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A blend of non-technical and technical subjects like diversity, collaboration, data governance and tech localisation, Crucial elements of a start-up ecosystem were the highlight of the second Digital Business Ecosystem Research Forum, held under the auspices of the University of Bahrain (UOB).
The symposium, which was inaugurated by Professor Riyad Hamza, president of the UOB, featured presentations and panel discussions by academics, legislators and industry experts and focused on how digital innovation can best be localized to empower socioeconomic development.
There was a particular focus on collaboration and diversity in the start-up ecosystem and Dr. Noora Alghatam, information and communication technology (ICT) professor introduced the Digital Entrepreneurship Research Collaborative (DERC).
Dr Noora said: “The aim of the collaborative is to engage researchers from the public, industry and academic sectors in developing joint projects about entrepreneurship in a sustainable way. We are creating a platform to share our data and develop insights for industry to help new entrepreneurs design better products.”
The project, funded by the university, aims to bridge a gap between industry and academia, while having insights available in an open forum for local and international researchers.
“Dr. Hamza has been one of our biggest supporters,” added Dr Noora. “He has been promoting research and collaboration at the university, especially between academia and stakeholders, locally and globally.”
The overall aim is to highlight the transparency and fringe benefits available to investors in the country, and to give all stakeholders smarter tools to aid their decision making.
“Bahrain’s size is often cited as a weakness but being small has several benefits for startups,” said Dr. Simon Galpin, managing director of Bahrain EDB in his keynote on emergent changes and FinTech development.
“The small size can mean new entrants have much easier access to regulators, policymakers, a digitally savvy test market, a strong pool of talent and business-friendly governance” he added.
In addition, Bahrain’s start-up ecosystem has been recognised as one of the leaders in gender diversity and inclusiveness worldwide with 39 per cent of the 15,000-strong workforce in the financial services industry, 33.2 per cent of the managers in the sector and 18 per cent of FinTech start-up cofounders being women.
During an expert panel discussion about the advantages of fostering diversity, Shaikha Deena Al Khalifa, director-general for Policies and Development at the Supreme Council for Women said: “The diversity of our workplaces has led to increased productivity and diverse decision-making mind-sets leading to successful and constructive working environments.”
In terms of founders’ gender diversity, Bahrain is ahead of many other start-up ecosystems worldwide, including Silicon Valley.
Georgetown University Associate Professor Dr James Angel noted the advantage of such a diverse ecosystem. He said: “Approaching the issue of diversity from basic investment theory, that is, don’t put all your eggs in one basket, is simply common sense. You don’t want to miss out on any perspectives, especially when designing a new product, so you don’t miss any market needs.”
Introducing gender diversity in the workplace is the first hill that Bahrain has crossed, but fostering and maintaining it comes with its own unique challenges.
Shaikha Deena added: “People management is one of the specific challenges faced in diverse workplaces.”
People management is its own silo of challenges, ranging from compensation to cultural shifts, across the country. The overall culture needs to shift toward a more inclusive one. Adjusting performance reviews to include a more holistic approach to soft skills, adapting corporate policies to further accommodate alternate leave structures and diversity sensitivity monitoring are good starting points for a culture shift.
There was disagreement in the room about quotas for female hiring. According to a 2018 report by The Economist, results of quotas globally have been mixed. European countries like Norway, UK, Belgium, France and Italy have instituted policies requiring 40 per cent of women be appointed to the boards of publicly listed companies.
Per the report, concerns about token women being appointed on boards to replace professionals have largely not come to pass and the fears of “golden skirts,” a small pool of qualified women who would sit on many boards, have been unfounded.
Majority of the women being appointed on boards have professional qualifications equal to or greater than predecessors. And the percentage of women on multiple boards is similar to that of men. However, per the study, many new directors are young and thus have little or no experience as directors, despite the professional qualifications.
Areije Al-Shakar, senior vice-president at Bahrain Development Bank and director at Al Waha Venture Capital Fund of Funds, said: “The notion of the handicap of being a female is not prevalent in our ecosystem. I think our culture is more focused on encouraging women to pursue their ambition by highlighting successful role models.”
