The Bahrain Award for Entrepreneurship, the largest entrepreneurship award in the Kingdom, has launched as part of the Bahrain Noor El Ain Festival’s (BNEA) activities designed to support Bahraini businesses and boost its economy.
This will take place late February 2015, and is designed to celebrate the achievements of Bahrain’s entrepreneurs and their socio-economic role in spurring a private sector driven economy.
Companies based in the Kingdom, where the majority of their shareholders are Bahraini can apply in one of five categories including: Micro-Enterprise of the Year (micro enterprises and productive families), Startup of the Year (companies established for less than 36 months), Entrepreneur of the Year (SMEs), Entrepreneur of the Year (Large Companies), and Sustainable Business Award. There will also be a Lifetime Achievement Award and the People’s Choice Award, which will open for public votes in February 2015.
A panel of judges, comprising high-profile Bahrainis and some of the region’s most well-known entrepreneurs and business figures, will evaluate applicants based on their entrepreneurial spirit, enterprise growth, economic impact, optimisation of talent and diversity, leadership and innovation, and business responsibility.
Speaking about the Bahrain Award for Entrepreneurship, Tamkeen Chairman and Acting Chief Executive Shaikh Mohammed Bin Essa Al Khalifa said: “The purpose of the award is to reward outstanding businesses and entrepreneurs for their innovation and leadership that sets a benchmark for others to follow, in addition to recognising their significant contribution to Bahrain’s thriving business sector. We will follow international best practice throughout our evaluation and awards process to raise awareness of the standard of innovation that all businesses can aspire to.”
Nominations can be made on behalf of a third-party, or through self-nominations provided the eligibility criteria are met. Applications must be submitted before noon on January 25th 2015, however applicants are encouraged to apply early.
As of the 24th of December, Information on the Entrepreneurship Award, including the eligibility criteria, evaluation criteria, and application forms will be available on the Entrepreneurship Awards Website on www.BahrainAE.com or the awards section on the Bahrain Noor El Ain website www.bahrainnoorelain.com
Winners will receive trophies and prizes ranging from advisory, training, incubation, and seed-funding, which will be provided by Entrepreneurship Award partners and Knowledge Advisors. Winners will also be given the opportunity to meet and learn from some of the region’s most successful entrepreneurs and experts in the regional entrepreneurship eco-system.
The Award Partners are Tamkeen, the Bahrain Economic Development Board (EDB), the Bahrain Development Bank; and Knowledge Advisors are BCCI, EY (Ernst & Young) and the Arab International Center for Entrepreneurship and Investment Training – United Nations Industrial Development Organisation (UNIDO) Investment & Technology Promotion Office in Bahrain.
For further information, or to find out how to participate in the Bahrain Award for Entrepreneurship, interested individuals and organisations can visit www.BahrainAE.com, follow the Twitter, LinkedIn and Facebook account on BahrainAE, or contact hotline 17000710 between 7.30am and 11pm.
FAQs
Q. What are the awards?
In line with the Kingdom’s national economic vision, The Bahrain Award for Entrepreneurship celebrates the achievements of Bahrain’s entrepreneurs and their socio-economic role in spurring a private sector driven economy.
Q. What are the award categories?
The categories are: Micro-Enterprise of the Year (micro enterprises, productive families), Startup of the Year, Entrepreneur of the Year (SMEs), Entrepreneur of the Year (Large Companies), Sustainable Business Award (SME & Large enterprise categories), Lifetime Achievement Award, People’s Choice Award. More detailed descriptions of each award category can be found in Award Categories.
Q. What is the eligibility criteria for the awards?
The nominated Businesses MUST:
Reside in Bahrain.
Have a Commercial Registration (except micro-enterprise category).
Be at least 50% Bahraini owned, with the owner/s responsible for making the key management decisions.
Possess audited financial records for each year of operation (except Micro-enterprise and Startup categories).
The nominated business MUST NOT:
Be a franchisee (however franchisors are eligible), co-operative, non-profit society or NGO.
Be a listed company – with the exception of the Sustainable Business Award category.
Be owned by the government in part or whole.
Have a criminal offense record or currently be under investigation.
Have employees who have been involved in the judging or organisation of the Awards.
Be a supplier or a sponsor of the Award.
Q. Is the award only open to certain beneficiaries?
No. The award is open to all applicants who meet the Eligibility Criteria.
