NU Incubation Centre (Money Factory) plays a highly significant role in supporting the national priorities of encouraging innovation and promoting entrepreneurship among students. It’s an essential element of NU strategic plan 2024- 2030 of supporting students in starting their businesses. The vision of Money Factory focuses on building an entrepreneurial community that inspires and supports innovators to transform their ideas into startups, and the mission to transform graduates into entrepreneurs. Monay Factory provides systematic programs for beneficiaries including office spaces, seed funding, mentoring, training programs, access to university resources, and participating in various events with legal and business support. To achieve the decided objectives, the centre is building an entrepreneurial ecosystem in the campus by actively collaborating with stakeholders and benefiting from various support organizations in Oman, including government, private and non-profit organizations. The scientific incubator is one the key programs that the center offers in partnership with Ministry of Higher Education, Research and Innovation to support student innovations.
This collaboration is providing set of opportunities for the centre beneficiaries in supporting them to take their projects to further stages. The center is currently supporting three projects, Atechz, Builders and Naqla. Atechz works to develop a smart gas regulator that prevents any gas leakage and measures the available gas level available in the cylinders with the distance control of gas usage. Builders’ application aims at connecting clients with esteemed engineering companies to facilitate swift and efficient home facility solutions, where users can effortlessly request and manage the services, ensuring a hassle-free process from initiation to completion. Naqla works to transform the tourism sector in Oman by using VR in providing rich experience for tourist at various attractions including historic use forts and castles with their influence on Oman`s culture.
Money Factory is led by highly motivated and experienced team who is eager to promote students’ innovations and provide systematic support through scientific and business mentoring, continuous constructive feedback, and periodic progress evaluation of the incubated projects. The center is committed to expanding its operations by organizing national and international programs that promote and support the innovation of youth in recognizing opportunities, exploring innovative ideas, validating business ideas, conducting market research and investors pitching. These programs are planned to be in collaboration with the entrepreneurship ecosystem including Ministry of Higher Education, Research and Innovation, SME Development Authority and Industrial Innovation Academy. This strategic partnership can effectively support university innovators to transform their ideas into successful startups that address market needs and contribute to economic development.