Labour fund Tamkeen announced the commencement of the first evaluation phase of the Bahrain Award for Entrepreneurship 4th edition. The award, which was launched under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander is a very prestigious award and does much to catapult relatively unknown entrepreneurs into the spotlight.

Since its inception in 2015, the Bahrain Award for Entrepreneurship has consistently honored and celebrated Bahraini entrepreneurs and their achievements in addition to promoting a culture of innovation that reinforces the private sector’s role as the main engine of growth.

The Fourth Edition has received a total of 180 applications from Bahraini companies and entrepreneurs, competing for awards in 7 different categories. These categories aim to enhance the business environment by targeting growth accelerators, such as micro-enterprises, startup companies, small and medium-sized enterprises, enterprises with an international footprint, sustainable businesses, and female entrepreneurs. Also, the Lifetime Achievement Award has been dedicated to honoring an accomplished Bahraini entrepreneur who has contributed significantly to the development of Bahrain’s community-based economy.

The award’s evaluation process consists of 3 phases, starting with the quarterfinals during which applications are filtered and arranged in categories. The second phase is centered around presenting contestants’ ideas to a committee that will shortlist the top 3 applications in each category. The final stage consists of selecting the winners who will be announced at the awarding ceremony, which will be held at the end of November.

All decisions are made through an exhaustive committee review process that is based on well-defined qualitative and quantitative assessment methods. The qualitative criteria focus on the organization’s strategy and vision, innovative practices and the methods used to overcome challenges, while the quantitative criteria include a number of indicators that measure the organization’s profitability, productivity, net income growth, employee growth, and revenue growth.

The committee consists of local and regional experts in the field of business and entrepreneurship, including representatives from the Ministry of Industry, Commerce and Tourism, the Economic Development Board, the Bahrain Development Bank, Bahrain Chamber of Commerce and Industry, and reputable international companies and organizations such as the United Nations Industrial Development Organization (UNIDO) and Ernst & Young.

H.E Dr. Ebrahim Mohammed Janahi said, “The Bahrain Award for Entrepreneurship is at the forefront of the national initiatives that focus on the development of the local entrepreneurial sector with a vision to transform the Kingdom of Bahrain into an ideal environment for the growth of aspiring enterprises, and among the leading countries in science and technology in light of the fourth industrial revolution.”

Source Credit:Startup MGZN