Global Atlantic Offer $125,000 In Business Grants
Global Atlantic will provide $125,000 in small business accelerator grants to winning entrepreneurs in the Wave of Opportunity Pitch Competition, and applications are now open for the competition.
A spokesperson said, “Global Atlantic Financial Group [Global Atlantic], a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced the expansion of its presence and overall commitment to Bermuda through a series of initiatives and investments aimed at fostering economic growth and supporting local talent.
“The firm’s enhanced commitment to the island encompasses four key areas, including: the Wave of Opportunity Pitch Competition; a tripled rise in funding to $3 million for the Global Atlantic Re foundation; extended support for the Bermuda College Foundation; and new and expanded office space at Washington House in Hamilton.
“Global Atlantic is collaborating with the Bermuda Economic Development Corporation [BEDC] to launch the second annual Wave of Opportunity Pitch Competition. This event, aimed at budding entrepreneurs to showcase their ideation and innovation, is now held annually due to its overwhelming success, and opens today for applications.
“Successful applicants will eventually convene on Thursday, November 21 at a live, judged competition that will serve as an official event during Global Entrepreneurship Week – a leading celebration of the innovators and job creators who launch start-ups that bring ideas to life, drive economic growth and expand human welfare.”
“The Wave of Opportunity Pitch Competition is a vital platform for fostering innovation and entrepreneurship in Bermuda. 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. 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,” said Erica Smith, Executive Director of BEDC.
The spokesperson said, “Global Atlantic will provide a $125,000 small business accelerator grant to winning entrepreneurs, supporting job creation and revenue growth on the island. Last year’s inaugural event produced five winners who have already made significant strides. Tia Crockwell of OnSight Optometry used her grant to purchase a retinal camera for disease screening. Vida Fusions, led by Davida O’Brien, has been perfecting ready-to-drink mocktail recipes with taste-testing assistance from employees of both Global Atlantic and BEDC. The other winners—who include Kisha Tyrrell of Enzuri Beauty and Wellness, Gavin Carter of Gavin’s Butter, and Sabriuna Wilkinson of Nurture Laiche– have also been growing their businesses from the grant as well as from associated mentoring and business coaching.”
“The success of last year’s competition demonstrates the incredible entrepreneurial spirit in Bermuda and we’re excited to continue this initiative as an annual event,” said Darryl Herrick, President of Global Atlantic Re and Co-Head of Reinsurance. “We’ve also entered into a 10-year partnership agreement with BEDC to continue our collaboration to make a positive impact on local businesses and the economy.”
“The collaboration between Global Atlantic and the BEDC exemplifies the kind of public-private partnership that drives economic progress in Bermuda. The Wave of Opportunity Pitch Competition is a prime example of how targeted investments and support can spur innovation, create jobs, and stimulate growth in our local economy. This initiative is a testament to our commitment to nurturing homegrown talent and providing the necessary tools for entrepreneurs to thrive. We commend Global Atlantic for their increased investment and look forward to seeing the continued positive outcomes of this initiative,” said Jason Hayward, Minister of Economy & Labour.
The application page notes:
The pitch competition will have the outcome of awarding five entrepreneurs up to $25,000 each, as follows:
- 3 Local Industry Innovators: Three companies, regardless of industry, showcasing solutions with local and global impact. Entrepreneurs that have solutions that address education and mental health are encouraged to apply.
- 1 Youth Entrepreneur: Targeting entrepreneurs aged 16 to 25, encouraging the next generation to present their groundbreaking ideas.
- 1 People’s Choice: An audience-selected award, emphasizing community engagement and support.
The Global Atlantic Re foundation will award a total of five grants in the amount of up to $25,000 each to winners in the stated categories.
