Muscat: Sharakah, Oman’s leading SME development company, has successfully concluded the inaugural edition of its flagship VC999 Incubation Programme. Designed to support early-stage startups, home-based businesses, and SMEs with high-growth potential, the programme has delivered quantifiable impact, significantly strengthening the sustainability and market readiness of participating enterprises.

Named to reflect both its practised methodology, which goes beyond the typical incubation programmes to leans towards a VC Studios approach of hands-on support and the urgency of critical support (999), the programme offers tailored mentorship, financial facilitation, and collaborative workspaces aimed at accelerating innovation and long-term success. The pilot edition, informed by extensive ecosystem research, was structured to bridge critical gaps in the Omani market by providing integrated soft and physical incubation services that align with national priorities for economic diversification.

Commenting on the success of the first cohort, Ali Ahmed Muqaibal, CEO of Sharakah, stated, “The VC999 Incubation Programme was born from a desire to address the immediate and long-term needs of Oman’s entrepreneurial sector especially in the early stages. Seeing our first batch of graduates achieve such measurable growth in revenue and operational efficiency is a testament to the effectiveness of this model. We are incubating businesses and also accelerating innovation to align with the nation’s economic diversification goals.”

The pilot edition utilised a rigorous diagnostic process using the Business Performance Measurement Tool (BPMT) to assess baseline and post-incubation performance. The results were significant, with beneficiaries demonstrating measurable improvements across key dimensions such as financial awareness, operational efficiency, and social media management.

Among the standout success stories was Ideal Oman, led by Asmaa Al Hamdani, which saw its monthly revenue surge by 50 per cent to reach OMR 2500. The company successfully acquired 15 new clients and expanded its workforce during the incubation period. Furthermore, Ideal Oman’s strategic growth was evidenced by a dramatic improvement in its BPMT score, which rose from a baseline of 17.4% to 42.6%, reflecting major strides in business planning and strategic clarity.

Similarly, Marcom, a specialised marketing and communication services firm owned by Khalid Al Busafi, demonstrated exceptional engagement with a 90 per cent completion rate of the total incubation duration. Capitalising on the programme’s intensive advisory sessions and workshops, the founder successfully diversified into new sectors, such as software subscriptions retail, and acquired a significant number of new customers. This strategic expansion translated into tangible business growth, with Marcom launching two new products, achieving a 10 per cent increase in revenue, and building vital industry networks directly through the programme.

Beyond individual success stories, the programme has delivered on its broader strategic objectives. Key achievements of this inaugural edition include the support of a diverse portfolio of startups and SMEs, which has directly contributed to sectoral diversification and innovation within the Omani market. The initiative has successfully improved business readiness and sustainability among participants while increasing access to incubation services for underrepresented segments. Furthermore, the programme has strengthened linkages within the entrepreneurship ecosystem, fostering closer collaboration between key stakeholders to create a more robust support network.

Building on the insights from this pilot batch, Sharakah plans to evolve the VC999 Incubation Programme further. Future editions will implement a two-track system to separately support startups and SMEs, ensuring tailored guidance for each group. The programme will also rotate its sectoral focus, placing greater emphasis on high-growth industries such as IT, cybersecurity, and green businesses to drive sustainable economic development.

About Sharakah

Sharakah, among Oman’s first SME development initiatives has been fostering the entrepreneurial spirit since 1998 when it was incorporated by Royal Decree No. (76/98). Since its inception, Sharakah has provided support to a substantial number of projects in different sectors through awareness, training programs, financial support, consultation services and more. Playing a strategic role in the SMEs ecosystem in the Sultanate and making a positive impact is Sharakah’s vision, and its strategies revolve around the objectives of benefitting the Omani SME sector.

Contact
Mohammed Al Farsi
Marketing Specialist
Email: info@sharakah.om