Deputy Prime Minister and Minister of Tourism, Investments and Aviation, Hon. I. Chester Cooper along with parliamentary colleagues and the board of directors for the Tourism Development Corporation toured the almost completed TDC Incubation Center on Bay Street, just east of East Street today. The tour, led by TDC CEO Ian Ferguson, showcased the retail space designed to accommodate 7 small and micro business start ups in what is anticipated to be an All- Bahamian store front location managed by the Tourism Development Corporation. The concept for the space is to support and assist these new businesses catering to the appetite for all things Bahamian by the almost 9 million visitors to our shores.
DPM Cooper hailed the initiative for its innovative approach to introducing small businesses to a captive market on Bay Street while at the same time providing a draw for visitors to venture east of East Street on Bay. “What you see here is only the pilot project of what we will develop in this area (Nassau), in Grand Bahama and in Exuma. This is a project that will feature creative arts, artists and artisans who are really innovating and developing an idea. For a period of time, they will have rent free occupation of the space.
Once they become stronger, we hope that they will outgrow the space and move on to a space that they can rent. Once we do this effectively, we will turn small businesses into medium sized businesses and medium sized businesses into big businesses.” DPM
Cooper remarked.
Citing the natural synergy between the work of his agency and the Incubation Center and the prime location for it, Executive Chairman of the Bahamas Agricultural and Industrial Corporation, Leroy Major, MP said “I believe without a shadow of a doubt that this will be a game changer because most of the incubation centres we have now in place are over the hill. “
Chairman of the Tourism Development Corporation, Rafique Symonette hailed the project as being one of the defining tasks in TDC’s mission to assist in empowering Bahamians seeking to enter the tourism space. “For far too long, tourism entrepreneurs have been left behind to bootstrap their way to the top. The TDC is now coming thru to be that lifeline to help tourism entrepreneurs move to that next stage and we see this as an exciting development and a way to grow this to the next step.
Deputy Prime Minister Cooper also highlighted the opportunity for various government entities to partner in assisting the start ups that will be utilising the incubation centres throughout the country. Parliamentary Secretary in the Ministry of Economic Affairs Wade Watson, MP, pledged the support of the Small Business Development Center and pointed out that the incubation model lends well to young Bahamians looking to get into tech related tourism initiatives, another initiative under this remit.
The Incubation Center east of East Street is the pilot for several planned full Innovation Incubation Centers on New Providence, Grand Bahama and Exuma in the upcoming year at an investment of approximately $10 Million dollars. The centers will be managed by the
Tourism Development Corporation once completed.
