StreetMeetME

StreetMeetME

Muscat, OmanMuscat, Oman
Year Founded:
2013
Organization type: 
hybrid
Project Stage:
Idea
Budget: 
$50,000 - $100,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

StreetMeet will be the entrepreneurial hub and cultural game-changer that fosters entrepreneurism in Oman. We will mobilize existing stakeholders to create a culture of entrepreneurism and connects SMEs to the community, capital and collaborations needed to scale their business.

WHAT IF - Inspiration: Write one sentence that describes a way that your project dares to ask, "WHAT IF?"

What if Oman could lead the ME in women-owned start-ups and demonstrate the economic force of female entrepreneurism?
About Project

Problem: What problem is this project trying to address?

Only 2% of women in Oman are currently entrepreneurs in spite of the availability of resources. A lack of integration amongst existing stakeholders and poor visibility of existing services makes it difficult for young women to understand or explore the option of entrepreneurism as a career choice. Furthermore, a lack of focus on existing female entrepreneurs undermines entrepreneurism as a career choice.

Solution: What is the proposed solution? Please be specific!

StreetMeet will foster entrepreneurism amongst nascent entrepreneurs by adapting proven entrepreneurial programs to Oman's unique culture. In addition, we will assist existing SMEs to grow their businesses through high-value mentorship, community outreach, strategic partnerships, media relations and investment. StreetMeet will mobilize the existing but unintegrated programs that exist in Oman and bring them together with new players who share a desire to support the growth of entrepreneurism in the region. Moreover, StreetMeet will create an easily accessible, high profile and cohesive hub that connects SMEs to the influencers that can assist them to scale their companies and help entrepreneurism thrive in Oman.
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

As the high-visibility hub for entrepreneurism in Oman, StreetMeet will take the lead amongst existing service providers to foster and promote Omani innovation. Through community outreach, public/private mentoring programs, community sponsorships and focused media coverage, to name a few, StreetMeet will celebrate entrepreneurism and connect entrepreneurs to the people, programs, physical facilities, funding and networks they need to thrive. StreetMeet will stimulate, identify and harness great ideas, nurture their development and guide the transformation of those ideas into reality. We will measure our success through the SMEs that emerge after receiving help from the StreetMeet network, the number of jobs they create and other metrics.

Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.

Our objective is to stimulate a new generation of Omani entrepreneurs and further Oman's program of Omanization. Political reforms introduced in 1997 gave Omani women the right to vote and stand for election. Scholastically, young women outpace their male counterparts with more women graduating from university than men. These reforms have fostered equality and an environment in which entrepreneurism can thrive. However, in spite of this and the significant resources being committed to developing the Omani entrepreneurial ecosystem, no real culture of entrepreneurism has yet to evolve. StreetMeet will become the catalyst to stimulate this culture by partnering with existing Omani initiatives ie. BizHub, Conquer Club, Sharakah, Injaz, US Embassy, etc. and create year-over-year growth in women-owned SMEs, success rates, investment $, etc. to build a culture of entrepreneurism.
Sustainability

Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

StreetMeet will achieve financial sustainability through corporate sponsorships, membership fees for successful SMEs, fees on investment match-making, partner referral fees and alumni support. Funding will enable StreetMeet to formalize the necessary legal structure, develop the long term financial model, create secure partnerships with clear roles and responsibilities and develop the basic brand presence to attract public/private sponsorships.

