Our Frequently Asked Questions (FAQ) Page, serves as a discussion board with all the questions that we have been asked through out our operation. if you don’t find your answer below, kindly send us your questions here and we will surely answer them in time.
How much funding should I expect once I become an Oasis500 company?
Our average initial investment is JD 22,000 (Approx. USD $31,000), of which about JD10,000 are in cash and JD12,000 are in services. In return Oasis500 becomes a partner in the business with a share of 20% (for already established businesses, partnership percentage may vary according to the startups valuation in the market, and current achievements) . After thorough research, this sum has been proven to be sufficient for sustaining your company for three months and coming up with a substantial prototype that will take you to the next level. You will also receive a nice place to work if you want to in our accelerator (incubator), legal services, marketing, public relations services and much more. Most importantly, you will get priceless value through the connections and advice you’ll be acquiring when you start your company with Oasis500, and also through the opportunity to pitch to angel investors andventure capitalists at the end of the program during our Angel Investor Week.
What kind of companies does Oasis500 fund?
We fund technology-oriented companies, typically in the areas of Information Technology (IT), Mobile and Digital Media.
What is the reason behind starting Oasis500 and who is behind it?
The initiative comes directly from His Majesty King Abdullah, with hands on implementation by a group of successful entrepreneurs and investors who act as our board of directors. They truly enjoy helping startups and strongly believe that Jordan is among the best places in the region to nourish them. To see our board of directors, please click here.
Is there anything else we should expect from Oasis500, other than funding?
We offer training boot camps, office space for the incubation period at the King Hussein Business Park including amenities, first round of funding for those who excel in the training ( JD 10,000 in cash and JD 12,000 in services), second round of funding for those who manage to grow after the first stage of incubation (investment amount depends on the valuation of the company at second investment stage), legal, marketing, PR, investment, operational, and financial advice and coaching, mentoring during incubation, networking opportunities with successful businessmen and businesswomen, and finally a round of Angel funding for the companies who are ready for it.
How long is the incubation/ acceleration period?
The incubation period is for four-eight months depending on the stage of funding of the company. For the first round of funding, which is granted to those who excel in the training program and have an investment ready idea, companies can stay up to four months in Oasis500 incubators. If the company is granted the second round of funding, they can stay up to eight months. Our entrepreneurs and startup companies can also rent space at our offices. This is a great chance for you to get to know each other, the Oasis500 team and to continuously exchange and benefit from each other’s experiences and knowledge. To learn more about that, please check our Facility & Business Incubator.
Once we receive the funding, does Oasis500 get any equity in my company?
In exchange for the help and services that we provide for the entrepreneur and the Company, Oasis500 receives a 15-20% equity stake in your company. We want to be thought of as an experienced and well-connected co-founder so we share the same risk and reward system.
Why is Oasis500 interested in receiving shares in my company?
We believe that the value of learning, networking, and coaching provided by our program is of remarkable value. The Oasis500 program will provide you with the stepping stone and will significantly increase your chances for success and sustainability. Once we invest, we’re motivated to help you succeed by introducing you to people who can help, assisting you with methodologies and strategies, networking, coaching.
Why is Oasis500 doing all this?
We just want to create opportunities for Jordanians to be their own bosses, to create their own companies, to raise the economy and create job opportunities.
During the incubation period, do I have to be at Oasis500 the whole time?
No. It’s your company so you are free to come and go as you see fit. But we do require that you mainly be based here during the incubation/acceleration period. This is an advantage for you because you can take benefit of the numerous learning opportunities, networking and coaching that will be provided. Oasis500 is a major commitment, and we expect you to be around most of the time.
After completing the three month incubation/acceleration period, do I have to stay in Jordan?
No. It’s your company; you can take it with you wherever you want.
What happens if we need further funding?
We provide the seed funding to get you going, but you may need more funding to make it further. Towards the end of the three-month program, we’ll organize an Angel Investor Event where angel investors and venture capitalists from all over the country and region will check out your technology and listen to your pitch. We’ll coach you so you’re as effective as possible, and will do everything we can to help get you follow on funding. We may also fund your company ourselves in some cases.
