The 2020 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network has launched at The Ecosystems Couch Conference last Thursday on June 25th. The GSER is the world’s most comprehensive and widely read research on startups with 250 ecosystems studied, a ranking of the top 30 and 10 runner up global ecosystems, and a top 100 ranking of emerging ecosystems. The release is at a critical time when four out of every 10 startups globally have three months or fewer of cash runway in the wake of the COVID-19 pandemic.
The Labour Fund Tamkeen engaged Startup Genome to benchmark Bahrain’s performance against more than 250 ecosystems globally in the Report. According to the Global Startup Ecosystem Report 2020 Bahrain is ranked among the top 10 AME Ecosystems for Funding in 2020 and is among the world’s top five fastest-growing ecosystems with fewer than 1,000 startups.
Bahrain’s standing in the #GSER2020 –
- Created $164 million in Ecosystem Value over the last 2.5 years.
- Wage subsidies and a liberal tax regime are cited as reasons a startup should move to Bahrain.
- Fintech is a regional sub-sector strength.
With an expanding footprint, the 2020 GSER provides insights and guidance to public and private leaders about how to foster thriving startup ecosystems, particularly forwarding the conversation on how governments can support and leverage tech ecosystems to restart stalling economies recovering from the COVID-19 lockdowns.
“Building on its track record as a successful financial centre, Bahrain has quickly established itself as an innovative FinTech hub, home to regulations designed to enable and encourage entrepreneurship. In addition, during the current COVID-19 crisis, Bahrain has acted quickly to support adversely affected enterprises from the economic repercussions caused by the global spread of the pandemic. This is evident with the launch of the Business Continuity Support Program from Tamkeen, which comes as part of the Government’s economic and financial stimulus package announced to support both citizens and businesses in the Kingdom. With a budget of USD $ 106 million allocated, the program has already helped support small and micro enterprises, providing them with financial grants ranging between USD $ 5,438 and USD $ 31,830 depending on the size of the enterprise, which have been disbursed over a period of three months,” Dr. Ebrahim Mohammed Janahi, Chief Executive of Tamkeen.
“This is the time for policymakers, community leaders, and foundations to double down on their support of local startups — the #1 engine of job creation and economic growth,” said JF Gauthier, Founder & CEO of Startup Genome. “The Global Startup Ecosystem Report is the foundation of global knowledge where we, as a network, come together to identify what policies actually produce economic impact and in what context.”
Find out how more than 100 entrepreneurial ecosystems across the world stack up and view the full report here: https://startupgenome.com/report/gser2020
ABOUT STARTUP GENOME
Startup Genome’s mission is to enhance startup success and ecosystem performance everywhere. Startup Genome is the world’s leading policy advisory and research organization for governments and public-private partnerships. Its impact is rooted in the world’s largest entrepreneurship research with data on over a million companies across 250 cities. Learn how Startup Genome accelerates global startup ecosystems by contacting Adam Bregu at firstname.lastname@example.org and on startupgenome.com, LinkedIn, Twitter.
Tamkeen is a public authority that was established in 2006 as part of the cornerstones of Bahrain’s national reform initiatives and the Economic Vision 2030.
Its key role centers around fostering the development and growth of the national economy, by strengthening the private sector to make it the engine of economic growth in the kingdom.
To achieve these objectives – Tamkeen’s overall strategy focuses on quality enhancement and customer centricity to enhance a results-oriented approach.
Tamkeen provides a various range of development programs aimed at individuals and enterprises.
As for Individuals, it offers programs that address the basic and professional needs of skills as well as career progression including training, competitions, wage support and advisory services.
On the other hand, Tamkeen extends support to national and international enterprises as a key economic component to support the growth of Bahrain’s market and the employability of Bahrainis. Special programs are being provided under this category offers growth opportunities and success for both businesses and individuals across all sectors.
Since its establishment, Tamkeen has served more than 170,000 Bahraini individuals and businesses with over 330 different initiatives.
As part of its continuous effort to meet the growing needs of a dynamic environment of work and business, Tamkeen conducts market research as well as periodic impact surveys to measure and meet the variables requirements of the labour market.