Manama, October 29 (BNA) The Labor Fund (Tamkeen) announced the launch of a new series of entrepreneurship training programs under the name “StartUp Bahrain Pitch”, which focuses on the basics of fundraising and promoting investors with the aim of enabling Bahraini entrepreneurs to secure funds to grow their startups. These programs are the result of the collaboration of Team Bahrain comprising champions of the public and private sector ecosystem such as: Bahrain Economic Development Board (EDB), Bahrain Development Bank (BDB), Bahrain Entrepreneurship Organization and StartUp Bahrain along with key players from the private sector . section.
The programs are designed in collaboration with partners to support high potential Bahraini startups with strong potential for growth and expansion. Given the importance of fundraising for facilitating the growth of startups, the program will begin with a phase that focuses on this topic through three courses: The Investment Preparation Course, What Angel Investors Learn Before They Invest, and the Qualified Angel Investment Certificate. The programs will be delivered in two iterations targeting early stage and growth stage startups. After the training, the selected participants will be hosted in a promotional event where they will present their work to a panel of investors for the possibility of raising capital and winning cash prizes. The program aims to train 80 startups annually and host presentation events for 32 startups for an opportunity to raise funds. The courses will be offered in association with the World Business Angel Investment Forum.
Commenting on this initiative, Ms. Maha Moviz, Acting CEO of the Labor Fund (Tamkeen), emphasized the importance of startups to the economy and Tamkeen’s continuous support to ensure their sustainability and productivity. She said, “Startups are catalysts for growth in any economy, they create jobs, spur innovation and advanced technology. Fostering an ecosystem for startups that empowers entrepreneurs and helps startups thrive and grow is a goal we are committed to.”
She added: “Through this program, we are addressing one of the main challenges facing startups, which is fundraising. Fundraising is essential to their growth and expansion potential, which is why we have developed a program that will provide Bahraini entrepreneurs with the tools and skills to secure funding for their businesses through a series of training programs and promotion events that put them in the face of the serious real world. Investors who can add value to their companies through financing and the exchange of knowledge and experience”
On her part, Ms. Dalal Al-Qais, CEO of the Bahrain Development Bank, said: “Such joint initiatives that come within the cooperation of Team Bahrain encourage innovation and enhance the capabilities of entrepreneurs to start their businesses that ultimately support the development of the entrepreneurial environment in the region. Bahrain. The program provides great opportunities for participants and supporting organizations to connect to an effective network that facilitates investment in start-ups and turns entrepreneur ideas into profitable ventures. This reflects one of the important aspects and programs that BDB is committed to supporting in partnership with other key stakeholders and supporting institutions, in particular the Economic Development Board, the Tamkeen Labor Fund, Startup Bahrain and the Bahraini Entrepreneurship Organization.”
Al-Qais explained that investment and access to financing are among the main challenges for Bahraini startups and entrepreneurs, and therefore we are optimistic about developing such an initiative, as we can provide entrepreneurs with the necessary skills that will support them through the different stages of the growing business cycle. Their chances of accessing financing and investment opportunities.
Commenting on this, Nada Al-Saeed, Executive Director of Strategy and Research at the Bahrain Economic Development Board said: “Our skilled and distinguished tech workforce has been a major driver of innovative local startups in Bahrain, and as initiatives such as these continue, we will be able to do so. We are witnessing more of growth in the Bahraini startup environment, which will encourage sustainable economic development and create more job opportunities in the Kingdom.”
For her part, Ms. Feryal Abdullah Nass, founder and president of the Bahrain Entrepreneurs Organization, affirmed the organization’s keenness to empower Bahraini entrepreneurs and enable them to expand their businesses. She said, “We are excited to collaborate with Tamkeen on this initiative that will provide entrepreneurs with the tools and skills they need to raise funding for their businesses. Fundraising is vital to accelerating the growth and success of good business ideas, and I look forward to seeing the unique concepts emerging from this program.”
Tamkeen will implement this program through StartUp Bahrain, a platform that will serve startups and entrepreneurs locally, to build a strong ecosystem network, identify and solve ecosystem challenges and connect startups with appropriate Tamkeen programmes.
Bahraini entrepreneurs and startup founders with scalable businesses, an existing client base and valid business records are encouraged to apply for this program to reap the benefits of training with experts and access to viable funding opportunities. Applications will be open from October 30 on the StartUp Bahrain website: startupbahrain.com/pitch.
AOQ