A new initiative from the Entrepreneurs Committee of the Bahrain Chamber of Commerce and Industry (BCCI) will offer cash awards for the top business ideas submitted by Bahrain Polytechnic students.
The students whose ideas are chosen will be recognized during the first edition of the Future Entrepreneurs Award, which will concentrate on the IT and electronics industries. The winners will receive cash prizes of up to approximately $7,900 as well as receiving one-on-one mentorship from committee members.
“The idea behind the award is to encourage young people to be innovative and to help them turn their ideas into viable business models,” BCCI Entrepreneurs Committee Chairman Mohammed Adel Fakhro said. “Giving budding entrepreneurs a push early in their lives can be a major factor in their successes later on. Bahrain has plenty of undiscovered talent. This award will help bring their ideas to the forefront and put them on a national stage that they can exploit to further their careers.”
Given the use of digital tools by the younger generations, IT and electronics was selected as the subject of the inaugural edition. The theme also speaks to the new era of technopreneurs moving into the workforce and adding value and intelligence to businesses in the region.
“Modern businesses require IT-savvy leaders to survive in the new economy, and it is possible that one of the ideas that comes out of this competition will be a world class app that can be turned into a multimillion dollar business,” Fakhro said. “If the business model is good enough, some BCCI members may even consider financing some of these proposed ventures.”
As the award continues, other industries will be highlighted including consumer goods, food and beverage, communications and service-based sectors. Committee members will release details of the award, such as terms and conditions and submission guidelines soon.