SparkLabs showcases six innovative start-ups in Oman

By: Times of Oman


SOURCE: Times of Oman - SparkLabs showcases six innovative start-ups in Oman

Muscat: SparkLabs Energy hosted its first annual Demo Day event on March 19, 2019,. During the Demo Day, the first cohort of the programme, consisting of six start-ups from Oman and around the world, presented their ground-breaking technologies. The event underlined the progress that is being made in establishing Oman as a centre for energy technologies and innovation in the region.

The one-day conference, which was attended by over 250 delegates including international investors, corporates, media and entrepreneurs, was held under the auspices of Eng. Salim bin Nasser Al Aufi, Undersecretary of the Ministry of Oil and Gas. It saw the start-ups presenting their plans and also included panel discussions on the opportunities, challenges and the future outlook of corporate innovation in the Sultanate and across the region. Also, in discussion was the challenges in establishing an entrepreneurial ecosystem in the Oman and the Gulf Cooperation Council (GCC).

PDO Managing Director Raoul Restucci, who gave the keynote speech at the event, said: “This is an exciting opportunity for Oman, and we are committed to playing our full part in helping to position the Sultanate as a regional energy leader.’’

“We aim to provide a platform that attracts entrepreneurs from Oman as well as internationally to support knowledge transfer between start-ups, corporate partners and government alike in solving the future energy needs of the region,” he added.

SparkLabs Energy is a start-up accelerator programme based in Muscat, Oman, supported by Petroleum Development Oman (PDO), Phaze Ventures and SparkLabs Global Ventures.

The programme was established in May 2018 when Phaze Ventures, Oman’s first privately funded venture capital firm, signed memorandum of understanding (MoU) with PDO’s Managing Director Raoul Restucci to accelerate the development and deployment of technologies in the areas of energy and logistics within the Sultanate.

The accelerator is an intensive six-month programme based around the development and deployment of pilot technologies in collaboration with corporate partners. The programme also offers start-ups seed funding, co-working space and mentorship to help grow their businesses and develop their cutting-edge technologies.

The first cohort, SparkLabs Energy in close collaboration with PDO selected: Interface Fluidics, Acoustic Data, Sensytec, eMushrif, Rihal and Voyager. These companies are working in a variety of fields including microfluidics for Enhanced Oil Recovery (EOR), big data management and analytics, and Industrial Internet of Things (IIoT). The cohort also consisted of eighteen mentors from across the global with industry specific expertise who were matched with the startups to offer advice and support.