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“The prospects of Bahrain’s entrepreneurial ecosystem: an exploratory
approach”

Abdelrhman Meero https://orcid.org/0000-0002-2697-1935

AUTHORS Habeeb Ur Rahiman https://orcid.org/0000-0002-8042-7375
Abdul Aziz Abdul Rahman

Abdelrhman Meero, Habeeb Ur Rahiman and Abdul Aziz Abdul Rahman (2020).
The prospects of Bahrain’s entrepreneurial ecosystem: an exploratory approach.
ARTICLE INFO
Problems and Perspectives in Management, 18(4), 402-413.
doi:10.21511/ppm.18(4).2020.32

DOI http://dx.doi.org/10.21511/ppm.18(4).2020.32

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businessperspectives.org
Problems and Perspectives in Management, Volume 18, Issue 4, 2020

Abdelrhman Meero (Bahrain), Habeeb Ur Rahiman (Bahrain),

Abdul Aziz Abdul Rahman (Bahrain)

The prospects of Bahrain’s

BUSINESS PERSPECTIVES
LLC “СPС “Business Perspectives” entrepreneurial ecosystem:
Hryhorii Skovoroda lane, 10,
Sumy, 40022, Ukraine an exploratory approach
www.businessperspectives.org

Abstract
Having a positive environment and enforcement in a social-political economy is nec-
essary to poster an effective entrepreneurial climate. The passion for self-startups and
risk-taking attitude are entrepreneurs’ traits with effective motivations, innovation,
creativity, persistence, and flexibility. This helps the entrepreneur succeed and excel
in their business. The success of a new project adventure is a crucial matter in busi-
ness and investment. The literature review revision allows detecting the most attractive
factors, the main reasons for startup failure, and the challenges facing entrepreneurs
and new projects. This review paper enlightens Bahrain’s entrepreneurship ecosystem’s
attractiveness and argues how the economy in the Kingdom of Bahrain encourages
startup companies to establish and develop their business. The analysis results illus-
trate that the Government of Bahrain’s support system with effective public institu-
Received on: 15th of July, 2020 tions and encouraging society are significant factors contributing to the success of the
Accepted on: 3rd of December, 2020 startup project. Nourishment extended by the government institutions and other sup-
Published on: 21st of December, 2020 portive organizations like Tamkeen, Injaz, and EDB simplifies the formation of startup
projects and support their sustainable growth. Analyzing the most common reasons
© Abdelrhman Meero, Habeeb Ur for startup failure, the paper presents the proposed solutions to avoid these traps. It
Rahiman, Abdul Aziz Abdul Rahman, suggests the appropriate bodies in the entrepreneurship ecosystem, supporting and
2020
helping entrepreneurs overcome these difficulties.

Abdelrhman Meero, Dr., Associate

Professor, College of Business
Administration, Kingdom University,
Keywords innovation, entrepreneurship challenges, success factors,
Bahrain. (Corresponding author) startup failure, ecosystem, Bahrain
Habeeb Ur Rahiman, Dr., Assistant
Professor, College of Business
JEL Classification L26, M13, O30, Q57
Administration, Kingdom University,
Bahrain.
INTRODUCTION
Abdul Aziz Abdul Rahman, Dr.,
Assistant Professor, College of Business
Administration, Kingdom University, This review paper attempts to detect the most frequent challenges fac-
Bahrain.
ing the creation of startups and analyze how Bahrain’s ecosystem af-
fords an excellent environment to overcome these challenges, create
opportunities, and attract entrepreneurs to launch startups. Motives,
challenges, factors affecting the success and the failure of startups
have been an important topic for researchers for the last decades. The
roots of the research on entrepreneurship could be extended to the
works of Knight (1921), Schumpeter (1934, 1942), and Penrose (1959).
These earlier efforts focused on the role of entrepreneurs as innovators,
risk-takers, and market motivators. Over the past four decades, entre-
preneurship research has been significantly developed, profiting from
innovations in technology, finance, and different areas. In numerous
countries, entrepreneurship is considered a major force of the econo-
This is an Open Access article, my for development. The economy’s growth counted based on devel-
distributed under the terms of the oping small business replaces putrefying state-owned organizations
Creative Commons Attribution 4.0
International license, which permits and generation of employability (Mazzarol et al., 1999).
unrestricted re-use, distribution, and
reproduction in any medium, provided
the original work is properly cited. The report released from the United Nations notifies the econom-
Conflict of interest statement: ic challenges of Arab countries can be sorted out with the effective
Author(s) reported no conflict of interest encouragement and expansion of the private sector. The report high-

