7 March, 2018 - Manama, Bahrain — Flat6Labs, in partnership with Tamkeen, has announced the launch of Flat6Labs Bahrain, the sixth and latest addition to its portfolio of startup accelerator programs in the MENA region. Flat6Labs Bahrain is poised to support and invest in more than 40 local and international startups and entrepreneurs over the next three years.
Pairing Flat6Labs’ successful acceleration model with Tamkeen’s well established local knowledge and funding support has ensured the development of a program that best serves the thriving Bahraini entrepreneurial ecosystem. Through its newly established program, Flat6Labs Bahrain aims to foster a dynamic and sustainable entrepreneurship environment and investment vehicle, support job creation, alleviate the pressure of the public sector and help position Bahrain as an innovation leader in the Arabian Gulf region and MENA at large.
Flat6Labs aims to utilize its expansive regional network to attract innovative founders from Bahrain, the region and beyond to provide the Bahraini innovation economy and venture capital industry with a steady pipeline of high-impact entrepreneurs with well-developed concepts and a thorough business training.
Dr. Ebrahim Mohammed Janahi, Chief Executive of Tamkeen said, “At Tamkeen, we seek to keep pace with the dynamic changes in the economy, and design the most appropriate solutions in line with the opportunities and challenges in the labor market. Accelerators are one of the solutions we offer to businesses in the Kingdom of Bahrain as part of our efforts to enhance the entrepreneurial ecosystem in the kingdom."
"We are delighted to have a world-class organization such as Flat6 Lab, and look forward to enriching the experiences of Bahraini business by bringing global models and developing their business according to advanced and successful models of business accelerators.” Dr. Janahi Added
Flat6Labs Bahrain will carefully select seven local and international startups per acceleration cycle, conducting two cycles per year. The accelerator program will accept innovative startups from idea or prototype stage and beyond, and will target those working in the following sectors: Financial Services and Payments; Education; ICT and Electronics; Mobile Apps and Games; B2B Infrastructure Services; Healthcare; Tourism; Real Estate Technologies and Hardware and Industrial Solutions.
Flat6Labs Bahrain’s launch announcement took place during Startup Bahrain Week (3rd to 8th of March 2018) organized by Economic Development Board (EDB) and featured five events, four competitions as well as more than 30 speakers from Bahrain and the MENA region.
His Excellency Khalid Al Rumaihi, Chief Executive of Economic Development Board (EDB) Bahrain, added, “Startups are an important driver of economic diversification, and Bahrain’s pro-business environment and strategic connectivity is fast becoming a magnet for entrepreneurs to test, launch, and scale their businesses. This exciting collaboration between Flat6Labs and Tamkeen will add a powerful new platform to the growing network of accelerators, incubators, and investors supporting Bahrain’s thriving startup ecosystem. We look forward to seeing the first wave of innovative young businesses that emerge from Flat6Labs Bahrain.”
Each of the selected startups will receive US $30K in cash seed funding and go through a 16-week mentorship-driven accelerator program. The program will immediately register companies and help its founders turn their ideas into investment-ready companies. At the end of every cycle there will be a Demo Day where the graduating companies showcase their startups to a host of investors, media and potential business partners – all with the purpose of securing the startups further funding to keep them going and business opportunities to spur their operational growth.
“We’re thrilled to launch Flat6Labs Bahrain as it marks our sixth chapter in our expansion within the MENA region,” said Ramez El-Serafy, CEO of Flat6Labs. “It is such an exciting opportunity to bring Flat6Labs’ proven accelerator program and expertise brought forward by the acceleration of more than 140 startups in over than 20 cycles across the MENA region since 2011. The new accelerator program is set to provide Bahrain’s startup scene with a steady flow of innovative, exciting and most importantly investment-ready startups with the active support of our friends and partners at Tamkeen,” added El-Serafy.
Flat6Labs Bahrain is now accepting applications for its first cycle of the accelerator program on www.flat6labsbahrain.com.
Flat6Labs is a regional startup accelerator program and seed investment company that fosters and invests in bright and passionate entrepreneurs with cutting-edge ideas. It provides seed funding, strategic mentorship, a creative workspace, a multitude of perks and entrepreneurship focused business training. In addition, it directly supports startups through an expansive network of partner entities, mentors and investors. Flat6Labs has created an environment where entrepreneurs can advance their company in incredible pace and in a short period of time. Flat6Labs currently has accelerator programs and seed funds in Cairo, Jeddah, Abu Dhabi, Beirut, Tunis and now in Bahrain.
For more information: www.flat6labs.com
Tamkeen is a governmental organization established under the law number (57 in August 2006, tasked with supporting Bahrain’s private sector and positioning it as the key driver of economic growth and development. Tamkeen is one of the cornerstones of Bahrain’s national reform initiatives and Bahrain’s Economic Vision 2030.
Tamkeen has two primary objectives - Firstly, foster the development and growth of enterprises, and second provide support to enhance the productivity and training of the national workforce.
For more information: www.tamkeen.bh