TDC and RCI pitch competition puts $50,000 up for grabs by entrepreneurs

21 Sep 2023


Pitch Competition GraphicThe goal is to enhance our tourism offerings

The Tourism Development Corporation (TDC) and Royal Caribbean are launching a multi-island pitch competition and training program in honor of the country’s 50 years of independence, called the 50×50 Program and Venture Pitch Competition, a TDC statement explained.

The initiative will give 50 entrepreneurs access to training, technical support, and put them in the running to win a share of $50,000 in grant funding.

“Participants in the program will receive a six-week entrepreneurship training that includes pitch coaching to improve business economic viability and brand positioning,” the statement said.

“The training will also cover various topics such as introduction to business, branding, marketing, technology, finances, quality controls and legal procedures.”

TDC Executive Director Ian Ferguson said the program will help to build capacity in the tourism space as well as diversify it.

“We want to enhance our tourism offerings, and this can be done through this initiative as we celebrate the country’s 50th independence,” said Ferguson.

President of the Royal Beach Club at Paradise Island and General Manager of Royal Caribbean International (RCI) Bahamas Philip Simon said that the 50×50 program and competition embodies RCI’s SEA the Future platform, which seeks to connect people to “places and cultures in a way that respects and protects those who sail, and work, with the company and the ocean communities and ecosystems its ships visit”.

Program aims to develop authentic cultural experiences for tourists

Simon said 50×50 will help entrepreneurs access the resources needed to develop their businesses and develop the authentic cultural experiences for tourists visiting The Bahamas.

According to the statement, each island will have a preliminary round and a final round to find the top five pitches from each island.

“Judges will select the top three ventures from the finalists who will receive grant funding for their ideas,” the statement said.

“The first prize winner of the pitch competition on New Providence stands to win $10,000 in award funding; second place $6,000, and third place $4,000.

“On Grand Bahama, the first prize winner will receive $6,000; second place $4,000, and third place to receive $2,000.

“On the islands of Exuma and Abaco, top winners will receive $4,000, while second and third-place winners will receive $3,000 and $2,000, respectively.

“The program offers a total of 50 slots: New Providence, 20 slots; Grand Bahama, 10 slots; Exuma,10 slots; and Abaco, 10 slots.”

Source: Nassau Guardian