The Tourism Development Corporation of The Bahamas (TDC) is pleased to announce a partnership with the Royal Caribbean Group and Disney Cruise Line to launch the 50×50 Program and Venture Pitch Competition to commemorate the country’s 50th Independence Anniversary. The initiative aims to equip emerging entrepreneurs of 50 Bahamian-owned businesses with entrepreneurial training, technical support and grant
funding opportunities. The program will focus on New Providence, Grand Bahama, Exuma and Abaco. Interested applicants can apply online at the TDC’s website (tdcbahamas.com) 21 – 25 March 2023.
Executive Director of the TDC Ian Ferguson expressed hopefulness about the new program for local entrepreneurs, “In celebration of The Bahamas’ 50th anniversary as an independent nation, the Tourism Development Corporation is excited to make an investment in the lives of
50 budding entrepreneurs throughout the islands of The Bahamas.”
He added, “This program we believe will build capacity, helping us diversify our tourism product and ultimately enrich the experiences of visitors to our shores.”
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 (3) ventures from each island will receive grant funding to help fund their businesses.
The competition will consist of two rounds: a preliminary round and a final round. The preliminary round will take place on each island, where entrepreneurs of the top ventures selected from the screening process will have five minutes to pitch their business idea to a panel of judges. The final round will consist of the top five ventures from each island, and the judges will select the top three ventures from among the finalists to receive the grant funding awards.
The Venture Pitch Competition will award funding amounts as follows:
New Providence:
First place: $10,000
Second place: $6,000
Third place: $4,000
Grand Bahama:
First place: $6,000
Second place: $4,000
Third place: $2,000
Exuma:
First place: $6,000
Second place: $4,000
Third place: $2,000
Abaco:
First place: $3,000
Second place: $2,000
Third place: $1,000
To be eligible for the 50×50 Program and Venture Pitch Competition, businesses must be Bahamian-owned and located on the islands of New Providence, Grand Bahama, Exuma or Abaco. Conceptual or existing businesses that have been operational for less than two years are welcome to apply. Moreover, the products or service offerings must be tourism-focused, which include accommodations, adventure tourism and recreation, attractions, food and beverage, events and conferences, tourism services, travel trade, transportation, retail and cottage
industries.
Interested applicants must complete and submit the online application along with the following requirements to be considered for the program: two government-issued photo IDs, a business canvas model, a lean canvas model and a two-minute elevator pitch video.
An initial screening process will be conducted by the TDC’s Business Development Unit to ensure all prerequisites have been met. The secondary screening and selection process will be conducted by a blue-ribbon panel based on market orientation and alignment of the product or service offering. Both model canvases as well as the elevator pitch video will determine product/service viability.
Email notifications will be sent to all applicants regarding the status of their application on 6 April 2023. At the time of confirmation, successful applicants will also receive a comprehensive program outline, in addition to all training schedules and modules and program materials.
Overall, the 50×50 Program and Venture Pitch Competition present a unique opportunity for Bahamian entrepreneurs to receive valuable training, consultancy and funding prospects to support their emerging businesses to make a significant impact in the tourism industry.
