Mumtalakat Sponsors the Second Edition of the 'Startup of the Year' Competition in Collaboration with Tamkeen
Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, in partnership with the Labour Fund (Tamkeen) announces its sponsorship of the 'Startup of the Year' competition for the second consecutive year, following the successful launch of the competition's inaugural edition.
As part of this collaboration, Mumtalakat will conduct a comprehensive feasibility study of winning companies from last year's StartUp Bahrain Pitch events. Based on this assessment, Mumtalakat will select one or more companies deserving of the esteemed title of 'Startup of the Year' and invest in them via direct capital injections, subject to a predetermined set of pre-approved terms and conditions, in light of this evaluation.
Commenting on this occasion, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, said, 'We are pleased to collaborate again with the Labour Fund (Tamkeen) through the Startup Bahrain platform for the opportunity to identify innovative and pioneering startups locally. Following the success of last year's inaugural edition of the competition, in which 'Lumofy' and 'Early Riser' were announced as winners, Mumtalakat will provide the necessary support to help this year's winners achieve growth and success'.
'This aligns with Mumtalakat's ongoing efforts to support the national economy by investing locally in innovative and promising projects that will generate employment opportunities, promote economic diversification, and enhance the role of public and private sector partnerships in the Kingdom,' he added.
Tamkeen Chief Executive, Her Excellency Ms. Maha Abdulhameed Mofeez, expressed her enthusiasm to collaborate once again with Mumtalakat within this strategic initiative that aims to enhance entrepreneurship in the Kingdom and create a supportive and nurturing ecosystem for entrepreneurs in Bahrain.
She added, 'The Startup Bahrain Pitch initiative was launched to address the challenges faced by startups in obtaining the necessary funding to expand their projects. This initiative has also contributed to equipping many entrepreneurs with the skills required to present their projects to attract potential investors with at the hands of entrepreneurship experts and specialists. We are proud of the innovative Bahraini startups that have achieved their funding goals and expanded their projects through this initiative and look forward to the participation of more entrepreneurs in this year's second edition.'
This collaboration underscores Mumtalakat and Tamkeen's commitment to fostering innovation, nurturing the spirit of entrepreneurship, and contributing to achieving economic diversification in the Kingdom by leveraging their respective expertise and resources within the 'Team Bahrain' to create an empowering environment for startups to thrive, grow, and contribute to enhancing national economic growth.
More than 100 entrepreneurs have gained valuable experience through the training program, which emphasises investment strategies, business expansion, and project development, with 82 entrepreneurs successfully qualifying for the pitch events since the StartUp Bahrain Pitch initiative's inception. The Labour Fund (Tamkeen) provides a variety of programs designed to support diverse enterprises and strengthen the private sector's role as a key driver of economic growth in the Kingdom. In addition, Tamkeen offers employment and career development initiatives aimed at positioning Bahraini talent as the preferred choice for employment.
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