Bootcamp for tech startups begins;registration open for next batch
Techween, one of Oman Technology Fund’s (OTF) investment programme, started a bootcamp for its 4th group of tech startups on Sunday.
Techween announced that tech startup finalists who will join the programme will benefit from US$50,000 investments along with a three-month training programme.
Meanwhile, registration has been opened for the fifth cohort of tech startups. Mohammed al Rasbi, programme manager, Techween, said, “The participating startups will join an intensive training programme in Oman and abroad, in cooperation with international institutions. Support and guidance were provided in both tech and commercial fields concerning developing products, approaching customers and pitching to investors. For each startup, the fund invested is US$50,000 for seven per cent of equity in exchange.”
He added, “We aim at helping Omani youth to establish their tech companies, attracting investment, creating job opportunities and marketing them in the regional market.
“We develop startups in a way to extend their business, acquire valuable experience and training in order to successfully enter the market and support national economic growth.”
Techween invested around US$1.45mn in 29 tech startups for three cohorts in their pre-seed stage, from Oman and the region.
Techween aims at supporting the product and ascertaining the economic feasibility. OTF is a specialised fund in investing in startups and innovative and creative ideas in the IT sector in Oman and the MENA region. It runs three investment programmes: Techween Pre-Seed Program, Wadi Accelerator and Jasoor Ventures.