Bahrain business angels to start operations
Manama, June 21, 2011
Tenmou, Bahrain's first business angels company set up with an initial start-up capital of $2.7 million, said it has put all its business processes in place and was ready to start operations.
Tenmou aims to connect successful businessmen to provide start-up capital for entrepreneurs, said a top official.
The board includes renowned local businessmen Sami Jalal, Adel Maskati, Fawaz Algosaibi, Mahmood Alkooheji, Abdulla Buhindi, Abdulhussain Dawani and a representative of the Bahrain Development Bank.
Business angels invest their own funds as opposed to venture capitalists who manage a pool of investors' capital.
While venture capitalists look for select investment opportunities and invest in large sums, Tenmou will aim to invest in as many businesses with high potential as possible. Tenmou are looking at investing in business ideas that grow beyond Bahrain.
The model that Tenmou has adopted has been extensively researched, and poses to be the most suitable mechanism of funding for Bahrain's market.
Tenmou is the only entity in Bahrain that will provide seed stage funding to entrepreneurs in a non-loan and non-credit form. It will own a percentage of shares in the start-up companies while the young entrepreneurs will own the rest of the shares.
There will be a three-month mentorship period for each project and an average investment of BD20,000 ($53,064) excluding the additional services and advice from Tenmou and its partners which will incur no additional cost.
"We could not be happier to announce the launch of the organisation," said Tenmou chief executive officer Hasan Haider.
"After a long period refining the details and ensuring that all processes are in place, we are looking to invest in our first batch. We continue to be open to all applicants who can visit the website to apply."
Tenmou was created with the aim of supporting 'Economic Vision 2030,' particularly in terms of creating more job opportunities and developing the private sector.
It is open to anyone and everyone with an idea they believe in, and all potential entrepreneurs are encouraged to apply online.
Unlike several similar organisations that support start-up growth, Tenmou believes that its main differentiating factor is its understanding of entrepreneurs, as well as the unique private sector approach and willingness to take a risk
"Being an entrepreneur myself, I understand that in order to get the most out of an entrepreneur there is a specific way of managing that person's talents," Haider said.
"We want to be able to make a true difference and help people who would never have had a chance in the past to make their dreams a reality and hence widen the scope of entrepreneurship and innovation in Bahrain," he added.-TradeArabia News Service