Technology startups and ICT entrepreneurships in Bahrain
To be successful in the 21st century, any country in the world needs to develop an idea-based economy and society. This implies an economy and society that is capable at both creating ideas and translating a considerable proportion of them into new business opportunities. The payoffs are jobs, wealth and a better quality of life. In this scenario, many developed countries have already concluded that their future relies on increasing investment in the underlying capability of the knowledge economy and creating an environment favorable to the rapid translation of new ideas into new business opportunities. Scott Belsky, the co-founder of Behance, said “It’s not about ideas. It’s about making ideas happen.” The small and businesses sometimes play a vital role in the enrichment of the economy of a country and the people to be familiar with the technology overall. Bahrain has always been a main hub for attracting a large number of national and foreign investors and just like any other country it does not lag behind when it comes to technology and ICT entrepreneurships.
Technology Startup
A Tech startup is generally described as a company whose key purpose is to make available amenities and products related to the technology, to the market. These startups either try new ways to advertise the technologies that they provide or present the new innovations in the tech market as their best entity. In Bahrain, the number of startups is very low but they are remarkably well-known for their services. The growth in the number of technology startups increase the competition between the rivals in tech-field and hence enhances the quality of amenities that they are providing in Bahrain.
ICT Entrepreneurship
Entrepreneurship means the ability to start a new business, undertake risks, manage and develop it and make a profit out of it. ICT entrepreneurship is described as the combination of the traditional entrepreneurship and the innovative digital technologies in order to find new and unique business ventures. The ICT entrepreneurs use the technological tools to guarantee an improved and healthier involvement of its investors, help to offer the services in the areas where it is distant and promote bearable imminent economic development.
The role of Technology and ICT in the Kingdom of Bahrain
Bahrain has always been on the frontline to help the ideas of the entrepreneurs to prosper and give them a lifeline. Some of the programs such as the Startup Boot Camp and Tech
entrepreneurship in collaboration with the ICT sector in the Kingdom which has also been greatly developed in the last 10 years.
Many initiatives are being taken by various business sectors in the Kingdom of Bahrain to promote ICT technologies since 2008. The level of competition is getting higher and higher which in turn is gaining attention from people around the country. Customers now have the knowledge to help them invest in the right ICT technology. The ICT market in the Kingdom is growing at a fast pace which has increased the level of competition. Companies have to adapt to new market trends and situations which will help them to stay competitive at present as well as in the long run.
Many new hardware and software solutions are available in the market as compared to before which enhance and provide solutions to increase productivity, improve network and physical security, as well as optimize workflow. All of which were once way too expensive for SMEs and individuals to afford. Government entities, single person companies and banking institutions are turning their heads towards the available ICT solutions to enhance their businesses and this trend will continue to grow at a fast pace in the future as we move towards a more “digitally driven economy”. This concept revolves around increased communication between electronic devices and is built on cloud computing and networks of data gathering sensors, enabling an endless portfolio of “smart” devices, processes and applications. There has also been a huge shift towards virtualization and cloud computing to ensure optimization and cost savings on the customer’s end.
According to Tamara Pupic, a column writer in Arabian Business, Bahrain is known for providing support to the ideas of the entrepreneurs and develop their own businesses to earn living and raise their standard of living. A survey conducted by Ernst & Young states that about 70 percent of Bahraini youth are willing to open private businesses.
The ICT sector is proving to be one of the main assets of Bahrain. There are a number of key benefits of spreading ICT awareness in Bahrain which include promoting technology and innovations in Bahrain, laying emphasis on productivity and growth of the talent, improving Bahrain’s competitiveness ranking and the protection of the intellectual property. According to the recent United Nations’ e-Government Readiness Report 2016, Bahrain is now on the 11th spot in the telecommunications infrastructure index which is a great achievement for ICT in Bahrain as compared to the previous years.
Benefits of technology startups and ICT technologies:
· Enhances the productivity and effectiveness of certain activities or functions
· Favors the adoption of new organizational, strategic and managerial models
· Enables the access to new environments as well as the generation of new markets and business models.
· Improves the qualification and specialization of human resources, which increases the efficiency and efficacy.