Tenmou Business Angels Initiative announces latest partnerships
- Bahrain: Wednesday, January 23 - 2013 at 09:47
- PRESS RELEASE
Following the success of last year's initial group of investments, Tenmou, Bahrain's First Business Angels, has announced details of three more start-ups who have received an investment boost to commence full business operations.
With a doubling in applicants since the initiative started in 2011, the selection process continues to be highly competitive. Recipients include a mobile catalogue application (Doocan), a tyre retreading factory (Ringco) and an indoor location system (Arteleus). Applicants were evaluated based on the uniqueness of their ideas and the potential for regional, and perhaps even global, expansion in the future. The individual entrepreneurs behind the ideas were also assessed for both their practical skills and their passion for their respective propositions.
Commenting on the announcement, Mr Jalal, Tenmou's Chairman, said: "Tenmou continues to develop and respond to the needs of high potential young entrepreneurs with unique and innovative concepts. We recognize the importance of an organisation like ours, and welcome start-ups and investors alike, to join in our endeavors to build a strong foundation for the country's future business leaders."
"The success of these start-up companies and the ripple effect they can create for the local and regional economy, including job creation, makes it a responsibility for all in the business community to reach out and support. I would also like to express my gratitude to all our partners and investors for their valuable contribution to support our entrepreneurs who will become the future businessmen and women of Bahrain," he concluded.
Hasan Haider, Tenmou's Chief Executive Officer, said: "Supporting the start-up companies from their early days and watching them go fully operational, as our first group have now done, clearly shows the significance of the 'Business Angel' model behind Tenmou. As part of our strategic objective, we provide mentorship, advice and assistance by sharing our experience, business strategies and knowledge between generations of our business community which is invaluable, and our entrepreneurs welcome this.
"Significantly, Tenmou's business model also provides funding by equity rather than debt. This ensures that start-ups are free from loans, and has the investors share in the risk of success of failure, rather than burdening the entrepreneurs financially."
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 workshops expose the entrepreneurs to real business situations and are conducted in the form of workshops, on a regular basis.
The most recent workshop was conducted by Hill +Knowlton Strategies on Public Relations and its impact on business reputation.
Established with a start-up capital of BD1m ($2.7m),Tenmou invests an average of BD20,000 ($53,000) for a stake of on average 20% in each project that meets its criteria, and will provide a three-month mentorship period, including support services, at no cost to the entrepreneurs.
In order to implement its long-term vision, Tenmou has established firm contacts with influential public and private sector partners and supporters, including Economic Development Board (EDB), Bahrain Development Bank (BDB), ALBA, Hill +Knowlton Strategies, BDO Bahrain, 4SPOTS, Ernst and Young, Grant Thornton, Unisono and Microsoft.
Tenmou's achievements would not be possible without the support of the Government of Bahrain. Tenmou's current board includes successful local businessmen, Sami Jalal as Chairman, Adel Maskati as Vice-Chairman, Fawaz Algosaibi, Mahmood AlKooheji, Abdulla Buhindi, Abdulhussain Dawani, and Shaikha Al Fadhel representing the BDB, who are acting mentors to the beneficiaries.
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