Dr. Abdulhassan Al Dairi, Chairman of Bahrain SMEs Society, has expressed concern about the deviation of many business incubators and accelerators in Bahrain from their core mission of nurturing successful businesses. In his view, the true measure of their success lies in the ability to graduate profitable and sustainable companies into the real market. Al Dieri pointed out that some incubators and accelerators have turned into mere rental spaces for business addresses and registration, driven primarily by profit motive. He emphasized the need for genuine incubators and accelerators that actively recruit individuals with ideas and provide training, support, and development programs to elevate these businesses.
Al Dieri highlighted the confusion between the concept and function of business incubators and accelerators, on the one hand, and business centers or “business centers,” on the other. He stressed the importance of differentiating between rental spaces catering to entrepreneurs and startups calling themselves business incubators and genuine institutions that focus on nurturing businesses. He also underlined the need for specialization within business incubators, where each incubator focuses on a specific industry. Al Dieri advocated for structured timelines, program with performance indicators, and oversight from relevant authorities to ensure that incubators operate effectively.
Moreover, Al Dieri underscored the crucial roles of business incubators and accelerators in developing marketing research skills, building relationships with commercial entities regionally and globally, facilitating access to financial support, and assisting with patent and ownership acquisition. He emphasized the importance of evaluating and monitoring these institutions rigorously, as their failure to perform adequately could harm the national economy indirectly through the failure of small and medium enterprises they support. Conversely, effective incubators and accelerators contribute to the success of the businesses they nurture, ultimately boosting the national economy.
Further emphasizing on the evolution of the business incubator concept into business accelerators, Al Dieri acknowledged the importance of developing smaller businesses into medium-sized enterprises and medium-sized enterprises into larger ones. He noted that the first business incubator in the Gulf was established in Bahrain’s Industrial Area in 2000. Al Dieri highlighted the added value of accelerators and incubators in developing the businesses they support, considering these businesses as the backbone of any national economy and representing the majority of employment, with 93% of businesses in Bahrain falling under this category.
In conclusion, Dr. Abdulhassan Al Dairi’s concerns about the deviation of business incubators and accelerators in Bahrain from their core mission serve as a reminder of the importance of these institutions in nurturing successful businesses. His emphasis on the need for genuine incubators and accelerators, specialization within these institutions, and structured programs with oversight highlights the key factors necessary for their effective operation. By evaluating and monitoring these institutions rigorously, Bahrain can ensure that they contribute positively to the success of the businesses they support and ultimately boost the national economy.
