Updated: Startup Accelerator Oasis 500 Open Its Doors to Applicants From Any Country

29 Jul, 2010

Update:

Oasis told us via Twitter that non jordanian “should work and establish their company inside Jordan!”

In June Former Chief Data Officer of Yahoo Dr. Usama Fayyad and current Chairman of Arab portal d1g told AC that Oasis 500 a technology startup accelerator in Jordan will launch in August this year. But now Oasis 500 website has been launched accepting applicants from entrepreneurs anywhere in the world, for its first round of a 6 days entrepreneurship training program.

The training program is offered for free, candidates who successfully complete the course will be eligible for incubation and funding of 14,120.30 USD (10,000 Jordanian Dinar -JDs-) for 2 month period. In return Oasis 500 will take 10% equity of the startup.

After the two months, an additional follow-on funding (average JD 50,000 – 70,641.42 USD-) will be available to a small subset of entrepreneurs, as determined by Oasis 500 investment committee, to obtain further incubation and preparation for an angel investment round.

The incubation period is at the new King Hussein Business Park in Amman Jordan and includes internet and hosting,legal advice, and mentoring is offered during incubation. Another rounds of investments are possible on pitching to more angels investors.

We do not know what is the exact date of the first training program as Dr. Usama was unavailable since he is traveling. We did a video interview with him, but we did not post it online yet, due to some technical difficulties including the horrible status of Internet speed in Jordan.

Oasis 500 aims to launch 500 startups in Jordan in 5 years. Here is the application link and this FAQ page has more details about the program.

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  1. Sameer  |  July 30th, 2010 at 10:23 PM #

    Let’s hope Dr Usama puts more time into this than he did at D1G.. It would be sad to see this fail as well.

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