ⓘ Featured image: Dhafer Salih Alqahtani, Founder & CEO of BIDAYATECH; Credits: Supplied
- Bahrain’s first crowdfunding platform aims to be the go-to technology hub to support tech startups to bridge their funding gaps in the MENA region
- The visionary behind BIDAYATECH is a veteran investment banker with over two decades of diverse experience
BIDAYATECH, MENA’s first reward-based crowdfunding platform launches to help tech startups overcome funding gap challenges in MENA. The platform with its diverse offerings will cater to all Tech Startups at every stage of the startup lifecycle. BIDAYATECH as a Fintech Startup aims to be the go-to technology hub for Tech Startups in the region, where it will empower founders to execute and close funding rounds to add momentum to their growth and scaling up.
As a focused Reward-Based Crowdfunding platform, BIDAYATECH enables Tech Startups to create and launch a fundraising campaign through an assigned campaign page in the platform to pitch their product or service to the crowd. In return for backing a Tech Startup fundraising campaign, backers receive non-monetary (none-equity) rewards. Tech Startups have access to extended fundraising campaign types rather than being limited to one type. The campaign will run for 60 days incorporating social media, digital tools and emails to maximize reach and induce interest, beside the campaign owners network circles to pledge to the campaign with the objective of reaching the campaign funding goal.
Unlike traditional fundraising methods, Tech Startups campaigning on BIDAYATECH platform will not lose equity or control or even get into a loan and its obligations. Instead, they will only risk the loss of time and effort if the campaign goal was not reached. Plus, they can always capitalize on the knowledge gained to fine-tune and start a new fundraising campaign anytime.
BIDAYATECH encompasses key advantages for Tech Startups on its platform – the opportunity to test marketing channels which significantly expands the campaign’s reach, promote their product or service to a vast audience which will eventually boost pre-money valuation. Also, attract backers and technology enthusiasts while expanding their followers and prospect customers.
Furthermore, as part of the campaign process, the platform rewards tier system allows startups to pre-sell their products or services at discount to their campaign backers. This accelerates market validation by reaching their targeted audience, while anticipating their specific questions and making compelling asks.
The visionary behind BIDAYATECH, Dhafer Salih Alqahtani, is a veteran investment banker with over two decades of diverse and extensive experience as a VC & PE professional and tech entrepreneurship with reputable financial institutions, family offices, and investment firms in the Arabian Gulf region.
Speaking of the launch, Dhafer Salih Alqahtani, Founder & CEO of BIDAYATECH, in a statement, said,
“We are creating a platform that is totally inclusive by expanding the access to funding for all Tech Startups, and spur financial inclusion of more startups and their founders to pursue their dreams while adding value to their communities and the economy to reach new horizons.”
Alqahtani further added,
“Our ultimate goal is to democratize fundraising, fast-track Tech Startups growth, and create jobs while supporting technology advancement and digital transformation. Especially, amidst unprecedented times with the current climate restricting movements and interactions. BIDAYATECH platform is an additional option for founders to receive funding by a novel alternative, embedding continuity and sustainability while reinforce their confidence and determination during their entrepreneurial journey”