402 http://dx.doi.org/10.21511/ppm.18(4).2020.32
 Problems and Perspectives in Management, Volume 18, Issue 4, 2020

lights the importance of accessibility to private sectors to active participation in business activ-
ities (Fergany, 2002). Bahrain and Oman are considered growth-oriented to other MENA coun-
tries like Saudi Arabia, UAE, Qatar, etc., due to the existence of oil reserves in the Gulf nations.
The diversified economy in Bahrain, like Dubai, intensified comparatively high-growth societies
(Fergany, 2002). During the mid-twentieth century, the vast social welfare, development plan, and
public works were generated after discovering oil (Kabasakal & Bodur, 2002). However, within a
few years, these same Gulf nations have found it tough to withstand such generosity due to popula-
tion growth and rapid unemployment among nationals, particularly the younger population (Gill
et al., 2000). Considering these challenges, the Kingdom of Bahrain and other Gulf nations are en-
couraged by private parties to be involved in business and entrepreneurship to create employment.
The Government of Bahrain established various platforms and international collaboration in asso-
ciation with universities and institutions to meet this challenge.

The economy of Bahrain is flourishing and primed businesses to gain rewards. Bahrainis join the
labor force with an extraordinary array of skills and tremendously high inspiration stages, making
them idyllic employees. The forward-thinking government works closely with businesses and com-
mercial establishments to develop a business-friendly atmosphere through policy reform. These
are balancing with the strategic position at the heart of the Gulf brands in Bahrain, the optimum
location to inductee and raise a business. Bahrain established institutional collaboration with the
state-sponsored establishment to enhance mindset, which could contribute to the entrepreneur.
Creating an appropriate ecosystem that supports the entrepreneurs and enables them to launch
their venture is an important startup success factor. Bahrain’s Government gives great attention to
support entrepreneurs and new startups. This support has a different form and also attracts foreign
investors.

This paper is a research adventure to identify the most recognized challenges and motives of en-
trepreneurship and analyze how the Bahrain’s Government supports entrepreneurs to overcome
these threats and afford the attractive environment for initiating a startup. Section 1 presents the
relevant literature review and research background. The results and discussion of the results are
presented in section 2. The conclusion and future research are mentioned in the final section.

1. LITERATURE REVIEW contribution through the behavioral theory of

AND BACKGROUND the firm. For Kirzner (1973), entrepreneurship
allocates the available resources and invests the
The field of entrepreneurship has an enormous market opportunities, which lead to economic
impact on the economy and growth (Bruyat & growth and development. Granovetter (1985)
Julien, 2001). The literature is rich in research- presented the special importance of social net-
es focusing on the different aspects of entre- works in entrepreneurship. Low and Macmillan
preneurship. The roots of this literature could (1988) discussed the different aspects associated
be found in the earlier contribution of Knight with new firms’ creation.
(1921) who focused on the role of entrepreneurs
as profit-makers and risk-takers. It is also in Covin and Slevin (1989) examined the strate-
Schumpeter’s work (1934, 1942) that highlights gic dimensions of entrepreneurship, focusing
the crucial role of innovative entrepreneur- on the environmental factors concluding that
ship and its contribution to economic growth. risk-taking, innovation, and proactiveness are
Penrose (1959) gave critical importance to the key success factors of the firm strategy. For
firm resources in the success of entrepreneur- Vesper (1990), new entrepreneurs should con-
ship and growth. This contribution led to the sider five important factors when they start their
foundation of the resource-based view theory. projects: customer needs, products and services,
Cyert and March (1963) also have the initial technical know-how, resources, and personal

