OTF Techween is designed to enable entrepreneurial teams to transform solid ideas into commercially viable startups.
With the aim to become the innovation hub in the region and position Oman as the preferred destination for national and international entrepreneurs, the Oman Tech Fund (OTF) has a total committed capital of up to 150$ million to invest in related incubator and accelerator micro-funds and global VC funds.
✓32 weeks training program
✓Two cohorts per year
✓10 startups per cohort
General Enquiry Form
What is OTF Techween?
OTF Techween is a 3-month pre-seed fund program founded by Oman Technology Fund. The Accelerator provides pre-seed funding, a co-working space and a 12-week coaching/mentoring program.
Who is Oman Technology Fund?
Oman Technology Fund is an Oman sovereign fund backed entity that aims to become an innovation hub in the region and position Oman as the preferred destination for national and international tech startups. It has committed a total capital up to US $150 million to invest in three different micro-funds, namely:: Pre-Seed Stage, Seed Stage and VC Funds Stage.
What stage is OTF Techween? How much funding do OTF Techween Companies receive?
We invest in Pre-Seed startups. We accept one Cohort of 10 Startups. The startups receive a $50K funding in return for 7% equity share. OTF Techween provides an advisory based program, and does not take management participation.
What type of Companies do you fund?
We fund technology based companies, whether in digital media, web and mobile platforms, disruptive business models or technology innovation. We are looking for early stage pre-seed companies, with at least 2 team members, where one of the founders has the requisite technical capabilities.
How do we apply for the program?
Click here to fill out the application form. The team will be processing the applications and we will get back to you:
- If your proposal is accepted, we will contact you to schedule a video conferencing meeting to discuss your startup. If after the meeting you we are still impressed, we will progress to the deal.
- If your startup is out of our scope and strategy, we will decline it.
How long does it take from applying to signing? When does the program start?
The selection process takes a maximum of two months. If you are accepted, we will immediately start the legal and regulatory process to register your startup in Oman. The Third Cohort of the program is scheduled to start in January 2019.
What are the countries you are seeking?
Oman, UAE, KSA, Bahrain, Qatar, Kuwait, Yemen, Iraq, Jordan, Palestine, Syria, Lebanon, Egypt, Tunisia, Libya, Morocco, Algeria, Tanzania, Kenya, Ethiopia, Sudan, Iran & Pakistan.
What are the benefits for startups?
- Mentorship: mentors, who are experienced startup founders, will be involved to help the startups to develop their strategies.
- Learning Sessions: different sessions on building a lean startup, user acquisition and and, growth hacking, etc.
- Facilities and Resources: Free use of our co-working space
Do I have to be in the OTF Techween location for the entire 3 months period?
Yes. It is required from accepted startups to be primarily based on site during the whole period of the program. This will help you take advantage of the benefits we provide such as learning opportunities, networking and coaching. Being part of OTF Techween is a major commitment where you are expected to be around most of the time.
Do I have to stay in Muscat when the program ends after 3 months?
No. You may leave whenever you wish.
Can I apply if the founders of my company are not from Oman? Can you help in the Visa Process issues?
Yes. Anyone from the above mentioned Zones can apply. However, you do have to be legally in Oman during the program. Once you get Accepted, we will help with the legal process to get you here.
What else does OTF Techween provide? Office Space, internet, legal, hosting, etc?
We provide co-working spaces that are connected to a fast wireless internet network. We will help you with sourcing suitable accommodation, transportation and any other needs that may arise, with minimal expense. We just want you to focus on creating a great competitive product.
How can we get funded after OTF Techween finishes?
In OTF Techween, we provide you with pre-seed funding to help you going; however, you may need more funding to move to the next stage. Near the end of the program, we will organize an Investor Showcase where venture capitalists will observe and check out your technology and listen to your pitch. We will coach you to pitch effectively.
What sort of control will I be giving by granting equity to OTF Techween?
OTF Techween will be a Co-founder in the newly established Omani company. However, you will be running the whole show. We do not seek any controlling interests in your company.
Can an individual get accepted?
We strongly advise that you work within a team to be able to have a skilled balance team. You may have good business acumen, but you will need a developer in your team. Also, you may be a good developer, but you will need a good business person in your team. Balanced skilled teams will have higher success rate.
Is age a factor in the selection process?
No, it is not.
Do you sign a NDA (Non-disclosure agreement)?
No, as we are exposed to a vast amount of ideas and ventures during the year it will be impossible for us to do so.
Do I need to have a business plan?
No, you don’t. However, you are required to fill the online application form.