MANAMA: Bahrain has been ranked among the world’s top five fastest-growing start-up ecosystems with fewer than 1,000 start-ups, according to a key report.
The 2020 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network also placed Bahrain among the top 10 AME Ecosystems for Funding in 2020.
Labour Fund Tamkeen engaged Startup Genome to benchmark Bahrain’s performance against more than 250 ecosystems globally in the report.
The GSER said Bahrain created $164 million in ecosystem value over the last two-and-a-half years, and cited wage subsidies and a liberal tax regime as reasons a start-up should move to Bahrain. It also pointed out that Bahrain has a regional sub-sector strength in fintech.
Tamkeen chief executive Dr Ebrahim Janahi said, “Building on its track record as a successful financial centre, Bahrain has quickly established itself as an innovative fintech hub, home to regulations designed to enable and encourage entrepreneurship.
“During the current Covid-19 crisis, Bahrain has acted quickly to support adversely affected enterprises from the economic repercussions caused by the global spread of the pandemic,” he said.
This is evident with the launch of the Business Continuity Support Programme from Tamkeen, which comes as part of the government’s economic and financial stimulus package to support both citizens and businesses in the kingdom.
“With a budget of $106m, the programme has already helped small and micro enterprises, providing them with financial grants ranging between $5,438 and $31,830 depending on the size of the enterprise over a period of three months,” Dr Janahi added.
Startup Genome CEO and founder J F Gauthier said, “This is the time for policymakers, community leaders and foundations to double down on their support of local start-ups – the number one engine of job creation and economic growth.
“The Global Startup Ecosystem Report is the foundation of global knowledge where we, as a network, come together to identify what policies actually produce economic impact and in what context.”
The GSER is the world’s most comprehensive and widely read research on start-ups with 250 ecosystems studied, a ranking of the top 30 and 10 runner-up global ecosystems, and a top 100 ranking of emerging ecosystems.
The report has been released at a critical time when four out of every 10 start-ups globally have three months or fewer of cash runway in the wake of the Covid-19 pandemic.
With an expanding footprint, the 2020 GSER provides insights and guidance to public and private leaders about how to foster thriving start-up ecosystems, particularly forwarding the conversation on how governments can support and leverage tech ecosystems to restart stalling economies recovering from the Covid-19 lockdowns.
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