Innovation is a way of working around things, creating solutions, inventing new, unique and original ideas. In Bahrain Development Bank Group we view innovation as a key driver for economic diversification and believe that each entrepreneur has the capability of being innovative. Based on our belief we have designed an ecosystem to nurture innovation:
Equipping entrepreneurs with the needed tools and knowledge for starting or growing a business.. Whether it was via our Entrepreneurship Orientation Program, or focused specialized training programs, our aim is to nurture and identify innovative entrepreneurs. Our training programs include specialized sessions to highlight the importance of innovation in entrepreneurship, along with interactive workshops that encourage creative thinking and problem solving for entrepreneurs. The concept of innovation should be introduced to individuals at the earliest possible stage of their entrepreneurial journey, which is why our training extends to middle school, high school, and university students..
In partnership with Tamkeen, BDB offers special schemes to cater toinnovators:
Pre-seed Capital Support Scheme – a grant up to BHD 5,000 towards the development of innovative ideas and projects. This scheme assists innovators in developing a prototype for their product or service to be able to market a new concept before commercialization.
Feasibility Study Support Scheme- a grant of 50% of the total cost or a maximum of BHD 5,000 toward the cost of conducting an independent feasibility study. This scheme allows entrepreneurs with innovative ideas who need to test the feasibility of their innovative concept in the market and is a good support document for potential investors.
Once the entrepreneur is ready to enter the market, funding is next step. BDB provides funding through finance schemes, equity participation, and angel investment.
Incubators are dedicated to supporting the successful development of entrepreneurs and their enterprises by providing the ideal environment to accelerate their growth. Innovative projects can grow and be nurtured in incubators, through the services offered:
• Knowledge-sharing environment between entrepreneurs.
• Availability of advisory, coaching, and mentorship programs.
• Specialized workshops conducted by key speakers adding value to the development of innovative projects.
BDB believes that to nurture innovation, we need to be innovative. Our future plan is to Conduct more interactive workshops to foster innovation, Create more special schemes and funds dedicated to innovation, Introduce more innovative ways of funding (i.e. crowd-funding), and Establish further specialized incubators around the island