#Freeport, GB – April 13, 2019 – Bahamas – Friday 5th April marked
the closing of two intense days of battle between Judges and Gladiators of
GBPAs Capital Arena Initiative, a grant funding program created by The Grand
Bahama Port Authority, Limited (GBPA) in January 2017, as a small business
development initiative of its Invest Grand Bahama Small Business Bureau
(IGBSBB).
Now in its second year,
Cohort II launched in early January, opened to existing business owners and
aspiring entrepreneurs. The deadline for submission of proposals was February
28th, 2019. As explained by Ian Rolle, President of GBPA, entries for Cohort II
were double that of last year.
“I am advised that this
year we received nearly 100 submissions, which featured several unique,
innovative and sustainable business ideas,” cited Rolle. “Personally, the
number of millennials that submitted, and the types of businesses they
introduced were very impressive. If we can provide opportunities for this
generation of entrepreneurs, I believe they can help chart a bright future
for Freeport.” Rolle continued.
Only 18 Gladiators
(semi-finalists) advanced to Round II Judging for ‘In-Persons Presentations’,
where they faced a panel of 4 Judges, each knowledgeable in key areas including
Technology, Innovation, Finance, Entrepreneurship, Operations and overall
Business Strategy.
“The quality of business
proposals from this Cohort was significantly stronger than last year’s,”
expressed Derek Newbold, Sr. Manager of Business Development for GBPA.
“Not only did our Judges have the awesome task of reviewing the various plans,
but scoring them according to the submission criteria, which filtered our 18
Semi-Finalists for Round II Pitching. The diversity of plans submitted was
impressive and challenged us to examine proposals more creatively during the
scoring process, which I can confidently say we did. In fact, some plans if
presented 5-7 years ago would not have even made it. However, through the use
and application of technology, so much more is possible and can be accommodated
within Freeport’s economic landscape; and it was this type of innovation we
wanted to embrace.” Newbold stated.
Finalist from Cohort II
can secure up to $15,000.00 in grant funding to start or grow their businesses.
They will also receive Entrepreneurial Training as designed by the University
of The Bahamas exclusively for Capital Arena finalists and paired with a
mentor to complete the program. Filming of Capital Arena episodes was staged at
Canal House of the Pelican Bay Resort, with set designs provided by the Home
Design Center. Seasons I and II will air sometime this year, featuring
participants from both Cohorts.
“Considering the amazing
opportunities coming on stream for Grand Bahama, Cohort II clearly demonstrated
that Grand Bahamians are ready to embrace a new era of opportunity and success,
especially the younger generation,” expressed Dean Seymour, GBPA Chief Financial
Officer and Capital Arena Judge. “Whether your business idea is a start-up or
an expansion; now is the time to move on it,” Seymour added.
Cohort III will launch
this Winter, giving existing business owners and aspiring entrepreneurs new
opportunities for business success. GBPA Business Services Manager and
Project Director for Capital Arena, LaShawn Dames encouraged
individuals interested in submitting a proposal to prepare
early.
“Preparation is key,” she
said. “Candidates that prepare well perform the best during
presentations; these become our Gladiators. They
know their business models, understand
their market, competition and how to differentiate themselves. With all
the free business planning resources now available, either through GBPA’s
IGBSBB, the Chamber of Commerce, BAIC and others, submissions are now
stronger and more competitive. That said, if you want to compete in Capital
Arena or any other business plan competition, you must come prepared.“
Winning Gladiators from Cohort II will be announced during a press conference later this month.
Press Release: Grand Bahama Port Authority
Photo Captions:
Header: Friday 5th April marked the closing of two intense days of battle between Judges and Gladiators of GBPAs Capital Arena Initiative. Candidates faced a panel of 4 Judges, each knowledgeable in key areas of Technology, Innovation, Finance, Entrepreneurship, Operations and overall Business Strategy. Pictured from Left to Right: Ian Rolle – GBPA President; Deann Seymour- Chief Financial Officer; LaShawn Dames – Business Services Manager; Nicole Colebrooke – Customer Relations Manager and Derek Newbold – Sr. Manager of Business Development.
Insert: 18 Semi-finalists made ‘In-Person Presentations’ pitching their case for funding, to start or grow their businesses. Pictured: Gladiator Hillary Huyler Jr. delivering his business proposal to Capital Arena Judges last week.