BTA: $655,000 To Support Entrepreneurial Ideas
Innovative tours headline a crop of two dozen experiences and events set to receive investment funds as a result of the Tourism Experiences Investment process, with $655,000 assigned to supporting entrepreneurial ideas in 2019.
The Bermuda Tourism Authority took in 52 completed applications for home-grown tourism ideas, approving 46 percent of them.
Most of the applicants who achieved success in this process were also successful in previous years, but three are completely new. All of the new experiences are tours:
- Wanderlust Explorers– a tour company which will offer a variety of personalisedexperiences year-round. Adventure, culinary and beach hop tours are part of the menu of options
- Rugged Rental Tours– A group tour that takes visitors through the east end on vehicles they will operate with the help of a guide
- Bermuda Duck Tours– An amphibious vehicle sightseeing tour of the west end – by land and on the water
“Innovative local experiences for visitors is a strategic objective of the recently released National Tourism Plan, particularly experiences that are available year-round,” said Bermuda Tourism Authority Chief Product and Experiences Development Officer Pat Phillip-Fairn.
The Tourism Experiences Investment process is designed to help new experiences get off the ground or for existing experiences to grow and attract more visitors, the BTA explained, adding that “longtime grant recipients are typically put on a glidepath of decreasing funds to make room for new experiences.”
“In 2019, $655,000 is assigned to supporting entrepreneurial ideas submitted through the process and will complement experiences under development by the Bermuda Tourism Authority. Investment funds are released in tranches, but only when performance milestones are reached. Additionally, relevant government regulatory approvals must be secured before funds are released,” the BTA added,
This is the fifth time the Bermuda Tourism Authority has managed an Experiences Investment process. Successful applicants received notification last week.
The 2019 Tourism Experience Investment Successful Applicants follow below [PDF here]:
Yeah ok…that’s all very nice. Congratulations to the folks who received grants. Thank you, BTA.
But it all seems so very….”polite”.
This headline should read “Bermuda Tax Payers: $655,000 To Support Entrepreneurial Ideas” so it is more accurate. What happened to the loads of tax payers money BTA gave out to, “Entrepreneurial Ideas” for AC? How much have those businesses that received these past funds put back into the economy? Are the majority still in business now or have they flopped?
Wow! We got all this money to give away? I guess that’s why our taxes on everything we buy, eat or have is going up? What happened to business taking their own risks? Do we get shares in these startups? Sounds like Dallas and his group are going crazy with our money!
They are loans not grants
The Experiences Investment Programme has been running, successfully, for several years – with about the same amount budgeted (so no, it isn’t why your taxes are going up). It’s explicitly designed to give applicants who meet stringent criteria a boost in getting a new visitor experience off the ground, or helping an existing experience grow. It does not insulate them from risk. While the money is given out is grants (so no shares), there are strings attached, and ROI is measured.
You can learn more about the process (which is pretty much the opposite of anyone going crazy with ‘your’ money) here: https://www.gotobermuda.com/bta/tourism-experiences-investment
I’d be very happy to discuss it with you in person if you still have concerns.
bet you didn’t say that when your crew gave their already rich leader $1.2mn for absolutely nothing n return.
At least these funds are going to start-ups that will enhance our tourism product.
Why is the BTA continuing to give money to those who “were successful in previous years”???? If these ventures still require BTA funding they are obviously not successful enough to continue on their own. BTA should be required to provide the ROI on these funded ventures after 2 years.
Ordinarily I am supportive of the BTA but this is a little hard to fathom particularly as money has been taken away from St. Peter’s. I hope the duck tour has been thought through there is not much info but those duck tours in the states can be largely weather dependent similarly the rugged rentals – what is that? Is it ATVs?
Donkey rentals with local operators to help guide them.