Bahrain’s first Business Angels Company, Tenmou, has announced the successful culmination of its comprehensive efforts in overhauling and enhancing the performance and business plans of 50 Bahraini MSMEs.
This commendable achievement was made possible through the implementation of the American Mentorship Program (CIPE), a groundbreaking initiative launched in August of the last year. In collaboration with the esteemed Center for International Private Enterprise (CIPE) in the United States of America, this transformative program aimed to foster the growth and development of MSMEs sector in Bahrain.
After concluding the second cohort’s mentorship sessions and the pitch night, CIPE and Tenmou have conducted a post-cohort assessment to gauge the participants’ growth and assess the value added of the program. The current results show that about 40% of the participating MSMEs experienced multiple signs of growth such as increase in sales, profits, revenue, client base, and employment and are considered investment-ready by their mentors.
Five MSMEs noted that they are planning to export their services and products regionally, both to the wider GCC and specifically Saudi Arabia. Furthermore, they indicated that their mentors were influential to their growth and development and helped them overhaul their business plans to reduce costs, increase profits, and become recognizable and reliable Bahraini brands.
Mr. Ali Dhaif the first cohort member who owns the logistics solutions company Parcel 24, has received a one million dollar (USD) investment through participating in the Bahraini investment reality show, Beban. The deal was a joint investment by Bahrain’s public investment Hope Fund, the Saudi logistics company Jahez, and the CEO of the logistics company Cari, Mr. Abdulla Almutawa.
Similarly, Heaven Sent Cosmetics, the retail company from the first cohort, is in the process of negotiating a deal with potential investors. Several notable companies from the second batch, including The Nourishers and B4BHCOM, are actively engaged in negotiations with potential investors for investment deals. In a testament to the effectiveness of the CIPE program, these companies will continue to receive ongoing support as the mentors closely follow up their progress and to track any investment progress and closed deals.
The CEO of Tenmou, Mr. Nawaf Mohamed Alkoheji, stressed that the impressive outcomes of the “CIPE” program are a testament to the collaborative endeavors between program facilitators and its dedicated participants, comprising seasoned mentors and trainers with deep expertise in the business landscape of the Kingdom of Bahrain. It is worth highlighting that the program’s resounding success can be attributed to its effective delivery of essential training and comprehensive business support services to MSMEs.
“Several participating companies demonstrated exceptional potential by reaching the finals, where they had the opportunity to present their compelling pitches to a distinguished group of investors. This pivotal milestone significantly bolstered their prospects of attracting keen investors, who recognized the immense value in investing in these startups and their potential to expand their reach across regional and international markets, thereby amplifying their services and products to a wider audience.”
According to Mr. Alkoheji, the participating companies in the training program benefited from a comprehensive course that encompassed both theoretical knowledge and practical hands-on sessions. This meticulously designed program offered specialized guidance and counseling sessions, equipping the trainees with invaluable guidance to foster their growth, enhance productivity, and elevate their competitiveness.
“The overarching objective was to facilitate their access to vital financing sources while ensuring their sustained competitiveness, growth, profitability, and long-term sustainability. By achieving these milestones, these empowered companies are poised to make a substantial impact on job creation and contribute significantly to the GDP of the Kingdom of Bahrain.”
Mr. Alkoheji pointed out that “Tenmou” has received glowing feedback regarding its program, particularly from the owners of MSMEs who participated. These entrepreneurs have confirmed that the mentors associated with Tenmou have played a pivotal role in fostering their growth and development. The program has been instrumental in assisting them in restructuring their management plans, resulting in cost reduction, profit escalation, and the transformation of their companies into renowned and dependable Bahraini brands.
“The program has also enabled them to augment their e-marketing and digital presence through effective utilization of social media platforms. Additionally, Tenmou has aided them in crafting captivating presentations, securing contracts with reliable suppliers for delegated services, and capitalizing on their competitive advantages to bolster their market share and enhance investment prospects.” According to Mr. Alkoheji.