Bahrain among top 10 performing ecosystems
MANAMA: Bahrain ranks among the top 10 performing ecosystems in Mena in the 2022 Global Startup Ecosystem Report (GSER), moving up from its top 15 place last year.
The report is one of the world’s most comprehensive, data-driven research on startup ecosystems, and it is published annually by the world-leading policy advisory and research organisation Startup Genome in co-operation with the Global Entrepreneurship Network (GEN).
Bahrain ranks among the top 10 Mena and emerging ecosystems in funding and experienced local talent, says the report.
The kingdom has also bagged a place in the top 15 among ‘Bang for Buck’ ecosystems – which measures the average amount of venture capital of startups working in the technology sector.
This year the country made ranking jumps despite having more ecosystems to compete against.
Bahrain’s ecosystem is steadily moving towards maturity as its total valuation increased by four-fold this year- from under $100m to $564m, an increase of 468 per cent increase compared with the previous year.
In addition, the average follow-on funding a startup receives at least doubled from $0.9m to $3.1m which is an increase of 244pc compared with 2021.
It is also among the top 15 ecosystems in Mena in terms of knowledge – which measures innovation through research and patent activity.
In addition, Bahrain also improved by five ranks in performance in the Mena region compared with last year’s report.
In addition, the kingdom’s business-friendly environment was highlighted as a key factor for attracting and supporting startups.
Mr Rajab
Tamkeen’s chief executive Husain Rajab said, “The growth within the ecosystem is another example in Bahrain’s long history of economic dynamism. The kingdom’s attractive environment, dedicated and talented workforce, as well as the readiness of both the private and public sectors to embrace innovation and entrepreneurship have been identified as key reasons for the positive development of the ecosystem and the growth in startups.”
The latest version of the report was announced globally during London Tech Week. It ranks 140 leading ecosystems from around the world, highlighting insights by region.
Source: https://www.gdnonline.com/Details/1114965
