Grand Bahama as Center for Innovation says Minister in Budget presentation

Garfield Ekon

Staff Writer

#TheBahamas, June 18, 2024 – The Phillip Davis administration in The Bahamas is moving to establish Grand Bahama as the “center of innovation” for the Caribbean, with focus on digital nomads, tech campuses, incubators, and an innovation fund.

Making the disclosure during her contribution to the 2024-2025 Budget Debate in the House of Assembly, recently, Minister for Grand Bahama, the Hon. Ginger Moxey said the main driver to build the economy of the area will be the Innovate242 Incubator, which has been set for completion by the end of the year.

The Minister who is serving as the co-chair of the Innovate242 Cabinet Subcommittee which was designed to establish the area as a showpiece for innovation in the Caribbean, said the Incubator will serve as a creative business center to cater to entrepreneurs as a ‘one-stop-shop” for business development from concept to launch.

“Of the four pillars, because of the immediate impact that it will have on empowering Bahamian entrepreneurs, the incubators have been made top priority. In the first instance, the islands of New Providence, Grand Bahama and Exuma have been identified for Incubators.  The second phase will include the islands of Cat Island, Eleuthera and Andros,” the Minister told the House.

She said the Incubator will be spearheaded by the Tourism Development Corporation, in collaboration with the Ministry for Grand Bahama, and will include representation from organisations such as the Bahamas Development Bank, Small Business Development Center, Inland Revenue, Bahamas Invest, Licensing Department of Grand Bahama Port Authority, Invest Grand Bahama, the Bahamas Trade Commission; a creative producer, and a technology-based provider.

Adding that the facility will house the centre for sustainability, to create an ecosystem for organisations, international and local, she said it will focus on research and development innovation, Climate Change, sustainability, inclusiveness, and will also converge and collaborate to create sustainable master plans for each island, with the capacity to expand to the rest of the region.

Ather aspects of the development will include the launch of the Young Innovators Club, through Innovate242, geared at inspiring innovation among the young people, while encouraging them to become involved in the sustained growth and development of The Bahamas.

“The focus areas of the Club will include themes of empowerment of the Bahamian people, sustainable development goals, the creation and promotion of Bahamian products, boat building competition, and the innovation and green technology competitions,” the Minister said.

The Minister further said the Innovate242 Incubator initiative will be utilised as a space for the young innovators where their creative juices can follow, and there are more to come, and that the people of Grand Bahama have advocated from then to now for the development.