Omantel and its vast network. Our focus will be on companies operating within IoT, 5G, Cybersecurity, Big Data and Customer Experience Technology.

Can a startup outside of these sectors apply?

Yes, other sectors will be considered depending on synergy with Omantel’s objectives.

What is the Omantel Accelerator?

The Omantel Accelerator is one of the programs within the Omantel Innovation Labs. It is a 6-month acceleration program, developed and delivered in partnership with OTF and Brinc, with the aim to catalyze the rapid growth of innovative technology startups in Oman and de-risk them across multiple stages of their lifecycle through mentorship, networks and fundraising support.

How can we apply to the Omantel Accelerator?

Applications must be submitted online. Applications will be open for 8 weeks followed by 5 weeks filtration process to identify up to 10 companies that are most suitable for the program. Applications for cohort 1 close on 28/08/2021.

Will all the start-ups enrolled in the Omantel Accelerator receive investment?

Companies that are enrolled in the Omantel Accelerator can access to up to $50K investment from OTF for 7% equity each. This is subject to approval from OTF Investment Committee, and is not guaranteed. Not all the teams enrolled in the Omantel Accelerator will receive investment.

Are companies from outside Oman eligible to enroll in the Omantel Accelerator Programme?

The Omantel Accelerator Program is only open to companies from Oman at this time.

Is my startup too early/ late stage to apply?

Ideally, your startup must have a close to finalized design, validated product features and has short-term commercialization needs. Our programs are designed to support scalable businesses with high growth potential in their product development, commercialization, and fundraising. Applications for startups outside of those parameters will be considered depending on synergies with Omantel’s objectives.

When will I get notified after my application?

Invitation to a pitch bootcamp will be sent to teams that meet the main objectives of Omantel one week after the close of the applications. After the filtration process chosen teams will be notified, estimated 5 weeks after the close of the applications.

I am the only founder in my company, can I still apply?

Yes, you can still apply. However, we do not recommend it. Entrepreneurship is a long and steep path, and it is always better to have a co-founder.

What do I do if I can't upload my deck on the application form?

Please reach out to the F6S support team at support@f6s.com providing the link to your F6S company profile and the link to your application form.

I can't seem to log in to continue filling in my application. What can I do?

Please reach out to the F6S support team at support@f6s.com providing the link to your F6S company profile and the link to your application form.

Is there follow-on investment after the accelerator program?

OTF and Omantel each have the discretion to invest in participating companies, and to provide the companies with follow-on investment subsequently. Neither the initial nor the follow-on investment are guaranteed aspects of the Omantel Accelerator program. Promising startups will receive support with fundraising for follow on investment through our network of investors and corporate partners.

What is your standard valuation for startups that receive investment?

Since we invest in growth stage startups, our standard offer is $714,285 USD in valuation in exchange for a 7% stake of equity. That being said, we are open to investing outside this particular valuation range and would be happy to discuss further if our committee believes that you are solving a real problem for the world!

Do you invest outside of the accelerator?

At the moment, startups can only receive investment by going the acceleration program, subject to OTF’s investment committee approval.

How long is the program?

Our program lasts for 6 months. Each cohort culminates in Demo Day whereby the startups present their refined pitches to the local startup ecosystem. The program is expected to start in October 2020 and end in March 2022

Do I need to be onsite for the program?

This will depend on the situation with COVID19, but an onsite component is highly likely to be incorporated in the program.

What is the program structure?

Our typical program structure includes three months of mentorship sessions followed by three months of aftercare. The mentorship component is built upon three core pillars: technical feasibility, financial viability, and market desirability, alongside other soft skills that would be of relevance to the founders. We have over 200 mentors worldwide who can provide support to our startups in various capacities, for example: group sessions, 1-on-1 mentorship, etc.

The aftercare component focuses on product testing, industry connections, investor connections and data room improvement.

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