Global Atlantic Re has expanded its support of the Bermuda Economic Development Corporation’s (BEDC) Wave of Opportunity Pitch Competition. The company has tripled its support of the BEDC's annual pitch competition to $3 million.
The competition gives local entrepreneurs an avenue to pitch their business ideas in different categories for a chance to win $25,000 towards their project.
“We have enjoyed our relationship with our great partners at the BEDC so much that we have extended our partnership into a ten-year partnership agreement,” said Darryl Herrick, president and co-head of reinsurance at Global Atlantic Re. “We look forward to continuing to collaborate to make a real positive impact here in Bermuda.”
In addition to the $25,000, Global Atlantic will also give a $125,000 business accelerator grant to winning entrepreneurs supporting job creation and revenue growth in Bermuda.
According to Jason Hayward, Bermuda minister of labour and economy, the partnership between Global Atlantic Re and the BEDC helped grow the pitch competition from being biennial to annual.
“Last year's competition showcased the incredible potential of our local entrepreneurs with five entrepreneurs receiving $25,000 grants, enabling them to expand and scale their businesses significantly,” Hayward said.
The winner of last year's People's Choice category, Cavin Carter, said: "This entrepreneurship thing is very, very hard.”
He also vouched for the significance of winning the competition.
“I was mixing all my butter by hand,” he said. “Winning the competition allowed us to purchase 20-quart, 10-quart, and 8-quart commercial mixing machines.”
BEDC executive director Erica Smith said that the competition is a crucial platform for innovation and entrepreneurship on the island.
“By partnering with Global Atlantic, we are able to provide aspiring entrepreneurs with the resources and support they need to turn their ideas into successful businesses,” Smith said. “This initiative not only empowers individuals but also contributes to the overall economic growth and development of our community. We are thrilled to see the positive impact this competition is already having and look forward to its continued success.”
The BEDC said five of the winners last year made significant strides. One example is Tia Crockwell of OnSight Optometry, who used the grant to purchase a retinal camera for disease screening.
“The success of last year’s competition demonstrates the incredible entrepreneurial spirit in Bermuda and we are excited to continue this initiative as an annual event,” Herrick said.
