Hassan Haider, Chief Executive Officer of Tenmou, told reporters that the success rate of Tenmous businesses was impressive and 50% higher than the originally projected at the start of the initiative.
Haider, who joined by Sami Jalal, Chairman of Tenmou, highlighted the importance of Tenmou initiative aimed at filling the gaps in entrepreneurship under the Kingdom’s Vision 2030.
“Under this initiative, young educated Bahrainis and innovative entrepreneurs will make valuable contributions to the Kingdom’s economy,” he explained.
Earlier, Tenmou, Bahrain’s first business angels, on Sunday announced its 3rd group of start-up companies would soon become fully operational.
The new five companies selected from 120 applications and received their Commercial Registration (CR), include Pet People which offers unique, pet houses tailored towards pets’ needs, grooming services, all natural snacks and products to ensure a healthy lifestyle for pets; Al Hayat Insurance brokerage company, first of its kind to offer insurance comparisons online; Al Saeed Mozaics which provides one of the world’s oldest forms of art; Momkin, which does research and development in physiotherapy and medical devices; and Nature’s Path which provides a green and environmentally friendly production of compost, by turning waste into an organic soil fertilizer.
“We are proud of our partnerships with the latest group of innovative entrepreneurs. The variety of businesses that Tenmou is supporting reveals the range of skills and exciting business opportunities being created today. At Tenmou, we are fully committed to aid ambitious Bahraini entrepreneurs to successfully achieve their potential in establishing, expanding and growing their companies through our business angels’ programme,” Haider added.
“As part of our strategic approach, we take an active role to support and mentor these businesses. We harness the valuable industry and financial knowledge of our current business leaders, and help build a strong foundation for the country’s future business people that will spur economic growth and create new jobs. Following the success of the first and second groups, we look forward to more Bahrainis being attracted to angel investing, which is great for our country’s innovation and for the many entrepreneurs that are dedicated to making their dreams become a reality,” Haider, said.
Haider visited Silicon Valley in the United States of America to develop ties between the two entrepreneurial communities and take the Bahrain organisation to the next level. He was also one of the panellists representing the Middle East at the Angel Capital Association Summit held in San Francisco. He delivered a lecture on the state of Angel Investing and the Angel Investing universe in the Middle East and North Africa region (MENA) at Stanford University, California, which positively impacted Bahrain’s reputation in this field.
Tenmou supports entrepreneurs with valuable business assistance, including financial investment, mentorship as well as advice and guidance. Tenmou recognizes that for many entrepreneurs, mentorship programmes can be as valuable as financial investments and effectively reduce many of the hurdles of being an early phase investor. Each project receives practical advice and training from the company’s board members, who bring with them a wealth of business experience.
Established in 2011, with a start-up capital of BD1 million (US$2.7 million),Tenmou invests an average of BD20,000 (US$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.