Oman Technology Fund taps NDRC accelerator expertise
23 November 2017 | 0
NDRC is to run a pre-seed accelerator programme in Muscat, Oman.
NDRC will provide accelerator expertise and personnel throughout the three-month programme for 10 start-ups from Middle East and North Africa, with the Oman Technology Fund (OTF) investing the required capital.
Over the course of the programme, NDRC will work with each start-up, helping them to understand the value that their company can offer customers, their strategy for growth and getting them ready to meet the demands both of investors and the international marketplace.
OTF was launched by Oman Investment Fund in October 2016, and to date has partnered with 500 start-ups, a San Francisco-based VC fund and global accelerator network, to train and accelerate growth of later-stage technology start-ups.
NDRC CEO, Ben Hurley said: “[This] is a positive development for NDRC, builds on the international investment being secured by our portfolio ventures, and reflects well on how Ireland’s startup enterprise ecosystem is viewed internationally. Along with the excellent work undertaken by Enterprise Ireland and others in the region, we believe NDRC’s presence in Oman may help provide beneficial links for our startups into this market in to the future.”
OTF chairman Yousef Al Harthi said: “Signing this agreement with NDRC highlights our shared principles regarding the start-up ecosystem, helping us to provide training and expertise to early-stage, technology companies.
“Between OTF and NDRC, we will help with their progression, development, innovation and access into both local and regional markets. These startups will also become better equipped to compete with larger companies, and support the Oman economy.”