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Problems and Perspectives in Management, Volume 18, Issue 4, 2020

contacts. Barney (1991) analyzed the sustaina- per classified these reasons into four categories:
ble competitive advantage of a firm, concluding The first category contains the factors connect-
that entrepreneurs looking for a value creation ed with the relation with customers (custom-
strategy should adopt strategic choices that en- er-based reasons). These factors have been found
able them to possess valuable, rare, and inim- as failure reasons of entrepreneurship (Bednár
itable resources. Lumpkin and Dess (1996) fo- & Tarišková, 2017, 2010; Pyysiäinen et al., 2006;
cused on the impact of strategic orientation on Wijewardena & De Zoysa, 2005; Ladzani & Van
entrepreneurship performance. Busenitz and Vuuren, 2002). The second category contains
Barney (1997) differentiated managers and en- the factors related to the market and the com-
trepreneurs through different levels of the deci- petitors (market-based reasons). The sharpness
sion-making process. Aldrich (1999) presented of the competition, the absenteeism of the com-
the evolutionary theory of organizations, high- petitive advantages, and the lack of strong chan-
lighting the entrepreneur’s role in creating or- nels to access the market are examples of these
ganizations. Shane and Venkataraman (2000) factors (Gutiérrez et al., 2015; Arruda et al.,
established a framework for entrepreneurship 2013; Geroski et al., 2010; Song et al., 2008; Rose
and emphasized entrepreneurship opportuni- et al., 2006; Mata & Portugal, 2002). The third
ties and the role of these opportunities in the category contains the technology and technical
entrepreneurial process. failure reasons (technology and technical-based
reasons). The lack of know-how, the ignorance
Other researches have focused on the opportu- of the products and the activities related, and
nities, motives, challenges, and obstacles facing the lack of the knowledge related to the re-
entrepreneurship. Several studies classified mo- quired technology for the project are the main
tives for creating new business in two groups: factors of this category (Huck & McEwen, 1991;
“push” and “pull” motivations. Push motivations Lumpkin & Dess, 1996; Zahra, 1996; Hodgetts &
are driven by the need to escape from unwant- Kuratko, 2007; Fairlie & Robb, 2007; Lafontaine
ed reality, while pull motivations drive the force & Shaw, 2016; Audretsch & Belitski, 2017; Park,
that inspires successful outcomes. Looking to 2017; Tiwari & Goel, 2017). The last category is
earn a reasonable living through own business related to funding and financial management
is one of the most mentioned in the results of the failure reasons. This category includes the fac-
previous research such as the works of Carter tors related to the firm and funds management
and Cannon (1992), Dunn (1995), Shane et al. (Hahn et al., 2020; Goel, 2018; Marvel et al.,
(2003), and Roomi et al. (2009). The negative 2016; Raven & Le, 2015; J. Odia & A. Odia, 2013;
work environment such as the working hours, Groenewegen & De Langen, 2012; Baptista et al.,
inadequate salary, difficulty in finding are also 2007; Ladzani & Van Vuuren, 2002).
pushed motivations for entrepreneurship crea-
tion (Brockhaus & Horwitz, 1986; Watson et al., This research paper attempted to explore to
1998; Borooah & Hart, 1999; Grilo & Thurik, what extent Bahrain’s environment is motivat-
2006; Sarasvathy, 2008). On the other hand, re- ing entrepreneurs by increasing the opportu-
searchers identified pull motivations like the nities in the markets and mitigating challenges
desire for self-esteem, wealth, or social status and obstacles facing entrepreneurship.
(Gilad & Levine, 1986; Barrow, 1993; Lumpkin
& Dess, 1996; Watson et al., 1998; Feldman &
Bolino, 2000; Mckay, 2001; Doobs & Hamilton, 2. GENERALIZATION
2007; Ireland et al., 2009; Wales, 2016). OF THE MAIN
Considerable research studies have examined STATEMENTS
the challenges facing entrepreneurship and AND DISCUSSION
the reasons for startups’ failure. These studies
were conducted in different regions, and dif- The revision of the literature review allows de-
ferent methods were used to identify the most tecting the most attractive factors and challenges
influential factors on startups’ failure. This pa- facing startups and new projects. After identify-

