Under the patronage of His Excellency Eng. Ahmed Bin Hassan Al-Dheeb, Undersecretary of Ministry of Commerce and Industry, GlassPoint Solar officially launched the GlassPoint Innovation Spur. The program is now accepting applications at www.glasspointinnovationspur.com from innovators looking to transform their inventions into implementable businesses. With a trusted list of partners including The Research Council (TRC), Innovation Park Muscat (IPM), Public Authority for SME Development (Riyada) and Sharakah, this first-of-its-kind incubator is set to contribute and sustainably drive innovation within Oman’s renewable energy and water management sectors.
Steven Moss, Chief Executive Officer of GlassPoint Solar: “GlassPoint started as a small tech start-up in Silicon Valley, California and is now one of the fastest growing solar companies in the world thanks to the opportunities given to us here in Oman. The GlassPoint Innovation Spur came to existence to enhance Oman’s role as a global leader in renewable technology. By sharing our enterpreneurial journey and renewables expertise, we aim to drive the culture of innovation and empower local talent to achieve what we have achieved.”
An Integrated Ecosystem
The GlassPoint Innovation Spur aims to harness the growth in the renewables market by providing an intensive, full-cycle incubation program focused on developing innovative solutions for a sustainable Oman.
H.E. Dr. Hilal Al Hinai, Secretary General of The Research Council: “The program will without doubt support innovation and knowledge-based enterprenurship in the fields of renewable energy and water. The Research Council is keen to provide technical and material support to participating innovators and entrepreneurs enabling them to develop their projects to enter the market, compete and grow.”
Innovative Solutions for a Sustainable Oman
Serving as a platform to develop innovative solutions to Oman’s challenges, the GlassPoint Innovation Spur includes two themes, renewable energy and water management. The first theme covers categories such as renewable energy solutions for domestic use, cooling and air-conditioning systems, energy efficiency, as well as enhanced energy generation and storage. The second theme focuses on identifying solutions for water management and collection techniques for domestic use.
Dr. Ahmed Al Ghassani, Chief Executive Officer, Public Authority for SME Development (Riyada): “Riyada aims at equipping Small and Medium Enterprises with the required skillsets and a solid foundation to support them in initating innovative business ideas ready scale-up to well-established business organizations. Riyada is also committed to provide business advisory and mentorship services and offers collaboration through its network of SMEs across the Sultanate.”
Dr Abdulbaqi Al Khabouri, Director of Science Park , Innovation Park Muscat: “Science and technology are at the heart of what we do at Innovation Park Muscat. We are always looking to bridge the gap between academia and industry, therefore, we are excited to offer participants access to highly-qualified business professionals to advise them in implementing a sustainable business growth plan. We want them to see their extraordinary ideas transform into successful innovative companies.”
A Full-Cycle Incubation Program
The GlassPoint Innovation Spur is designed to provide an all-encompassing experience to help applicants mold their prototyped inventions into real businesses. Post the initial screening, 10 will be selected to take part in the three-month ‘Spur Workout’ to test their inventions’ validity and commercial feasibility. Up to three innovators will then be selected to continue to the extensive ‘Spur Incubation’ phase and will be awarded initial seed funding to further develop and test their innovative product or service. Upon graduating from the incubation phase, they will be linked to investors for growth and business upscaling.
Abdullah Al Jufaili, General Manager, Sharakah: “The program will help innovators in refining and building their businesses for the marketplace. We will support them in identifying different financial opportunities, but more importantly, help them find smarter and better ways to use capital to drive scale and growth.”
The GlassPoint Innovation Spur is the company’s first corporate social responsibility (CSR) initiative contributing to Oman’s diversification strategy by helping expand the renewable energy market. Applications are now open until June 30th 2018. Over the coming weeks, GlassPoint will be touring universities across Oman to share more details on the program.