With demolition work on the proposed site for the Innovate242 Incubator Centre well underway, the $3 million project is one of the practical steps the government is taking to empower Bahamian entrepreneurship.
The Tourism Development Corporation (TDC) has embarked on building incubation centres for small and medium-sized businesses across The Bahamas and is partnering with the Ministry for Grand Bahama to transform the former Royal Palm Hotel property into the first business innovation centre of its kind.
One is also being constructed on Bay Street in New Providence while construction is set to begin on a centre in Exuma. Cat Island and Eleuthera are expected to follow.
Deputy Prime Minister and Minister of Tourism, Investments and Aviation, the Hon. Chester Cooper and Minister for Grand Bahama, the Hon. Ginger Moxey led a delegation on a tour of the site in Grand Bahama on Friday, July 4, 2025.
“I’m excited about this. This is something that I have long looked forward to happening in The Bahamas, ever since my days as chairman of the Chamber of Commerce,” Minister Cooper said.
“This is something that we see in other countries. We received support from the Saudi Fund for Development (SFD) with a loan of $10 million to develop all of these incubation centres.”
He pointed out that one of the biggest impediments in starting a business is a lack of technical support and general lack of capacity.
“In effect what we would have here is spaces where small businesses can have rent-free spaces for a limited period of time. We hope that they will grow and outgrow the space and thereafter they would be able to move on to their own storefront,” Minister Cooper said.
“The reality of what we find today is that rent is a big component and therefore if we can give the entrepreneur a head start, if you will, that would help them to be more successful faster.”
Another big component of making a business survive and thrive is technical support which, he noted, the TDC, along with its partners, will provide in addition to mentoring programmes for the businesses.
Minister Cooper revealed that the demolition phase is being carried out by STS Construction and, while there is no specified completion date, the construction phase is expected to commence immediately thereafter.
Once completed, the centre, which is anticipated to be one of the larger innovation centres in the country, will house at least 35 businesses, with The Ministry of Tourism on the top floor, several meeting spaces, a restaurant and other facilities.
Adding that the project is a game-changing opportunity for aspiring entrepreneurs, Minister Moxey said that it is a two-fold venture — a creative business centre which serves as a one-stop shop for small businesses from concept to launch with all of the agencies required to launch a business on site, including the Small Business Development Center, COLLAB, a Grand Bahama Port Authority representative, and the TDC at their disposal — and a centre for sustainability.
“We’re going to have our Young Innovators Club where young people throughout the island of Grand Bahama can come and be involved in innovative concepts for development,” she said.
“So, this right here is a wonderful opportunity for those throughout the length and breadth of Grand Bahama to become involved in not just businesses, but sustainable development.”
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