Tamkeen, Bahrain’s labour fund, and Hambro Perks, a leading international investment firm, announce the launch of the Riyada Business Acceleration Program, a strategic initiative designed to support entrepreneurs with unique projects rooted in technology and innovation. The program offers comprehensive guidance, resources, and support, to help emerging enterprises accelerate their growth.
Over the next three years, the program will champion 36 scalable enterprises, providing tailored support for business incubation and acceleration operations. With a focus on critical success factors such as business development, marketing, strategy, financial planning, fundraising, and team capability development, the program will foster the emergence of local enterprises offering innovative services and products, equipped with promising business models poised for both local and international expansion.
In a commitment to supporting innovative entrepreneurial projects, founders will receive dedicated assistance and support over a six-month period. A customized training program, designed to meet the specific needs of each enterprise, as well as support them with business development, product development and team building. Additionally, the program will facilitate exposure to potential investors, presenting the opportunity for entrepreneurs to secure funding for their projects.
Tamkeen Chief Executive, Her Excellency Ms. Maha Abdulhameed Mofeez said, “Tamkeen’s support for this initiative is in line with its commitment to strengthening the entrepreneurial ecosystem, stimulating innovation, and creating quality job opportunities for Bahraini talent. Fostering Bahraini entrepreneurship aligns with our broader mission to empower the private sector so that it can be the primary driver of economic growth. Working with Hambro Perks, we are keen to provide, through this new program, an integrated framework to incubate emerging enterprises and equip them with the knowledge, resources, and tools they need to overcome early-stage challenges and drive growth.”
Hambro Perks CEO and Founding Partner, Andrew Wyke, added, “The Riyada program will play a vital role in supporting emerging Bahraini enterprises and driving innovation in the country. We look forward to working closely with promising local startups and providing the necessary guidance to steer them towards success and prosperity.”
Hambro Perks is a leading EMEA focused investment firm with a portfolio of over 100 companies. The firm fosters innovation by investing in breakthrough and growth technology companies which are changing the way we live and work. The firm’s team comprises experienced investors, legal professionals, and financial experts, whose expertise collectively develops the startups they back.
To qualify for the program, startups must:
- Be based in Bahrain.
- Have at least one Bahraini founder.
- Possess an active commercial registration or license.
- Have operated for less than three years.
- Have a product prototype.
- Boast a unique and innovative business model with significant potential for success and growth in both the local and global markets.
This program comes in line with Tamkeen’s 2024 strategic priorities focused on economic impact and the private sector under three pillars: increasing economic participation through new employment opportunities for new entrants, expanding career development opportunities available to Bahraini workforce, and further developing the private sector by supporting enterprises and boosting productivity and the adoption of technology.