Building An Ecosystem: Riyada Specialist Mentor Chris Broad On Oman's SME Sector "Oman needs a consolidation of the various SME initiatives as well as the development of incubation environments out of government and/or large corporate's CSR program oversight."

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock.com

Chris Broad, a Lecturer at Central Bank of Oman's College of Banking & Financial Studies, is a Specialist Mentor with Riyada, an organization dedicated to developing the SME sector in Oman. A seasoned software, contract manufacturing and technology industry veteran with over 20 years of successful business development experience building and managing direct and indirect sales, OEM and channel distribution teams and establishing new go-to-market partners and programs for companies ranging from SMEs and startups to multi-national corporations, Broad is an active participant in the Omani startup space.

Chris Broad, Specialist Mentor, Riyada.

Excerpts from an interview:

What's your personal take on the entrepreneurial ecosystem of Oman?

I think the ecosystem is in some instances very developed; however, there is still a silo mentality and an apparent difficulty in getting all the various components and initiatives working together cohesively. The opportunity is there for an umbrella organization, such as Startup Oman, to provide a hub environment through which entrepreneurs can access experience, finance and skills to be able to go-to-market more effectively. Oman needs a consolidation of the various SME initiatives as well as the development of incubation environments out of government and/or large corporate's CSR program oversight –we have a private organization in Muscat, called The Lounge that does just that– and they have first mover advantage in this space. You can't mandate creativity and entrepreneurial thinking by way of government fiat. Big business and entrepreneurship are a natural fit and we must move away from programs that leave entrepreneurs feeling like they've become someone's PR exercise.

The problem is the rentier economy, which has led to a dependency and handout culture amongst many. An unforeseen consequence of stability has been the stunting of initiative to the degree that one is asking permission to think out of the box. It's a challenging starting point. Whilst it is true that the diversification policy has had many notable successes, its inherent command and control nature has disadvantaged the economy as it goes into this new reality. The role startups have to play front and center is critical– however, inertia and dirigiste central planning is a hurdle to be addressed. Oman has a pool of young gifted youth to draw from, and I think if they are given access to alternative sources of funding and regulators get out of their way, the result can only be new business, job creation and economic growth.

Related: Three Hurdles Arab Entrepreneurs Face In Gaining Access To Capital (And How To Get Past Them)

How much support are you seeing from the government and government organizations for Oman's entrepreneurs?

The government is certainly making meaningful moves in the right direction, but as I said, the legacy of a dirigiste system means that often the ROI and final output is such that the future can only be an improvement. The launching of Ethmar, a VC fund, is a significant development of His Majesty's vision. Disruptive business ideas, creativity and innovation can only benefit from this development. One hopes that there will be more to come in order to build momentum.

You work as a mentor for Riyada. Can you talk about the work that Riyada is doing in Oman, and its impact on the country's ecosystem?

Riyada is a trusted organization in the country and they play a critical role in strengthening national economic development. They have been a key catalyst in the ecosystem, and I feel that they are evolving to be better placed to continue to play that role. What worked in 2013 no longer applies today. Riyada gets this and is evolving in conjunction with the other players that have come into the mix since then.

What are your tips for aspiring entrepreneurs in Oman?

Stop asking for permission, if you don't have it– go get it, and stop waiting for the government, or some "expert' to tell you when and how and if you can go about it. They have to be hungry for it. Some just think it's a cool moniker to bandy about before they get a job as a bank clerk. For me, entrepreneurship is "the pursuit of opportunity beyond resource control'- these guys have done this on their own volition.

Related: How To Keep Your Entrepreneurial Dream Alive In The Arab World

Side Hustle

This Couple Started a Side Hustle to Improve a 'Terribly Made' Bathroom Essential. Now the Business Earns More Than $3 Million a Year.

Michael Fine and Lisa Schulner-Fine launched lifestyle brand Quiet Town in 2016 and have been growing it ever since.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Living

The 3 Lifestyle Habits That Made Me Sharper, Stronger and More Successful

These three simple yet powerful lifestyle changes transformed my productivity, energy and mindset. Here's how you can do the same.

Growth Strategies

Seha Virtual Hospital: The AI-Driven Healthcare Revolution in Saudi Arabia

Seha Virtual Hospital (SVH) isn't just another telehealth platform—it's the world's largest virtual hospital - with a Guinness World Record to show for it.

Leadership

Here's What It Takes to Evolve From Hands-On Founder to Strategic CEO

Making the leap from founder to CEO requires more than just growth — it demands a shift in mindset.

News and Trends

Kitopi Acquires AWJ In What Has Been Billed As One Of The Largest F&B Transactions In The Middle East

The deal is said to be part of Kitopi's ongoing strategy to invest in and grow much-loved regional brands, and then take them global.