Tenmou on Monday announced the finalization of the first major step since its launch with an initial start-up capital of $2.7 million.
Partners and supporters including Economic Development Board (EDB), Bahrain Development Bank (BDB), ALBA, Unisono, BDO Jawad Habib, 4SPOTS, Ernst and Young, and the Capital Club.
Tenmou (www.tenmou.me) is the only entity in Bahrain that provides 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 BD 20,000 (over $50,000), excluding the additional services and advice from Tenmou and Tenmou partners which will incur no additional cost.
The EDB is a key supporter and has encouraged the inception of Tenmou and will continue to assist its ongoing development. The BDB and ALBA have joined as Tenmou’s strategic partners, while the Bahrain Development Bank has invested 20% of the capital of Tenmou, as well as providing an office venue and expert support such as advisory services and market knowledge. In addition to being a strategic partner, ALBA has invested 10% of the capital of the company, and will be supporting the organization through advice and networking assistance.
The other strategic partners will be engaged in providing specialist consultation and services to Tenmou and the entrepreneurs selected for the program to enhance success potential.
Unisono, the award winning (CHECK – what should our intro read – ref 4Spots is using our usual intro) integrated communications agency is named as Tenmou’s official communications partner. Unisono will be providing consultancy for both Tenmou and the entrepreneurial candidates, advising on all areas of communication, notably branding, design and PR. The focus will be on raising the image and profile of Tenmou and the new businesses, as well as helping position Bahrain as an emerging centre for entrepreneurialism.
4SPOTS a leading independent interactive agency within the Middle East, will support entrepreneurs funded by Tenmou and provide key consultancy to promote their initiatives using social media, websites, mobile apps including iPhones/iPads apps and other interactive avenues. The agency will also provide insight into latest trends online and methods to leverage off this medium, strengthening their brand’s performance.
On the business consultancy side, BDO Jawad Habib will be providing advisory to the entrepreneurs on developing best practice HR and Business Models, utilizing the latest trends and knowledge from the global professional consultancy. The business consultancy aspect will be further supported by Ernst and Young who will be consulting on business structuring and advising entrepreneurs how to raise further funds.
In addition to the expert business and marketing consultancy, the Capital Club will be the venue for Tenmou’s interviews, presentations and the selection sessions, as well as hosting the mentorship program and other events held by Tenmou.
“Our partners are a mix of well-established entrepreneurs and industry names, they have a keen interest in supporting the development of Bahraini entrepreneurs through their professional consultancy and advice,” Haider said.
“We hope that through working with these partners, we can develop a strong foundation for an entrepreneurial community in Bahrain and positively influence the local economy. We are in the process of increasing our partnership networks locally and internationally in order to strengthen the development of entrepreneurship in Bahrain,” he added.
The unique aspect of Tenmou is this mentorship programme that will involve some of Bahrain’s top and most experienced CEOs and entrepreneurs, who will deliver key sessions.
“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.”