FAQ: OTF Investment Pitch Competition at North Star 2022

Al Rasbi Mohammed
Al Rasbi Mohammed
Last updated 
How do we apply to OTF Investment Pitch Competition at North Star 2022?
Click here to fill out the application form: https://bit.ly/3P7slRL

What 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.

What is OTF Techween?
OTF Techween is a pre-seed fund program founded by Oman Technology Fund. Techween provides pre-seed funding, a co-working space and a coaching/mentoring program.

What stage is OTF Techween? How much funding do OTF Techween Companies receive?
We invest in Pre-seed startups. We accept cohorts consisting 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. OTF Techween can potentially invest an additional $150k in select high performing startups at an agreed valuation.

What type of Companies does OTF 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 to OTF Investment Pitch Competition at North Star 2022?
Click here to fill out the application form: https://bit.ly/3P7slRL

1. We will call for applications for a 5 week period, from 20/08/2022 to 30/09/2022.
2. Afterwards, we will shortlist and invite by 2nd of October the top 30 startups to select a pitch slot for 10th of October, the pitch will be in person.
3. The pitch competition will be held at the Rising Stage, NORTH STAR venue, at Dubai World Trad Centre. Sessions will be on 10th of October, from 1pm-4:30pm.
4. OTF Techween team will then present the top 10 startups investment opportunities to the investment committee on the 11th/12th of October.
5. The top 10 startups will be notified by 6pm on the 12th of October.
6. The top 10 startups will pitch on the Main stage on the 13th of October at 3pm.

If your startup is out of our scope and strategy, we will decline.

How long does it take from pitch battle to signing?
With all paperwork in order, it will take about 2 weeks.

What are the countries that OTF Techween Invests in?
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 enrolled in OTF Techween?
Mentorship: Start-ups will be given access to mentors, who are experienced startup founders. These mentors will be involved in helping the startups 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.

Can I apply if the founders of my company are not from Oman?
Yes. Anyone from the above mentioned Zones can apply to OTF Techween.

What else does OTF Techween provide? Office Space, internet, legal, hosting, etc?
We can provide you with access to our co-working spaces that are connected to a fast wireless internet network. Due to the pandemic, the seating capacity in our co-working space has been reduced until further notice.

What sort of control will I be giving by granting equity to OTF Techween?
OTF Techween will be a co-founder in the 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.

Can I apply even if I am not planning to exhibit at NORTH STAR venue? 
Yes you can apply, however, higher priority will be given to startups that participate at the event and go through the Pitch Competition sessions.