As part of the Global Entrepreneurship Week 2017 celebrations, Tenmou, Bahrain’s first business Angels, announced the winners of the Startup Weekend competitions.
More than 60 aspiring Bahraini entrepreneurs participated in the competitions this weekend, which was designed to empower, educate and motivate new entrants to the business sector. This exclusive event was held at Malja, Amwaj Islands from 16-18 November 2017.
At the end of the intense 54-hour event, the first three winning teams were declared. The first prize winner, Rewardi, successfully pitched the decentralized rewarding system based on blockchain technology. The team was awarded BHD 3,000 and 1 year free co-working space at Tenmou.
The second prize winner, Wary, successfully pitched the personal financial assistant application that helps to automatically track your expenses by reading your SMS notifications. The team was awarded BHD 2,000 and 6 months free co-working space at Tenmou.
The third prize winner, Wandr, successfully pitched the talent management website to help artists find locations to showcase their talent. The team was awarded BHD 1,000 and 3 months free co-working space at Tenmou.
Tamkeen Chief Executive Dr Ebrahim M. Janahi stressed in a statement on this occasion the importance of this global event, which is marking its 10th anniversary this year.
“As key players in promoting the contribution of entrepreneurship in driving national economic growth, it’s a great pleasure to support Bahraini initiatives geared towards the GEW international celebrations, highlighting Bahrain’s share of innovation in entrepreneurship world“ he added.
Commenting on the announcement, Amina Naar, Head of PR at Tenmou said: “We are extremely proud to have hosted Startup Weekend for the sixth consecutive year. Our ongoing strategy at Tenmou is two-fold, firstly, to empower Bahrain’s innovative, educated, business-minded young ambitious adults who have talent and ingenuity to embrace entrepreneurship as a lifestyle and contribute to help build a stable economy in Bahrain and secondly, to shape a strong ecosystem of angel investors in the MENA region. As part of this competition, year-on year we have witnessed exciting endeavours succeed in creating new business ventures with new jobs and contributing to the growth of the Bahrain’s economy.”
“We, at Tenmou, would also like to extend our sincere thanks to our strategic partner, Tamkeen, platinum sponsors, StartUp Bahrain and Zain Bahrain, Vibe Media, media sponsor and Malja Bahrain, venue partner, for their continued support”.
During the weekend, aspiring entrepreneurs formed 11 participating teams to develop and pitch ideas to start new businesses. Teams worked together to refine their business models, develop working prototypes, and present their final ideas to a panel of expert judges.
This year, Bahrain joined more than 35,000 events and competitions taking place in more than 170 countries around the world, and endorsed its commitment to bolster one global entrepreneurial ecosystem to help start and scale new firms across the globe.
GEW has been identified as the world’s largest celebration of entrepreneurship aimed at bringing ideas to life, driving economic growth and expanding human welfare. Founded in 2008 by the Ewing Marion Kauffman Foundation (USA), Global Entrepreneurship Week provides a platform that creates one global entrepreneurial ecosystem. It aims to inspire the next generation of future potential entrepreneurs and business leaders by engaging, connecting, mentoring, building and developing their confidence and ambitions through a series of activities hosted by partner organisations.
Launched in 2011, Tenmou aims to support entrepreneurs with valuable business assistance, including financial investment, mentorship, advice and guidance. Tenmou recognizes that for many entrepreneurs, mentorship programmes can be as valuable as financial investments. Each project receives practical advice and training from the company’s board members, who bring with them a wealth of business experience. These training sessions expose the entrepreneurs to real business situations and are conducted in the form of workshops, on a regular basis.
Established with a Startup capital of BD1 million (US$2.7 million), Tenmou invests an average of BD20,000 – 30,000 for a stake of on average 20% – 30% in each project that meets its criteria, and will provide a three-month mentorship period, including support services, at no cost to the entrepreneurs.