The Tourism Development Corporation of The Bahamas

Business Training . Elevator Pitch . Cash Award . National Recognition

Venture Pitch Competition Overview

Identify the best upcoming and existing business ideas and opportunities to aid in the enhancement and diversification of the existing tourism product and experience

The 50x50 and Venture Pitch program

As we prepare for the 50th Independence celebration of The Bahamas, we are excited to announce our 50×50 and Venture Pitch programs, designed to take fifty (50) budding entrepreneurs through a ‘Tourism Excellence Path,’ by providing each participant with the handholding technical consultancy support to strengthen their economic viability and sustain their businesses.

 

Participants will undergo a comprehensive 6-week entrepreneurship training – inclusive of pitch coaching, in preparation for the climactic Venture Pitch Competition, where they will be given an opportunity to pitch their innovative tourism products, services, or concepts to secure grant funding.

 

Through this program, we seek to remove as many barriers as possible to tourism success by providing the necessary support to MSMEs to ensure their improved brand positioning and global competitiveness.

Program Overview

  1. Identify the best upcoming and existing business ideas and opportunities to aid in the enhancement and diversification of the existing tourism product and experience.
  2. Educate, motivate, and empower young Bahamians by providing both the technical consultancy and financial support needed to jumpstart and/or advance tourism-related ventures.
  3. Promote and increase entrepreneurial opportunities within the tourism landscape, thus, widening the employment pool.

New Providence | Grand Bahama | Exuma | Abaco

Requirements to Enter the 50X50 Venture Pitch Competition

Busineses' Eligibility

  • Must be Bahamian owned
  • Businesses (products or services) must be located on the islands of New Providence, Grand Bahama, or Exuma
  • Product and service offerings must be tourism-focused (Accommodations, Transportation, Tours & Excursions, Attractions, Retail & Handicrafts, Food & Beverage, Technology, Creative Industries, etc.)
  • Businesses in either in conceptual stages or newly opened, but not operational for more than two (2) years

Entrepreneurship Training

Introduction to Business, Entrepreneurship and Creating a Service Culture.

Business Plan Development

All canidates will get help in developing their business plan and their elevator pitch.

Custom webpage with eCommerce

A Web Developer will help paricipants to customize a one-pager eCommerce business website.

Release of Liability Waivers

Where applicable, participants will also work with an attorney to draft Liability Waivers.

Entrepreneurial Training Workshop

Designed to develop and strengthen entrepreneurial qualities as well as equip participants with essential skillsets and mindsets for long-term success. This suite of training will include:
  • Introduction to Business & Entrepreneurship
  • Creating a Service Culture
  • Brand Identity, Marketing & Social Media Strategies, and Reputation Management
  • Leveraging Technology to Advance
  • An Effective Website for your MSME
  • Small Business Finances
  • Quality Controls, Pricing Strategies, Scaling Your Business, and Pitch Coaching
  • Legal and Governmental Procedures including Business Incorporation and Liability & Asset Insurance
  • Venture Pitch Competition

    Overview

    The 50×50 program climaxes with the TDC Venture Pitch Competition, where entrepreneurs present their innovative tourism products, services or concepts before a blue-ribbon panel to secure grant funding.
    This blue-ribbon panel will be comprised of key program partners and other industry stakeholders such as The Bahamas Ministry of Tourism, Investments & Aviation and Bahamas Chamber of Commerce.

    Eligibility

    Participants are eligible upon successful completion of the 50×50 Entrepreneurship Training Program.

    Funding Awards

    The top business ventures from each island will be rewarded as follows:

    $20,000 Award

    • One $10,000 grant
    • One $6,000 grant
    • One $4,000 grant


    $12,000 Award

    • One $6,000 grant
    • One $4,000 grant
    • One $2,000 grant

    $12,000 Award

    • One $6,000 grant
    • One $4,000 grant
    • One $2,000 grant

    $6,000 Award

    • One $3,000 grant
    • One $2,000 grant
    • One $1,000 grant

    Procedure:

    • Candidates must complete and submit the online application together with the following: two (2) government-issued photo IDs, a business model canvas (or business plan), a lean model canvas, and an elevator pitch video, not exceeding 2 minutes. Model canvas templates and video guidelines will be provided upon registration.

    • An initial screening process will be conducted by the TDC’s Business Development Unit to ensure all prerequisites have been met. The secondary screening and selection process will be conducted by a blue-ribbon panel based on market orientation and alignment of the product, both model canvases to determine viability, as well as elevator pitches. (New Providence 20, Grand Bahama 15, Exuma 10, Abaco 5)

    • Email notifications will be sent to all applicants regarding the status of their applications. At the time of confirmation, successful applicants will also receive a comprehensive program outline, in addition to all training schedules and modules, program materials, etc.
    • Over the course of the program, each participant will be paired with a 1Business Plan Writer to assist with the development of a business plan inclusive of financial planning and projections, as well as a 2Web Developer to customize a one-pager business website with a standard eCommerce store. Where applicable, participants will also work with an attorney to draft Liability Waivers which are intended to educate clients about associated product risks and serve as consent to release potential liabilities.

    • At the end of the program, all participants will have the opportunity to participate in the Venture Pitch Competition, where the top five ventures will compete to receive grant funding awards. Payment disbursements will be made directly to the vendors via the invoices and payment instructions provided by the participant.

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