The Tourism Development Corporation of The Bahamas (TDC) has partnered with Royal Caribbean International and Disney Cruise Line to launch a pitch competition and training program for the country’s 50th anniversary of independence, according to a Ministry of Tourism, Investments and Aviation press statement.
The winner of the pitch competition on New Providence stands to win $10,000; the winners on Grand Bahama and Exuma will each to win $6000, and the Abaco winner will walk away with $3,000.
The competition will be held only on those four islands, the statement said.
According to the statement, the initiative will equip 50 upcoming entrepreneurs with training, technical support and grant funding. The deadline to sign up through the TDC’s website is Saturday.
TDC Executive Director Ian Ferguson said in the press statement that the TDC wanted to make an investment in 50 “budding entrepreneurs throughout the islands of The Bahamas” to commemorate the country’s milestone anniversary.
“This program we believe will build capacity, helping us diversify our tourism product and ultimately enrich the experiences of visitors to our shores,” said Ferguson.
The statement adds: “The program offers a total of 50 slots, apportioned to each of the four islands as follows: New Providence, 20 slots; Grand Bahama, 15 slots; Exuma, 10 slots; and Abaco, 5 slots.
“Participants in the program will receive a six-week entrepreneurship training that includes pitch coaching to improve business economic viability and brand positioning. The training will also cover various topics such as introduction to business, branding, marketing, technology, finances, quality controls and legal procedures.
“In addition to the training, upon successful completion of the 50×50 Program, all participants will have the opportunity to enter the Venture Pitch Competition. The top three ventures from each island will receive grant funding to help fund their businesses.”
The statement explains that each island will have a preliminary round, followed by a final round comprising the top five pitches from each island.
It adds that judges will select the top three ventures from the finalists who will receive grant funding for their ideas.
For each island there will be cash prizes for second and third place as well, according to the statement.
It explains that the business being pitched must be Bahamian-owned, in existence less than two years and must be tourism-focused.
