Thursday 18 July 2024

Tamkeen and EO Bahrain sign deal

Tamkeen-EO Bahrain in deal to support entrepreneurs

MANAMA, September 18, 2023

Bahrain's Labour Fund (Tamkeen) has signed an agreement with Entrepreneurs’ Organization Bahrain Chapter (EO Bahrain), aimed at empowering Bahraini entrepreneurs to expand their businesses through the latest edition of the EO Accelerator Program.

The programme provides comprehensive advisory support and networking opportunities tailored to the needs of entrepreneurs, and it has a proven track record of helping numerous entrepreneurs increase their revenues by the end of the two-year programme.

This initiative provides an opportunity for promising Bahraini businesses to enhance their productivity and increase their profitability through both training and advisory aimed at helping them reach revenues upward of $1 million at an accelerated pace. Additionally, six programme graduates who successfully meet the growth targets will be offered a membership to join EO Bahrain.

Furthermore, this partnership comes in alignment with Tamkeen’s ongoing efforts to support and incentivise private sector enterprises that are committed to pursuing growth and enhancing sustainability and productivity.

This is in line with Tamkeen's 2023 priorities, which are focused on four key pillars: facilitating the increased economic participation of Bahrainis, providing training that is aligned with the labour market needs in new and emerging skills, as well as enterprise and ecosystem development, all of which drive positive economic impact and sustainable growth.

Tamkeen Chief Executive, Maha Abdulhameed Mofeez said: "As part of the long-standing partnership between Tamkeen and EO Bahrain, which began in 2017, we are working to empower Bahraini entrepreneurs with promising projects by enhancing their competitiveness and boosting their productivity.

“This, in turn, contributes to advancing private sector growth, a key driver of our national economy. Tamkeen is committed to providing diverse forms of support aligned with each enterprise’s development goals, reinforcing our wider efforts through a blend of financing solutions, grants, and technical and advisory support, as well as incentives, especially for organizations with innovative and productive business models in key sectors."

The two-year accelerator programme revolves around four crucial pillars: cash, people, execution, and strategy. It offers continuous monitoring, training, and immersive activities within a stimulating environment, enriching participating projects and granting them access to EO Bahrain’s extensive network and valuable expertise.

Participants also have the opportunity to engage in the organisation’s international activities, further enhancing their prospects for success.

EO Bahrain President Bob Thaker said, "This collaboration with Tamkeen embodies our shared commitment to fostering an innovative and sustainable business environment in the Kingdom. The EO Accelerator Program introduces a range of initiatives, enabling participants to scale up their business, broaden their horizons and propel their projects to unprecedented levels of success and growth."

The EO Accelerator Program, previously implemented through several international chapters, has achieved remarkable success rates for organisations in need of non-financial support, such as training and mentorship. Tamkeen's collaboration with EO Bahrain on this program has seen 44 participants enrolled to date, of which 43% are women.

To qualify for the EO Accelerator Program, applicants must be Bahraini owners, founders, or authorized signatories involved in the management of existing enterprises with an active commercial registration, and demonstrate the potential for expansion. Applicants must also demonstrate a strong commitment to developing their businesses to achieve the program objective of increasing revenue, and currently have annual gross revenues ranging from $250,000 to $600,000.

Over the years, Tamkeen has provided support to entrepreneurs and emerging enterprises through a diverse range of programs and initiatives. More than 19,000 entrepreneurs have received support in launching their ventures, and over 7,000 small and medium-sized enterprises were supported with access to financing facilities.

Tamkeen has also introduced specialised programmes to bolster entrepreneurship, including the Young Entrepreneurs Program (Mashroo3i), the Startup Bahrain Pitch initiative, the Global-Ready Entrepreneur Program, and more. – TradeArabia News Service




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