‘GROWING’ IDEAS

THE kingdom’s first angel company is giving new business ideas wings and helping Bahrainis ‘grow’ into successful entrepreneurs.

Tenmou, which translates to ‘grow’ is described as ‘a unique business angel’ by chief executive officer Hasan Haider, as it brings together successful business people who provide seed capital to budding entrepreneurs.

It also offers valuable business assistance, mentorship, advice and guidance throughout a new enterprise’s development for a greater chance of success.

Each project receives practical advice and training from the company’s board members, who bring with them a wealth of experience.

It is currently the only organisation in Bahrain that invests at ‘seed’ stage. Tenmou officials don’t provide loans but take the ‘riskier’ option and invest between BD20,000 to BD30,000 into the business, taking only a minority share of 20 to 30 per cent ownership.

It all started when Mr Haider struggled with his own business Film2Go in 2010, an online DVD rental service. Researching into business angels, he met with established businessman Sami Jalal, director of Mohammed Jalal & Sons Group.

By November 2010, the concept of Tenmou was born with Mr Jalal as chairman. After almost a year of preparation, Tenmou received its first investment in June 2011.

Mr Haider said: “I made a lot of mistakes when setting up Film2Go. We spent money in places we didn’t need to and things took longer than they should have.

“I took out a loan which was not the best thing for my business as the cash flow could not sustain the loan process. At one point the business was doing quite well, we were generating a few thousand dinars a month but we were spending all of that again.

“Eventually I got in touch with some of the established business families. Sami Jalal took an interest in my project. He told me he wasn’t going to invest in me, but he was going to help me. His assistance was more valuable in every way as he looked at my financial situation and told me exactly where I was spending too much.”

Mr Haider continued: “We started talking about angel investors and he said ‘let’s do it in Bahrain’. We came up with a unique model that can’t be found anywhere else in the world and has been very successful.

“We get together business people and entrepreneurs who want to give back to the next generation in two ways – seed capital and mentorship. One without the other wouldn’t work.”

There are currently seven new business enterprises that are supported by Tenmou and Mr Haider and Mr Jalal are currently in the process of selecting a new batch to invest in.

Tenmou has 16 investors – Fawaz Fahad Abdulrahman Algosaibi, Nijad Gazi A Algosaibi, Abd Ali Essa Al Daaysi & Sons Real Estate, Ibrahim Al Daaysi, Hafeera Construction, Alba, Bahrain Development Bank, BMMI, Dawani Group Holding, Dawani Holdings Company, Falak Holding, Maskati Commercial Services, MCSC, Mohammed Jalal & Sons, Redha Fathalla Holding Company and YK Almoayyed.

The company currently has BD1 million and is looking to increase that amount and get more investors involved in the project.

Tenmou invests twice a year and those who are interested must fill out an online application. From there presentations and interviews are set up where a final decision can be made.

Once the entrepreneurs are selected they must go through a mentorship programme with two sessions per week. One is with the strategic partners who provide their area of expertise and consulting and the second is from the investors who build personal relationships with them and give their story and advice to the specific businesses.

One-on-one mentors are also provided who help the entrepreneurs and aid in their development. It is up to the new entrepreneurs to build on that relationship as much as possible.

Mr Haider and Mr Jalal also have weekly sessions with the new business companies to check on their status and to see if they need any help.

The companies that have received funding have been selected through a competitive selection process. These include a weight loss boot camp (Pankooshi’s Weight Loss Centre), a 3D-animation studio focusing on adult cartoons (Reality Animation Studios), a gaming community centre (Live Gaming), an indoor location system application that pinpoints your whereabouts within a 20 centimetre distance accuracy (Arteleus), a mobile catalogue application (Doocan), a tyre re-treading company (Ringko) and an IT security services company (Reload Consulting).

Mr Haider said: “The only thing we look for is unique concepts that can be expanded outside of Bahrain and grow. It must be something that doesn’t exist yet and that there is a market for.

“The more important thing we look at is the people themselves – are they determined to succeed?

“All the businesses we support have been well thought out and planned. It is people who are passionate in what they are doing and want to achieve the best they can. Not to mention, they are all new ideas, it is not your typical cupcake and abaya businesses.”