Tamkeen (labor fund) is offering yet another exciting opportunity for Bahraini startups to worry less about financial and logistical issues while focusing 100% on the design, development, and testing of their first product.
Basically, Tamkeen will be extending a grant support to cover for a substantial portion of the eligible applicant’s budget. The program is aimed at helping startups to come up with a prototype of their first product with external financial support. Among other perks, the availability of a fully-developed prototype can significantly boost the credibility of their investment pitches.
- There are a few criteria, however, to be eligible for receiving this grant. Those include:
- The applicant must be a startup registered in Bahrain
- People of Bahraini origin with virtual CRs can also apply.
- The applicant must not be operating for more than a year.
- The annual turnover must not exceed BHD 10,000
- The product under development must have enough potential for the target customers from a marketing standpoint.
A panel of experts will evaluate the credentials of all applicants and base their judgment on a multitude of factors. First of all, the product proposed must have enough potential to serve a demand-supply gap in the market. Additionally, there should also be proper planning and strategy building on the part of the applicant to ensure that there is adequate room for scalability and growth. The size of the target market will also play a vital role in the decision making.