As part of Tamkeen’s strategy efforts to continuously support the economic development in the Kingdom of Bahrain through several programs which include supporting Bahraini entrepreneurs to develop their businesses, development and promotion of entrepreneurial environment. “Tamkeen” signed a Memorandum of Understanding with Entrepreneurs Organization (EO) for the Accelerator Program, aiming to expand businesses in Bahrain by offering a systematic package of advisory services which suits the requirements of Bahraini entrepreneurs to reach a turnover of one million USD and above by the end of the program period which will last for 3 years.
This newly developed program has been tested and applied in a number of countries, which resulted in great success for businesses that needed non-financial support to expand. This included training and mentoring programs. Since its launch in 2007, 2,804 businesses joined the Accelerator Program. Today, the program has 857 companies across 43 locations around the world with a 15% success rate. The program also aims to attract new Bahraini members to the Entrepreneurs Organization in order to be successful at the end of the program.
On the occasion of the signing of a Memorandum of Understanding between “Tamkeen” and EO, Dr. Ebrahim Mohammed Janahi, the Chief Executive of Tamkeen praised this partnership stating, “Fifteen candidates will benefit from this joint cooperation during the next three years, the program aims to accelerate business organizations that have achieved an annual income rate with an estimate of two hundred and fifty thousand USD during the past two years, with the availability of the financial data of at least the past two years, to measure the growth and development”.
During the program, there will be a comprehensive assessment of each participating company, which includes the study of strategy, workforce, capital and the business operational plan. The Accelerator Program will provide the participants the required business expertise and recourses through advice based on the nature of the businesses and their needs.