Tenmou investment boost for three firms
Manama, January 23, 2013
Tenmou, Bahrain's First Business Angels organisation, has announced details of three more start-ups who have received an investment boost to commence full business operations.
The announcement was made yesterday by Tenmou chairman Sami Jalal at a Press conference at the Crowne Plaza Hotel, said a report in our sister publication, the Gulf Daily News.
The successful start-up companies were chosen after an extensive selection process that began with 72 applications for support.
The three ventures will each receive between BD20,000 ($52,745) and BD30,000 in financial support as well as mentoring and business advice.
They are Doocan, a company specialising in marketing and advertising a mobile telephone project, Ringco, a tyre retreading factory, and Arteleus, an indoor location system that can track students in schools and colleges, medical staff in hospitals and people in shopping malls.
"Tenmou continues to develop and respond to the needs of high-potential young entrepreneurs with unique and innovative concepts," said Jalal.
"We recognise the importance of an organisation like ours, and welcome start-ups and investors alike to join in our endeavours 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," he added.
"Supporting the start-up companies from their early days and watching them go fully operational, as our first group has now done, clearly shows the significance of the Business Angel model behind Tenmou," said chief executive Hasan Haider.
"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 or 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.
Each project receives practical advice and training from the Tenmou'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. – TradeArabia News Service
More Finance & Capital Market Stories
- Dubai inflation hits 4-year high in Nov
- New guidelines for Islamic banks, Takaful
- ADS to enter UK in 2014, starts pricing yuan
- Citadel cuts net loss as regional unrest eases
- Saudi inflation edges up to 3.1pc y/y in Nov
- Kuwait's Investment Dar reaches key debt agreement
- Banks on alert over ATM fraud
- Bahrain's economy bounces back on positive outlook
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity