By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

ASPIRING entrepreneurs were yesterday challenged to present creative indigenous projects with the potential to bring technological advancements to the country for the fourth edition of the OWN Bahamas entrepreneurship initiative.

The number of successful applicants has nearly tripled since the Island Luck Cares Foundation’s first round in 2015 with a wide range of corporate partners offering mentorship and services to budding entrepreneurs.

The foundation will select 25 applicants after submissions close on April 30, Island Luck CEO Sebas Bastian said yesterday.

“We’re very optimistic on how this programme is going to further impact the economy in the future,” he said, “and we want to encourage corporate Bahamas to continue to be a part of this initiative via coming on board and assisting in the funding of grants to aspiring entrepreneurs.”

Applicants will be eligible for funding grants from $5,000 up to $25,000.

“We have an independent committee that goes through all the applicants and we look for businesses that we feel are necessary,” Mr Bastian said, “businesses that we feel are going to be successful in this particular economy. We make sure that the funding that we award is sufficient enough to give that business the necessary financial support it needs as well as our mentorship.

“We have our partnerships with the various media houses that will give media services complimentary to the successful applicants. What really sets the applicants apart from each other is just being innovative, being creative and finding that niche of a business that sparks the interest of the committee.”

To date, the foundation has awarded grant funding to 35 applicants with $750,000 given to startups over the past three years.

At this year’s launch yesterday, Mr Bastian flagged a success rate of “well above” 75 percent with all recipients still in active businesses.

“There are many businesses that definitely we’re proud of,” Mr Bastian said, “last year we had a lady who was manufacturing different types of local indigenous teas and there was also a lady that manufactured local indigenous spices here in The Bahamas as well.

“We’d like to encourage manufacturing and the creation of new indigenous projects by Bahamians. But it’s not limited to that obviously, we have a keen eye on technology, persons that are interested in app development.

“Anything that technologically advances our country today.”

For its fourth round, the foundation will also stage educational seminars called OWN Talks, featuring high profile local and international business persons like Les Brown and Rick Fox.

Mr Bastian is also billed to present entrepreneurial tips and tricks at the first session “Fifty Shades of Success” at the Atlantis Ballroom on April 10.

Partners include but are not limited to: the Bahamas Chamber of Commerce; CIBC FirstCaribbean; The Tribune; the University of the Bahamas; Atlantis; Aliv, DigiPrint & Signs Bahamas Ltd; NUA Insurance; Azulify Websites; the Nassau Guardian; the Prescription Parlour Pharmacy; and Quality Home Centre.