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 Problems and Perspectives in Management, Volume 18, Issue 4, 2020

ing these factors, this paper presents Bahrain’s ex- the progress in the investment ecosystem. For
perience to offer a balanced, attractive ecosystem example, Bahrain’s Government adopted a clus-
encouraging national and foreign entrepreneurs ter of laws to facilitate and encourage entrepre-
compared to the other GCC countries. Research neurial investment and support entrepreneur-
has intended to find the Bahrain’s entrepreneur- ship, such as the investment limited partnership
ship ecosystem with all the motivated compo- law, protected cell companies’ law, trusts law,
nents, searching for the most common reasons for liberalized business activities law, minimum
the startup failure, and finally suggesting the ap- capital requirements law, FinTech regulatory
propriate solutions and the supportive bodies to sandbox.
overcome these reasons. So, the research design
shall reflect why Bahrain is an attractive place Bahrain’s Economic Development Board is re-
to start the business adventure, what is the sup- sponsible for attracting investment and sup-
port given by the public and private institutions to porting initiatives that enhance the investment
guide the entrepreneurs and support this invest- climate by providing appropriate information
ment adventure. and assistance for entrepreneurs and investors
who need to establish and start their work in the
This exploratory study is intended to understand Bahrain’s economy. The government has given
and identify Bahrain’s attractiveness towards the special care to the information and communi-
entrepreneurs and the support the Bahrain’s en- cation technology industry by implementing
trepreneurial ecosystem is offering for the new the appropriate infrastructure and facilitating
startups. the investment process. The Bahrain market
hosts a range of IT companies in the areas of
2.1. Bahrain is an attractive place IT services, IT distribution, IT consulting, soft-
to start a business adventure ware developers, and customer support centers.
Bahrain has been ranked number one in the
Bahrain’s location in the heart of the Gulf location MENA region for its ICT readiness and offers
and the easy access to the other countries in the the most competitive and affordable ICT servic-
Middle East and Asia makes Bahrain an attrac- es in the region (EDB, 2019). The focus on the
tive place for entrepreneurs, in addition to the ICT sector investment is argued for two reasons:
huge governmental investment in the physical (a) the importance of the growth and the effi-
infrastructure such as the long regional road ciency of the investment in the sector itself and
network and the investment areas for different (b) the output of the development of this sector
sectors. The Economic Vision 2030, which has and its impact on the other sector and specifi-
been launched by His Majesty King Hamad Bin cally on the financial sector, which is considered
Isa Al Khalifa in October 2008, represents the an attractive and strategic sector in Bahrain in
strategic guide for Bahrain’s economic future. 2030.
This Vision is targeting to shift Bahrain from
one built on oil wealth to a well-diversified pro- According to the KPMG report, which evaluat-
ductive economy. This Vision focuses on three ed the costs linked to an ICT investment in the
basic principles: competitiveness, integrity, and GCC countries, the average annual cost of opera-
sustainability. The objective of the Economic tions in Bahrain is low-cost compared to the oth-
Vision 2030 is to build a strong economy for er GCC countries (KPMG, 2018). The operating
the benefit of the public. The government has costs covered the annual licensing fee, commer-
launched the economic programs, representing cial rent, manpower cost, cross-border connec-
the roadmap to achieve the Economic Vision tivity, telephone and internet services, electricity,
2030 goals. These programs are permanently re- and water cost. Figure 1 illustrates the cost differ-
vised and adjusted to adapt to economic chang- ence in the different GCC countries compared to
es and investment ecosystem development. This the minimum and maximum costs.
revision also covers the reform of the legal frame
of the investment and the issuance of the new The annual operating cost associated with var-
regulations to accompany the development and ious GCC countries and compared to Bahrain.

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Problems and Perspectives in Management, Volume 18, Issue 4, 2020

Source: Authorities of various GCC industries and KPMG reviews.

BLZ
3
2,5
Kuwait FTZ JAFZA
2
1,5
1
0,5 Minimus Cost
KAEC 0 KIZAD
Maximum Cost

Sohar FTZ SAIF Zone

RAK FTZ

Note: BLZ: Bahrain logistic zone*; KAEC: King Abdullah economic city, Saudi Arabia* (investment parks*); JAFZA: Jebel Ali free
zone Dubai**; KIZAD: Khalifa industrial zone, Abu Dubai**; SAIF Zone: Sharjah Airport International free zone, UAE**; RAK
FTZ: Ras Al Khaimah free trade zone, UAE**; Sohar FTZ: Sohar port and free zone, Oman**; Kuwait FTZ: Kuwait free trade
zone**.
Figure 1. Estimated total cost of business set-up in GCC

Source: Authorities of various GCC industries and KPMG reviews.

