The only thing as hot as launching a group buying website in the Middle East: launching a startup incubator / seed fund.
Tenmou, which calls itself a "business angels' company" and had a soft launch a couple of months ago, just announced its official launch with an initial start up capital of $2.7 million.
Tenmou joins a relatively long (and young) list of incubators and seed funds from the region like Oasis500, Seeqnce and SeedStartup. We sincerely hope they end up in a better place than similar firms like Intilaq, a business incubator launched by Bayt.com, which died very early; very quietly.
More details about Tenmou follows:
Bahrain's first , Tenmou, announced its launch with the finalisation of the company's registration. Launching with an initial start up capital of $2.7m, Tenmou has put all its business processes in place and is ready to start operations alongside the esteemed board that has been formed and 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' networks have been a successful global concept for years, providing a link between successful businessmen who provide capital for start-up businesses and entrepreneurs.
Business Angels invest their own funds as opposed to Venture Capitalists who manage a pool of investors' capital.
Moreover, 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/non-credit form. Tenmou 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 (over $50,000), excluding the additional services and advice from Tenmou and Tenmou partners which will incur no additional cost.
The unique aspect of Tenmou is this mentorship program that will involve some of Bahrain's top and most experienced CEOs and entrepreneurs, who will deliver key sessions.
Speaking at the launch, Tenmou CEO Hasan Haider, one of the drivers behind the organisation's creation said, "We could not be happier to announce the launch of the organisation. 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 Bahrain's 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. Applicants can visit tenmou.me to get the process started."
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 to derive excellence.
We have several processes in place, but we plan on being fast efficient and effective, rather than spending time on formalities when both parties can be making dreams a reality in that time", said Hasan Haider.
There will be an informal and formal mentorship session between the Business Angel investor in any particular project and the candidate to discuss solutions to problems and the way forward for specifics of the business venture.
Tenmou will provide equal opportunities for all talented entrepreneurs in Bahrain to thrive. The judging process will be entirely transparent in terms of selection criteria and the results will be posted for the candidates to view.
As a final note, Hasan 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. I would like to thank the businessmen who have chosen to participate for their generous time and the mentorship that they will be providing candidates throughout the entire process. I would like to especially thank the Bahrain Economic Development Board, the Bahrain Development Bank and ALBA for their support to the project. We have very high hopes and have already signed with several global names as partners to support the initiative and their details will be announced to the public shortly."
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