New Entrepreneurial Accelerator Launched Today

March 26, 2019 | 0 Comments

Ignite Bermuda launched the island’s “first privately funded entrepreneurial accelerator” today [March 26], with an aim to be the “ideal environment for local entrepreneurs to help them grow and scale their businesses”.

It will operate as a not-for-profit organisation and all services including office space, education and mentoring will be provided at no cost to entrepreneurs and small businesses.

A spokesperson said, “Ignite Bermuda launched today as the island’s first privately funded entrepreneurial accelerator. In partnership with Entrepreneurial Spark, one of the UK’s largest operators of accelerators, the new bespoke hub aims to be the ideal environment for local entrepreneurs to help them grow and scale their businesses.

“From advisors and mentors to a formalised entrepreneurship curriculum to better access capital through a broad and diverse investor network, local entrepreneurs will have access to the professional resources needed to build sustainable businesses in today’s rapidly changing economic environment.

Ignite Bermuda is co-founded by KPMG and New Venture Holdings. It will operate as a not-for-profit organisation and all services including office space, education and mentoring will be provided at no cost to entrepreneurs and small businesses.

“Successful applicants who earn a place in the program will be able to work in the hub for a minimum of six months and will have access to the professional support services available, provided that they engage in the curriculum and meet mutually agreed milestones.

“According to the 2018 Business Confidence Index Report, published by Total Research Associates, small- and medium-sized businesses [SMEs] continue to dominate the Bermuda economy, accounting for nearly 70% of the private sector.”

“Ignite Bermuda is a social enterprise – it’s a collaborative work environment where entrepreneurs in the program can obtain the tools they need to be successful. It’s a trusted environment where they can make connections and learn from the experiences of other entrepreneurs, get confidential, personalised coaching from mentors and business leaders to develop their skills and pursue their dreams,” said Neil Patterson, Director of Bermuda Accelerator Limited [BAL], the company which operates Ignite Bermuda, and Chairman of KPMG in Bermuda.

“Ignite Bermuda provides an opportunity for local entrepreneurs to leverage a community dedicated to helping their businesses start and succeed. When you combine the accelerator team’s expertise with the talented network of local entrepreneurs, it’s sure to speed up their ideas and businesses in a way that positively impacts our economy. Ignite empowers these entrepreneurs by, amongst other things, bringing them together to share ideas and experiences,” added Don Mackenzie, Director of BAL and Chairman and Owner of New Venture Holdings.

The spokesperson said, “The journey for the first cohort of 15 Bermuda-based entrepreneurs will begin in May 2019, with a boot camp and business curriculum customised for the Bermuda market by Entrepreneurial Spark. Applications are now being accepted and must be received by April 24, 2019. All interested entrepreneurs are invited to visit www.ignitebermuda.com for the application requirements and assessment.

“Ignite will be based in 4,000 square feet of dedicated space located at Wesley House in the heart of Hamilton. Contributed by Argus, it will provide the ideal place to bring entrepreneurs, mentors and potential investors together.”

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