4
3,42
3,5 3,09 3,11
2,88 2,97 2,94
3 2,73 2,65 2,61 2,64
2,56
2,34
2,5
1,95
2 1,71 1,69
1,48
1,5
1
0,5
0
0 1 2 3 4 5 6 7 8 9

Minimus Cost Maximum Cost

Note: Follow Figure 1 abbreviations.

Figure 2. Estimated annual operating cost

The data show a clear indication of cost advan- (Figure 3). Compared to the other GCC coun-
tage compared to other GCC, comparing the tries, Bahrain is the fastest in issuing the invest-
cost of utilities and internet using in Bahrain ment license and accelerating the registration
and Dubai demonstrating that Bahrain has and processing time, which is estimated to be
the lowest cost and a clear competitive ad- between four and six weeks. The commercial
vantage over the other GCC countries (Figure rental costs for office space in Bahrain is also
2). Similarly, in total annual manpower cost, the lowest compared to the other GCC coun-
Bahrain was lower than other GCC countries tries (Table 1).

406 http://dx.doi.org/10.21511/ppm.18(4).2020.32
 Problems and Perspectives in Management, Volume 18, Issue 4, 2020

Source: Authorities of various GCC industries and KPMG reviews.

1800
15571575 15571575 15571575
1600 1479
1408 1413
1400
1153 1195
1200 1069 1053 1063
1000 928
819
800
600
400
200
0
BLZ JAFZA KIZAD SAIF Zone RAK FTZ Sohar FTZ KAEC Kuwait FTZ

Minimus Cost Maximum Cost

Note: Follow Figure 1 abbreviations.

Figure 3. Total annual manpower cost in USD for logistic company

Table 1. Infrastructure, utilities, and other facilities for startups in Bahrain

Source: Ministries of Commerce and Industry, Water and Municipality, KPMG research and analytics.

Land and rental Land rental for a Pre-built warehouse with Construction cost
Service charge
construction warehouse office space rental for warehouse
(USD) 9.5 1.4 84.8-113.8 650-670
Electricity (per kWh) Water (per m3)
Cost of utilities (USD)
0.029 1.27-2.23
Seaport costs and Terminal handling for 20-foot containers (USD) Clearing, documentation, and transportation
time 93 290
Customs fee (USD Import Export Transit Certificate of origin
per container) 85 85 80 135
Sea freight cost Sea freight cost (USD
Sea number of days Sea freight cost (USD per 40’ container)
and duration for per 20’ container)
exporting from 350 1 to 2 600
Other taxes
Corporate income tax Municipal tax Withholding tax
summary
Taxation 10% of commercial
None and residential rent for None None
expatriates

2.2. Startups and entrepreneurial (2019) recognized independence, learning, experi-

projects’ motivations ence, extra income, and wealth attractiveness.
and reasons for failure Entrepreneurs have different motivations to start
Asking about motivations, obstacles, and fail- their own business. The most famous reasons are:
ure reasons of entrepreneurship is crucial in the
business sector. Fifty-one percent of people asked 1) independence and looking to own and run a
“What is the best way to learn more about entre- business;
preneurship?” responded with “Start a company” 2) recognition and self-realization;
(Mansfield, 2018). Searching for the reasons mo- 3) pushed by passion;
tivating people to their own business, Xia et al. 4) innovation;
(2018) found four motivators: estimation, inde- 5) looking for outsourcing income;
pendence, experience, and characters. Varghese 6) finding opportunity before retirement;

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Problems and Perspectives in Management, Volume 18, Issue 4, 2020

