Business incubators are facilities that provide critical support for start-up businesses, increasing their chances for success. GBPA has been researching the concept for the past year as a means of offering greater support to Freeport’s MSME sector. Senior Business Development Manager for GBPA, Derek Newbold notes that business incubation can play a vital role in supporting startups in Freeport’s MSME sector. Pictured is Christina Burrez, Director of Operations at the C. Scott Ellington Technology Business Incubator at Florida Atlantic University, and Derek Newbold, during a recent meeting at the Technology Park.
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Freeport, Grand Bahama
–Business incubation
has become a growing trend in Caribbean countries over the past 10 – 15
years. Jamaica, St. Lucia, St. Vincent, Trinidad and Tobago are a few
neighboring jurisdictions that have recently established business
incubators as launch pads for start-up of micro,
small and medium enterprises (MSME). The programme acts as a catalyst
for growth and offers much needed support, business expertise and access
to funding for businesses with strong growth potential during its most
critical phase.
The
World Bank and Inter-American Development Bank statistics show that
incubators increase the survival rate of start-up businesses
from 35 per cent to as high as 87 per cent. And, according to President
of The Grand Bahama Port Authority, Limited (GBPA), Ian Rolle, the
concept is being eyed as a short term initiative to assist Freeport’s
small business sector. “Creating an environment
conducive to growth and sustainability for micro, small and medium
enterprises (MSME), is vital to the health of our economy,” said Rolle.
“Simplifying the pathway to business ownership for Bahamians is
important, but we are equally concerned about the continued
success and growth of these businesses, “stated Rolle.
“Our efforts to
maximise
growth
potential for the MSME sector remains ongoing, but as with all other
countries in the region, access to capital continues to be the greatest
challenge and MSMEs need greater support. Our Invest Grand Bahama
Small Business Bureau (IGBSBB) has made significant progress with
research and partnerships that will prove beneficial to local
businesses.” Rolle continued, adding that GBPA is committed to finding
an innovative approach to supporting this sector.
Senior
Manager of Business Development for GBPA, Derek Newbold, noted that
since 2009 GBPA has dedicated significant resources and
focus to domestic investment programmes via the IGBSBB, formerly The
Enterprising Centre (TEC).
The IGBSBB has made noteworthy progress with collaboration and implementation plans for a Microenterprise Development and Business Incubation initiative, which has been ongoing for more than a year now. Pictured from left to right: LaShawn Dames, Business Services Manager – IGBSBB; Seabron Smith, Executive Director - Technology Enterprise Development Center (TED); Victoria Hughes, Director – Florida Women’s Business Center and Derek Newbold, Senior Business Development Manager – GBPA, during a recent visit to the TED Center.
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“Through
longstanding relationships with the Caribbean Export Development Agency
(CEDA) and others, GBPA has been able to provide Freeport’s
MSMEs with valuable training programmes, networking and grant funding
opportunities, but more is needed” cited Newbold.
“The
IGBSBB has made noteworthy progress with collaboration and
implementation plans for a Microenterprise Development and Business
Incubation initiative, which has been ongoing for quite some time,” he
explained.
Newbold
added that, in addition to regional consultation with a number of
established business incubators on microenterprise development,
the IGBSBB has already commenced discussions with local banks to offer
greater assistance to small businesses.
“Business
and financial support are core components for successful business
incubation and microenterprise development; in fact, it
is critical to their survival and growth. This discussion has been
initiated and hopefully as a result, we will see a review of existing
programs or perhaps the creation of new services that will better assist
the MSME sector,” Newbold added.
“Access
to funding remains a major challenge facing small businesses and we are
committed to arresting and changing this dynamic moving
forward, “Newbold continued.