Fifty-one Micro, Small and Medium-Sized Businesses (MSME’s) have been approved for the Creative Entrepreneurs Standalone Grant for up to $5,000.
Phyllice Bethel, the Interim Deputy Director, Small Business Development Centre (SBDC) explained during a press conference at the centre on Tuesday, April 25, that the Creative Entrepreneurs initiative is a collaboration between the SBDC, the Bahamas Trade Commission, the Bahamas Chamber of Commerce and Royal Caribbean Cruise Line.
Ms. Bethel said the initiative is for a three-year period starting March 3, 2023. “For our kick off event, the SBDC conducted a national survey to confirm how many micro, small and medium-sized enterprises have adequate intellectual property protection.”
She said based on the survey responses the centre received, 55 per cent of MSME’s who sell their products and services in local and international markets have no intellectual property protection for their designs, formulas, recipes, prototypes, curricula, templates, recordings, etc.
Ms. Bethel said the Ministry of Economic Affairs, specifically the Trade Commission Unit, recently sponsored four virtual training courses to highlight the importance of intellectual property protection for MSME’s and to explain the step-by-step registration for copyright patents and trademarks.
She said, “The purpose of the grant is to help MSME’s cover the costs of intellectual property protection, equipment, contract manufacturing, raw materials, brand collaterals and/or marketing campaigns.”
The Interim Deputy Director said the 51 grant recipients represent the islands of Andros, Abaco, Eleuthera, Grand Bahama and New Providence.
By LLONELLA GILBERT/Bahamas Information Services