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Startup scene in Jordan is definitely booming, says Oasis500 official

By Suzanna Goussous - Jul 19,2018 - Last updated at Aug 14,2018

AMMAN — Since its establishment in 2010, Oasis500 has funded and supported over 150 startup companies across the Kingdom, with around 680 direct and 4,400 indirect jobs introduced to the market, Assistant Marketing Manager Fahed Qteishat said on Wednesday.

An investment company that aims to develop and adopt business ideas in real projects, Oasis500 searches for entrepreneurs with business models, which they help kick off their startup through investing and linking them to future sources of funding.

The startups that secure funding are then moved to Oasis500’s facilities for 180 days to develop their idea. 

 “Any startup, whether already established or not, needs fundraising in order to reach its business objectives, so fundraising [and] funding procedures are quite important for startups. Investment companies usually seek to invest in sustainability,” Qteishat told The Jordan Times, noting that, when the required components come together, “true potential is created to ensure the growth of the startup, especially in terms of scaling and expansion”.

Over the past eight years, the company has invested in 17 firms in the creative industry and in around 123 companies in technology, with nearly $100,000 and $50,000 being invested in each startup of the two respective domains.

“I usually advise startups to know their market and do their research. Their startup might be extremely innovative, but many other bright ideas and startups are being pitched to many investors,” Qteishat stressed, noting that the investment company expanded its network to include startups and businesses in different parts of the Kingdom, with entrepreneurs implementing their ideas in Irbid and Salt.

“The startup scene in Jordan is definitely booming. We are witnessing a lot of key players in action including investors, accelerators, incubators, mentors, entrepreneurship trainers and even the educational system, which is coming up to speed in supporting the sector’s needs,” he said.

Qteishat added: “This will improve the quality of the rising startups. We certainly expect to see more and more Jordanian success stories and we are hopeful about a having better understanding of the eco-system spread.”

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