Q. What is your definition of SME, Large Enterprises, Micro-enterprises and Franchisees?
Micro-Enterprises
Up to 10 employees and up to BD 100,000 annual turnover
Small enterprises
All sectors: Up to 50 employees and up to BD 0.5 million annual turnover
Construction: Up to 100 employees and up to BD 0.5 million annual turnover
Medium enterprises
All sectors: Up to 250 employees and BD 0.5 – 5 million annual turnover
Construction: Up to 400 employees and BD 0.5 – 5 million annual turnover
Large enterprises
All sectors: More than 250 employees and more than BD5 million annual turnover
Franchisee
A business that has been granted a license to access another business’s (the franchisor) proprietary knowledge, processes and trademarks to allow the franchisee to sell a product or provide a service under the business’s name.
These definitions, along with other useful definitions can be found here.
Q. What is the mechanism for entry?
Nomination Form and Application Forms are available on the awards website BahrainAE.com and can be filled out online. Shortlisted applicants may be required to submit additional information.
Q. Can I nominate myself?
Nominations can be made on behalf of a third-party and self-nominations are also accepted providing the eligibility criteria are met. Please see useful Definitions when filling out the form.
Q. What about data protection? Will my application information remain confidential?
All information provided by the applicants shall remain strictly confidential and will not be shared with any third-parties outside of the Award Technical Committee, Award Organising Committee and the Judging panel (for semi-finalists).
Q. How do I apply for the People’s Choice Award?
Once the Technical Committee has selected the semi-finalists in each category, the public will be given the opportunity to vote on whom to give the People’s Choice Award. Voting opens between 9 -16th February 2015 on the award’s digital and social media channels.
Q. How do I apply for the Lifetime Achievement Award?
There is no application process for the Lifetime Achievement Award; nominations will be made for this category based on the individuals and their contribution to this field in the Kingdom.
Q. What is the deadline for application?
Applications must be made before noon on Sunday January 25th 2015, but applicants are advised to apply early to avoid server traffic generated by a high volume of last minute applications.
Q. When will I know if I am selected as a semi-finalist?
Short-listed applicants will be contacted early February 2015 to meet with the Technical Committee and to provide additional information. Semi-finalists will be announced 9th February 2015. Please see the Award Timeline for more information.
Q. What are the evaluation criteria?
Applicants will be evaluated on the following criteria: (1) Enterprise growth, (2) Impact on Bahrain’s economy, (3) Optimisation and development of talent, (4) Leadership and innovation, (5) Entrepreneurial spirit and (6) Business responsibility. More details can be found in Evaluation Criteria.
Q. The evaluation criteria seems quite ambitious. Should I still apply?
Applicants should note that the evaluation criteria are intended to set a high aspirational benchmark. Therefore, potential applicants should not be discouraged if they do not excel in every area and are encouraged to apply.
Q. Who is organising the award?
The Bahrain Award for Entrepreneurship is being organised as part of the Bahrain Noor El Ain Festival. The Award partners are Tamkeen, Bahrain Economic Development Board and Bahrain Development Bank. The Award Knowledge Advisors are Bahrain Chamber of Commerce & Industry, UNIDO AICEI and EY.
Q. Who are the Judges?
Applicants will be filtered and short-listed by a Technical Committee comprising of Award Partners: Tamkeen, EDB and Bahrain Development Bank, and Knowledge Advisors: Bahrain Chamber of Commerce & Industry, UNIDO AICEI and EY. Semi-finalists will be evaluated by an international judging panel comprising high-profile business personalities, entrepreneurs, and those working within the regional and global entrepreneurship eco-system. More information on the judges and their bios can be found in Judges.
Q. What Are the Prizes?
Each winner will receive a trophy at the Award Ceremony. In addition, winners will receive specially designed packages to further their business success, growth and expansion, and support them in elevating to the next level. More detailed information can be found in Prizes.
Q. When will the winners be announced?
Award winners will be announced at an Award Ceremony, due to take place during the last week of February 2015. Details on venue and timing will be announced soon.
Q. Is the entrepreneur’s award annual?
Yes.
Q. Who is funding the Award?
The Award is being supported by the Award Partners Tamkeen, Bahrain Economic Development Board and Bahrain Development Bank; and Knowledge Advisors Bahrain Chamber of Commerce & Industry, UNIDO AICEI and EY.