As part of ongoing diversification efforts, the Kingdom of Bahrain has invested considerable sums in building a supportive ecosystem where local and international startups can launch their business and test their ideas, before scaling across the growing US $1.5 trillion GCC markets. Bolstered by forward-looking government programmes and pro innovation regulation, a key pillar of this ecosystem is Bahrain’s extensive network of global partnerships, which open doors to opportunities for learning and growth.
Collaboration on a global scale
The Bahrain EDB enjoys partnerships with a number of its counterparts around the world that offer opportunities for startups to globally collaborate, expand, network and scale their businesses. Grow in Portugal is a platform that helps entrepreneurs incorporate, fund and expand their startups to Portugal, and the agreement was signed to support startups globally – specifically during the ongoing COVID-19 pandemic. The collaboration with the Istanbul Development Agency aims at nurturing the launch of Bahraini startups in Turkey and vice versa. The Kerala Startup Mission partnership brings together both startup ecosystems to facilitate collaboration in the exchange of ideas, explore innovative projects, and support ICT and FinTech startups. The partnership with the Government of Karnataka promotes collaboration in artificial intelligence (AI), FinTech and other emerging technologies, was signed at the World Economic Forum’s 50th annual meeting at Davos.
Shared opportunity
These partnerships facilitate ongoing collaboration for startups to explore markets that otherwise would be inaccessible to them. They give startups the opportunity to learn about other markets and exchange resources. In an increasingly connected world, global partnerships for development can make the biggest difference for startups who are looking for opportunities to enter a new market. Opportunities for growth include resource and information exchange; collaboration on events; introduction to potential investors and other critical stakeholders; and access to mentorship and funding opportunities.
A renewed focus on emerging tech
Those international startups coming to Bahrain will find an enhanced opportunity in emerging technology, further catalysed by the ongoing COVID-19 pandemic, which has resulted in a renewed focus on digitisation across all sectors. Some of the fastest-moving growth areas are EdTech, MedTech and FoodTech. At a time of lockdown and heightened demand for seamless logistics, growth in AI and ecommerce has also been exponential. There is a unique opportunity in Bahrain for growth in digital transformation and market disrupting startups have an integral role to play. Bahrain’s extensive network of global partnerships present them with a doorway to its exciting ecosystem.
Global partnerships for effective development cooperation can strengthen relations and benefit all parties. The Bahrain market presents a compelling opportunity, that thanks to its global network is more accessible than ever before. To learn more about global partnerships and opportunities for investment, contact us here.