7) life event or pressure such as divorce, death, • What are the access channels to the market?
etc.
• What are the project expectations about cus-
Searching for the most common reasons for start- tomer lifetime value (LTV) and customer ac-
up failure, most of the evidence found in the liter- quisition cost (CAC)?
ature review and the specialized website agreed on
the following factors as the main failure reasons. • How does a project or product differ from
(McGowan, 2017; Bernardo, 2018; QuakCapitl, competitors?
2018; Cantamessa et al., 2018):
• What are the competitive advantages?
2.3. Startups and entrepreneurial
projects prospect The Bahrain’s Government has had an enormous
initiative to support the entrepreneurs and inves-
Entrepreneurs should have effective support to tors in Bahrain for local ecosystem partners who
accelerate the penetration to the market and in- can support entrepreneurs to overcome the mar-
crease the likelihood of success and continuity of ket and the customer-based reasons for failure:
the business. After developing the startup vision,
entrepreneurs should have the support to create 1) Bahrain Economic Development Board (EDB)
their business model to avoid the failure of the is a public body that is ready to assist the en-
project. In this subsection, for each group of fail- trepreneurs regarding their inquiry about the
ure reasons, a set of questions is prepared to as- industry assessments, the processes, and the
sist entrepreneurs in avoiding the failure trap and requirements, or any kind of advisory support;
help them to build their business model and then
a suggestion of appropriate partners available in 2) Bahrain Business Incubator Center assisting
the Bahrain entrepreneur ecosystem to support entrepreneurs in Bahrain through physical
the entrepreneurs and investors. workspaces, counseling, advice, documenta-
tion, and administrative support;
2.3.1. Customer-based reasons
3) CH9 is a business accelerator that delivers div-
To avoid customer traps in startups, entrepreneurs ing events, workshops, workspaces and, talks
should have an answer to a set of questions such to promote the startup ecosystem in Bahrain;
as:
4) Flat6Labs Bahrain is a regional startup accel-
• Which unmet needs is the project targeting? erator that provides strategic mentorship, in-
ventive workstation, entrepreneurship-orient-
• What is the customer segmentation targeted? ed business training in the MENA region;

• What is the product/s pricing strategy? (cost- 5) Riyadat concentrates on women entrepre-
plus, competitive pricing, value-based pricing, neurship in Bahrain by providing incubator
price skimming, penetration pricing) and other facilities;

• Which competitive strategy is adopted? (low 6) Rowad assists and supports entrepreneurs in
cost, differentiation) Bahrain at each phase of the business cycle
through education, training, incubation, and
• Any other specific questions related to the na- mentorship.
ture of the project.
2.3.3. Technology and technical-based reasons
2.3.2. Market-based reasons
Technology’s role is becoming more critical, and
For this group of reasons, a set of the following it constitutes a core component of the new ven-
questions is proposed: tures and entrepreneurship. To avoid traps related

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 Problems and Perspectives in Management, Volume 18, Issue 4, 2020

to technology and technical operations, entrepre- Nest provides support for all FinTech projects in
neurs should have an answer to a set of questions cooperation with American Express Middle East.
such as: They provide innovative digital solutions, auto-
mated payments, and alternative physical and dig-
1) What are the activities required to develop ital platforms for merchants
and produce the final product/s of the project?
2.3.4. Funding and financial management-based
2) Which type of activities (in-house or reasons
outsource)?
For the funding and financial management issues,
3) How will outsourced activities affect the cost it is to ask questions like:
of the project?
1) What is the margin created by the project?
4) What type of technology project does the pro-
ject need/use/produce? 2) What are the fixed and variable costs incurred?

5) What are the requirements for expanding or 3) How much investment in working capital and
accelerating the scale of production? assets will be required?

Bahrain entrepreneur’s ecosystem provides the op- 4) What are the funding sources, and to which
portunity for entrepreneurs to benefit from tech- extent they can support the expansion?
nical and technological support from Bahrain’s
Economic Development Board (EDB). 5) What are the breakeven point and the flexibil-
ity of this point?
Brinc aims to empower entrepreneurs and found-
ers and helps them use technology to develop their Bahrain’s ecosystem provides the opportunity of
product by offering internet connection support, providing entrepreneurs with financial advisory
hardware, drones, and robotics. through the different bodies mentioned above,
such as EDB, Bahrain Business Incubator Center,
C5 Capital accelerates technology investment Riyadat, and Flat6Labs. For funding entrepre-
firm that aims to promote the growth of startups neurs, in addition to the Islamic and convention-
through a cloud computing accelerator program. al banks in Bahrain and other mentioned bodies
Table 2. Peer-to-peer lenders in different regions
Source: authors.