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

Within the Oman entrepreneurial ecosystem there are a number of entities attempting to deal with singular aspects of entrepreneurism. StreetMeet differs from these existing initiatives as it takes a holistic view of how culture is created. We will focus on the psychosocial elements of culture to generate curiosity and excitement and partner with available initiatives to mirror the proven entrepreneurial ecosystems of more established entrepreneurial economies ie. Canada, US.
Team

Founding Story

As an ex-technology executive and social entrepreneur of 10 years, I arrived in Oman 11 months ago and immersed myself in Oman's entrepreneurial ecosystem. My presence was met with enthusiasm and within months I was asked to speak at Oman's first ever entrepreneurial women's conference. As I researched the breadth and maturity of Oman's entrepreneurial ecosystem for the conference, I got my first Aha! moment. Although Oman has invested in the "machinery" of entrepreneurism, there is very little culture of entrepreneurism amongst its young adult population and much less amongst its young women. Culture is about ideas, customs, and social behaviour and Oman is in need of creating these ideas and behaviours amongst its young adult population.
About You
Organization:
StreetMeet ME
About You
First Name

Sherry

Last Name

Colbourne

About Your Organization
Organization Name

StreetMeet ME

Organization Country

, Muscat

Country where this project is creating social impact

, MA, Muscat

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Project
Year founded

2013

Impact
Impact: What is the impact of the work to date?

Our objective is to stimulate a new generation of Omani entrepreneurs and further Oman's program of Omanization. Political reforms introduced in 1997 gave Omani women the right to vote and stand for election. Scholastically, young women outpace their male counterparts with more women graduating from university than men. These reforms have fostered equality and an environment in which entrepreneurism can thrive. However, in spite of this and the significant resources being committed to developing the Omani entrepreneurial ecosystem, no real culture of entrepreneurism has yet to evolve. StreetMeet will become the catalyst to stimulate this culture by partnering with existing Omani initiatives ie. BizHub, Conquer Club, Sharakah, Injaz, US Embassy, etc. and create year-over-year growth in women-owned SMEs, success rates, investment $, etc. to build a culture of entrepreneurism.

Barriers: What barriers might hinder the success of your project and how do you plan to overcome them?

We do not foresee barriers in implementing this project as all stakeholders are vested in seeing entrepreneurism thrive in Oman. Connections made thus far have been enthusiastic. With that said, should existing stakeholders view the efforts of StreetMeet competitively, a lack of co-operation could slow progress. My experience in building cohesive communities will be a big asset to this project and I will use best efforts to persuade participation in this very important project.

Full Impact Potential: What are the main spread strategies moving forward? (Please consider geographic spread, policy reform, and independent replication/adoption of the idea or other mechanisms.)

Spread strategies will be considered at the time we develop the full business plan. However, our intention is to build a replicable and scalable model that can be utilized throughout the Middle East.

Sustainability
Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

StreetMeet will achieve financial sustainability through corporate sponsorships, membership fees for successful SMEs, fees on investment match-making, partner referral fees and alumni support. Funding will enable StreetMeet to formalize the necessary legal structure, develop the long term financial model, create secure partnerships with clear roles and responsibilities and develop the basic brand presence to attract public/private sponsorships.

Founding Story: Share a story about the "Aha!" moment that led the founder to get started and/or to see the potential for this to succeed.

As an ex-technology executive and social entrepreneur of 10 years, I arrived in Oman 11 months ago and immersed myself in Oman's entrepreneurial ecosystem. My presence was met with enthusiasm and within months I was asked to speak at Oman's first ever entrepreneurial women's conference. As I researched the breadth and maturity of Oman's entrepreneurial ecosystem for the conference, I got my first Aha! moment. Although Oman has invested in the "machinery" of entrepreneurism, there is no culture of entrepreneurism amongst its young adult population and much less amongst its young women. Culture is about ideas, customs, and social behaviour and Oman is in need of creating these ideas and behaviours amongst in young adult population.

Partnerships: Tell us about your partnerships.

Partnerships will include existing stakeholders ie. start-up incubators (BizHub ME, Sharakah, etc.), funding partners (Oman Development Bank, SANAD, etc.), private corporate sponsorships, government and academia. The partnership development plan will be finalized in the final business plan.

Women Powering Work
Is your project targeted at solving any of the following challenges?

Building self-confidence and networks through role models, mentors, public campaigns, and more

Does your project utilize any of the strategies below?

Creating partnerships with complementary businesses that will help your beneficiaries have more impact - such as creating a daycare center that supports a businesses