What other opportunities will we benefit from during this period (networking and educational wise)?
About two or three times per week, we will organize an informal event and invite our mentors to speak on a relevant topic. These will be presented by highly successful entrepreneurs, angel investors, legal experts, venture capitalists and investment bankers. Sometimes, we’ll just organize a brief talk with Q&A by a CEO or CTO of a well-known local startup.
What happens if my company fails?
Things happen, and well, at least you tried. You’ll still have an impressive resume item for your next plan that will look way better than almost anything else you could have spent your time doing. Also, you will have met a large number of smart and well connected people who can help you tremendously with whatever you decide to do next. Hopefully that will be another startup.
Upon giving oasis500 shares in my company, how much control do they have over the company?
We don’t have any controlling interests in your company and we won’t ask for any uncommon investor rights. We want to be viewed as a co-founder, and we expect to have all the same rights as any other founder, relative to our minority ownership position.
What are the chances of getting accepted into Oasis500 if I am a single founder?
While we don’t screen applications just because they have a single founder, it does make things more difficult. We look for sufficient, balanced teams who have a full range of skills. We strongly advise you to seek co-founders who balance your skill set. For example, if you’re a strong developer, you might consider adding someone with business and/or marketing experience. If you’re a great business evangelist with no developer, it’s very unlikely we’ll accept you into the program.
Is there a certain criteria regarding the companies you accept?
We will choose founders who are proposing products that solve a real pain in the industry. For us, it’s about the team. Because of this reason, we’re less likely to accept single founder companies. The best things you can do to strengthen your application are:
– Round out your team with business, technical and other necessary skills.
– Make progress on your prototype or product and reference it in the application.
– Show us you’ve really thought about your business and have gotten out of your comfort zone to do something about it.
Is there a specific age range you are expecting?
No. However the typical age range we’re expecting of our founders is 25-40 years old, but we definitely would consider younger and older founders as well.
Is it required that I send in a business plan?
No. Just fill out the informal online application. In fact, we don’t want to see your business plan even if you have one.
Where can I check for updates and news?
Check the website for deadlines, announcements, and other news.
Where are the offices located?
We are still in the early stages of setting up in The Hussein Business Park. Oasis500 locations are going to be fully equipped and have both traditional and lounge-like space. Of course, it’s your company so you set your own schedule, office hours, etc. You don’t have to work from the Oasis500 space unless you want to.
During the acceleration/incubation period, is there a daily routine for the entrepreneurs?
It’s your company, so you’ll be hard at work on your product. You can choose to work out of premises if you’d like, or you can work anywhere else that you might prefer. About two or three nights a week, we’ll organize informal educational sessions with our mentors. We also expect many of the mentors to drop in to Oasis500 at various times throughout the program. In general, you’ll be working on your product every day, just like all of the other founders in the program. We don’t tell you what to do or when, but we create an environment that is crucial to helping your startup every day. Also, we’ll make sure you have many experienced mentors around to help you.
Is Oasis500 restricted to Jordanians only?
No. As long as you and your team can be in Jordan legally for the duration of the three-month program, please do.
Does my company have to be established in order to get accepted to Oasis500?
No. We’ve accepted companies with no more than an idea and a vision. One of the great things about Oasis500 is that we help you refine your idea and business model. Likewise, no company is too far along to apply!
Is it possible to receive funding without attending the training? Is it possible to go to the Angel round directly?
Certain companies will be eligible for funding directly, yes. We will assess what stage you and your company are at, and arrange how we can progress together accordingly.
Is my intellectual property protected when I apply?
We won’t show your application to anyone outside of Oasis500; for this and other reasons, please don’t ask us to sign an NDA. Our application does not ask for your “secret sauce”, and there is no reason you have to disclose this to us if you’re not comfortable doing so.
Are we still qualified to join Oasis500 if our team outsources software development?
Yes. We think it is best not to outsource what you are, but it obviously works in some cases. We’re happy to consider any application.
Do I get a certificate stating that I have completed the Training Bootcamp?
Candidates are eligible for training certificates from Oasis500 accrediting 36 hours of training, after they complete the pitching stage.
After you apply, please wait for us to contact you, not the other way around.