• Incubation centre launched by ministry

• Support for growing businesses, says PM

• Companies hosted for up to a year

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

THE Ministry of Tourism Investments and Aviation opened its first tourism incubation centre last night, with Prime Minister Philip “Brave” Davis saying it will support growing Bahamian businesses by removing one of the greatest barriers – the cost of business.

He said Bahamians are eager to have more of the “tourism pie” and the centre will allow creatives the avenue to capitalise on the growing sector.

He said: “Today, with the opening of the Tourism Development Centre’s Incubation Centre, we welcome a new era for entrepreneurial innovation and business growth.

Bahamians have the desire, the talent and the creativity to have more of the tourism pie. So, we are here to offer support at the early stages of their journey, so they can grow and grow their micro businesses into small business or their small businesses into large ventures.

“By providing this rent-free space, we are taking on one of the barriers taking down the stumbling blocks to opening and growing a small business in The Bahamas, which is the cost of doing business.

“In times like these, where our people especially young our young entrepreneurs are yearning for avenues to make a living within the creative economy and the tourism sector projects like the Incubation Centre are essential.”

Deputy Prime Minister Chester Cooper said the incubation centre will host businesses for one year, with the first six months rent free and the remaining six months subsidised.

He said participants are expected to use the opportunity to grow their businesses so they can expand into their own store-front locations and allow new businesses to participate in the programme.

He said: “The incubator programme is designed to support emerging businesses by offering rent free space for six months, followed by subsidised rent free for another six months. This approach helps to identify and nurture businesses with growth potential, providing them with a launching pad for future success. It’s our hope, that with this support, they find their sea legs and move into storefronts of their own, creating a pathway for more entrepreneurs to be developed.

“We are providing a space for young Bahamian entrepreneurs, six months rent free, so that they will expand and so that they will grow. But we don’t want them to drop anchor here, we want them to abandon us, we want them to grow and we want them to expand beyond the space that we can afford to provide for them.”

Mr Cooper said the initiative will be expanded into other Family Islands and is a “direct counter” to critics skeptical about the benefits of the tourism sector to all Bahamians.

He said: “This initiative is a direct counter to any skepticism about the inclusivity of the tourism sectors benefit to Bahamians from all walks of life.

“Looking ahead, we are excited about the possibility of expanding this program here in Nassau. And we’re going to extend it to Grand Bahama, Exuma and beyond to other family islands, bringing more opportunities to entrepreneurs across The Bahamas. This is the model to be followed.”