Derek Newbold, Sr. Manager of Business Development at The Grand Bahama Port Authority, Limited (GBPA), recently met with principals of ArawakX to solidify a partnership between the two organizations, opening a wealth of opportunities for entrepreneurs in high-growth business sectors to launch and take their ventures global if and when they choose to. Pictured are Derek Newbold, Sr. Manager of Business Development for GBPA & Invest Grand Bahama (left), and D’Arcy Rahming Jr., Chief Technology Officer of ArawakX.
November 18, 2021 – A new partnership between the Grand Bahama Port Authority, Limited (GBPA) and Bahamian investment firm ArawakX is helping to enable Grand Bahama entrepreneurs to access capital to launch or expand a business venture.
In mid-October, Derek Newbold, GBPA’s Sr. Manager of Business Development, met with principals of ArawakX to solidify the partnership, which is anticipated to open opportunities for entrepreneurs in high-growth business sectors to launch their venture and, if they choose, take that venture global.
Launched earlier this year, ArawakX brings an innovative approach to alternative funding methods for entrepreneurs who want to start or grow a successful business. Until recently, entrepreneurs in The Bahamas had limited options for accessing capital to launch or expand a business venture. While the concept of crowdfunding has been around for nearly a decade, equity crowdfunding is relatively new but is making its presence felt in The Bahamas through ArawakX.
“We are excited about our partnership with ArawakX,” Newbold stated. “The services they provide are critical to launching a successful operation, essentially helping to package businesses as viable investment options for local and international funding through crowdfunding. We believe this collaboration can unlock opportunities for our licensees and provide wealth creation for Bahamians.”
Mr. Newbold said the partnership with ArawakX comes at a perfect time. “Many businesses are regrouping in a COVID-19 era and rebounding from nationwide emergency orders and lockdowns,” he said. “Not only will this collaboration connect promising projects with much-needed capital, but also it will effectively prepare entrepreneurs to pitch and sell the business opportunity to potential investors.”
Since the official launch earlier this year, ArawakX has supported the public offering of several Bahamian companies, taking them to the local and regional marketplace with equity crowdfunding. “In the first three months, we launched three quality companies in New Providence, and we’re excited to be able to work with the GBPA to launch quality companies in Grand Bahama,” said D’Arcy Rahming Jr., Chief Technology Officer of ArawakX. “This agreement is a meaningful first step to that goal.”
GBPA President Ian Rolle said that access to traditional forms of capital has been the largest impediment for entrepreneurs starting or scaling a business of all sizes. “GBPA has been a vocal proponent of alternative funding methods for years. Through our events and business support initiatives, we have worked to bring awareness of crowdfunding as an alternative form of securing capital. There is still a way to go in making access to capital less challenging, but this is a great start,” he commented.
“We see our partnership with ArawakX as a tremendous opportunity for existing and future GBPA licensees,” continued Rolle. “Through various support networks, they manage and prepare businesses as investor-ready projects for both the local and international market, depending on the type of business and our national investment policy. We’re pleased to support an initiative such as this.”
Persons interested in learning more about ArawakX and its crowdfunding services, or information on investment opportunities, should visit their website at www.arawakx.com.
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