Business incubation has become a growing trend in Caribbean countries over the past 10 – 15 years. Jamaica, St. Lucia, St. Vincent, Trinidad and Tobago are a few neighboring jurisdictions that have recently established business incubators as launch pads for start-up of micro, small and medium enterprises (MSME).
The programme acts as a catalyst for growth and offers much needed support, business expertise and access to funding for businesses with strong growth potential during its most critical phase.
The World Bank and Inter-American Development Bank statistics show that incubators increase the survival rate of start-up businesses from 35 per cent to as high as 87 per cent. And, according to President of The Grand Bahama Port Authority, Limited (GBPA), Ian Rolle, the concept is being eyed as a short term initiative to assist Freeport’s small business sector. “Creating an environment conducive to growth and sustainability for micro, small and medium enterprises (MSME), is vital to the health of our economy,” said Rolle. “Simplifying the pathway to business ownership for Bahamians is important, but we are equally concerned about the continued success and growth of these businesses, “stated Rolle.
“Our efforts to maximise growth potential for the MSME sector remains ongoing, but as with all other countries in the region, access to capital continues to be the greatest challenge and MSMEs need greater support. Our Invest Grand Bahama Small Business Bureau (IGBSBB) has made significant progress with research and partnerships that will prove beneficial to local businesses.” Rolle continued, adding that GBPA is committed to finding an innovative approach to supporting this sector.
Senior Manager of Business Development for GBPA, Derek Newbold, noted that since 2009 GBPA has dedicated significant resources and focus to domestic investment programmes via the IGBSBB, formerly The Enterprising Centre (TEC).
“Through longstanding relationships with the Caribbean Export Development Agency (CEDA) and others, GBPA has been able to provide Freeport’s MSMEs with valuable training programmes, networking and grant funding opportunities, but more is needed” cited Newbold.
“The IGBSBB has made noteworthy progress with collaboration and implementation plans for a Microenterprise Development and Business Incubation initiative, which has been ongoing for quite some time,” he explained.
Newbold added that, in addition to regional consultation with a number of established business incubators on microenterprise development, the IGBSBB has already commenced discussions with local banks to offer greater assistance to small businesses.
“Business and financial support are core components for successful business incubation and microenterprise development; in fact, it is critical to their survival and growth. This discussion has been initiated and hopefully as a result, we will see a review of existing programs or perhaps the creation of new services that will better assist the MSME sector,” Newbold added.
“Access to funding remains a major challenge facing small businesses and we are committed to arresting and changing this dynamic moving forward, “Newbold continued.
