IIC Finances Innovative Industrial Products with More Than RO 2 Million

Muscat: The annual report of the Industrial Innovation Center (IIC) showed that the center supported startup companies inside the Sultanate with an amount of RO 2,85,057 during the period from 2017 until 2020. This comes as part of the efforts exerted by the IIC to enhance innovation in industrial activities, add high value to natural resources in the Sultanate and promote self-sufficiency of locally made products.

The report of the IIC, established as an outcome of the National Program for Enhancing Economic Diversity (TANFEEDH), showed that the Center has provided 72 investment opportunities at several promising industrial sectors, such as fisheries, marble, food and beverages, mining and technologies. The IIC made this achievement by creating and financing economically viable industrial products, as well as qualifying the national cadres who develop such products.

The report indicated that the IIC developed 20 startups operating in the industrial sector. It also pointed out that such companies have registered their brands at the Intellectual Property Department in the Ministry of Commerce, Industry and Investment Promotion.

The report demonstrated that the IIC sought to create an appropriate ecosystem for Omani innovators and national cadres through its finance, technical support, guidance and advice. It also indicated that the center strived to enhance the competitiveness of Omani factories, improve its operational efficiency and qualify human resources who are the main pillar and sustainable component for leading national innovation.

The report revealed that the IIC financed and enabled 43 factories and companies to produce innovative technologies and services. It signaled that the Center prepared 70 detailed economic feasibility studies to measure the potential revenues and promising investment opportunities. It also reflected that the IIC contributed to the provision of 41 training programs, offered its services to 660 entities and entered into partnerships with 43 governmental agencies, private sector companies and academic institutions.

The report disclosed that the Center prepared and carried out four important programs; the first of which was the human resources development program. Designed to prepare industrial innovation specialists, this program contributed to qualifying about 400 innovators, entrepreneurs and jobseekers, as part of the IIC’s efforts to cement national innovation competencies in the industrial sector. The other programs included the startup innovation program, which contributed to the establishment of startup companies, in addition to the industrial innovation program.

The report illustrated that the IIC has made significant achievements during the past four years by carrying out 128 technology transfer operations along with the companies benefiting from its services. In addition to providing 56 job opportunities, the center has contributed to innovating 167 products. Furthermore, 566 young men and women benefited from its services. The ICC has also enabled 64 male and female students to innovate industrially in the food, fisheries, mining and technology sectors.