United State United Kingdom Europe GCC

Lending Club Blend Network Mintos Beehive
Upstart ZOPA Estateguru Eureeca
Prosper Funding Circle Peerberry Ziina

Table 3. Incentives of free trade zones and investment parks

Source: Authorities of free zone, investment park, and city.

Types of incentives BLZ JAFZA KIZAD SAIF Zone RAK FTZ Sohar FTZ KAEC Kuwait FTZ
Tax exception √ √ √ √ √ √ x √
Foreign ownership (100%) √ √ √ √ √ √ √ √
Repatriation of capital/profit (100%) √ √ √ √ √ √ x √
Duty-free in raw materials and
√ √ √ √ √ √ √ √
equipment
Duty-free access to the GCC market √ x x x x x x x

Note: Abbreviations are given in Table 1.

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Problems and Perspectives in Management, Volume 18, Issue 4, 2020

like Nest, C5 Capital, and Brinc, entrepreneurs in Dubai and extended recently to Bahrain, pro-
can look for other solutions like Middle East- vides Sharia-compliant services for entrepre-
venture Partners, Bahrain Development Bank, neurs. Similarly, Bahrain is one of the friendliest
Tamkeen. Fintech technology is also enabling countries for entrepreneurship and startups for
entrepreneurs to have access to funds through tax exception, full foreign ownership, repatria-
peer-to-peer (P2P) lending platforms. Table 2 tion of capital and profit, duty-free raw material
presents a list of the famous P2P lenders in dif- and equipment, and access (Table 3). These da-
ferent regions, including Bahrain, where they ta emphasize its performance and credibility to
have penetrated. Beehive is MENA’s first regu- which the Kingdom of Bahrain announced in its
lated peer-to-peer (P2P) lending platform, based Economic Vision 2030.

CONCLUSION
This paper identified the common reasons for startup failure, the top challenges for the new entre-
preneurs, and the key success factors for entrepreneurship. The exploratory research outlined the
framework of the ecosystem in GCC countries and how Bahrain has an advantage compared to
the rest of the GCC countries. The research emphasized the form of incentives and investment and
how Bahrain is more diversified and entrepreneur-friendly. The entrepreneurs in Bahrain find full
support from Bahrain’s Government and the entrepreneur ecosystem partners in Bahrain through
the EDB, Tamkeen, Injazz, Bahrain Business Incubator Center, and other public institutions pri-
vate entities. The most common failure reasons regrouped in four groups: technology and techni-
cal-based reasons, market-based reasons, customer-based reasons, and funding and financial man-
agement-based reasons. The appropriate analysis of these reasons enables the issuance of four sets
of questions to help entrepreneurs avoid the failure traps. Finally, a suggestion of the specialized
Bahraini units, which can support the entrepreneurs in answering these questions and overcoming
the failure reasons, is given.

The rapidly growing population in Bahrain and the diversified cultural atmosphere attract massive
investment towards the Kingdom of Bahrain. In the coming decades, Bahrain must consider these
opportunities and invest in more infrastructural development. The Kingdom must also focus on
conserving the scarce supply of water and electricity tariffs to attract industries. The labor and
skilled manpower are also other challenges for the Kingdom; the structural dependency on ex-
patriates emphasizes investment in the advanced and industrial oriented education system in the
countries they need to focus on.

AUTHOR CONTRIBUTIONS
Conceptualization: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Data curation: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Formal analysis: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Funding acquisition: Abdelrhman Meero, Abdul Aziz Abdul Rahman.
Methodology: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Project administration: Abdelrhman Meero.
Resources: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Supervision: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Validation: Habeeb Ur Rahiman.
Writing – original draft: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.
Writing – review & editing: Abdelrhman Meero, Habeeb Ur Rahiman, Abdul Aziz Abdul Rahman.

410 http://dx.doi.org/10.21511/ppm.18(4).2020.32
 Problems and Perspectives in Management, Volume 18, Issue 4, 2020

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