Fifth Gulf Business Incubators and Accelerators conference opens

TDT | Manama                             

The Daily Tribune – www.newsofbahrain.com   

The Fifth Gulf Business Incubators and Accelerators Conference kicked off yesterday at Wyndham Grand Hotel - Bahrain Bay in the presence of entrepreneurs from Bahrain and the Gulf Cooperation Council (GCC) countries.

Organised by the Ministry of Industry and Commerce in cooperation with the Bahrain SMEs Development Society, the event was under the patronage of Abdulla bin Adel Fakhro, the Minister of Industry and Commerce.

The annual meeting focuses on challenges and ways to support emerging enterprises and raise their competitiveness. In his address, the ministry highlighted the importance of exchanging expertise and innovation to keep pace with the latest developments.

Bahrain, the minister stressed, is always keen to strengthen public and private sector partnerships, pointing to the importance of maximising the use of human resources and the abundance of competent and qualified national cadres.

“The establishment of the Bahrain Centre for Innovation and Technology Transfer in cooperation with the University of Bahrain was a promising step in this regard,” the minister said. The centre enhances awareness about intellectual property, patent registration and commercial exploitation.

“We are also working to relaunch the industrial incubator for small and medium enterprises in the Hidd region to enhance local industries, research and increase the volume of non-oil exports,” he added.

The business incubators and accelerators, the minister said, have a fundamental role in creating a suitable environment for entrepreneurs, and obtaining support and services during their early stages.

“Bahrain has succeeded in developing this activity, since its inception in 2017, by continuously updating regulatory terms,” the minister said, adding that there are now 28 licenced incubators and accelerators in various specialisations, including financial technology, the Internet of things, media, and medicine, in the Kingdom.

Farouk Yousef Almoayyed, the Honorary President of the Bahrain Society for the Development of Small and Medium Enterprises, and MP Ahmed Sabah Al-Salloum, the Chairman of the Bahrain Society for the Development of Small and Medium Enterprises, were present. Professor Dr Youssef Zia Ardel, an industrial incubator expert, is hosting the conference.

He will give a presentation on the role of business incubators and accelerators in promoting entrepreneurship and innovation. The conference activities will also include three discussion sessions.

The first session will shed light on the factors enabling entrepreneurs to invest in new areas to achieve sustainable growth, the second the role of investment in the field of technology in supporting business incubators and accelerators, and the third will review models of business incubators and accelerators in various disciplines.