Gender Equitable Finance & Accelerator Program
In an effort to accelerate gender equality and women’s empowerment in Bermuda, the Ministry of Youth, Social Development and Seniors, Bermuda Economic Development Corporation [BEDC], United Nations Development Programme Jamaica Multi-Country Office [UNDP] and UN Women have launched Rise & Scale: Bermuda Business Accelerator under the Building Back Equal program and is inviting women, youth or persons living with disabilities owning a business to apply for the fall cohort which will run from September 19 – October 17, 2024.
A Government spokesperson said, “This groundbreaking joint program, developed by accelerator partner Founder Institute, is designed to break down the exclusions for entrepreneurs experiencing both social inclusion gaps and financial gaps by connecting them to global founders networks and investors.
“The Joint Sustainable Development Goals [SDG] Programme “Building Back Equal through Innovative Financing for Gender Equality and Women’s Empowerment for the Bahamas and Bermuda,” aims to provide innovative financing solutions for entrepreneurs who have historically faced barriers such as limited access to capital, unpaid care burdens, and digital exclusion. In Bermuda, the program will directly benefit 20 businesses through capacity building, mentorship, and access to international investment networks.
“The Rise & Scale: Bermuda Business Accelerator program is accepting applications until September 15th and will include mentorship from dozens of experienced entrepreneurs from across Bermuda, The Bahamas, and around the world. The 5-week intense accelerator program will be hosted virtually from Silicon Valley and culminate with a live pitch forum hosted in Hamilton that will be streamed globally on Thursday, October 17th, 2024.
“Founders in the program will have a platform to showcase their business to international investors from angels to venture capitalists from across the Founder Institute global investor network. Following the program, the successful businesses will also have access to the Founder Institute mentorship network of 35,000+ global investors, founders, and global ecosystem partners.
“The Bermuda Business Accelerator will be implemented in collaboration with the BEDC and Founder Institute to deliver key elements such as business development, mentorship, and impact measurement. The program will also embed leadership and equity financing preparation into its curriculum to ensure businesses not only survive but thrive in a post-COVID world. “This program comes at a critical time as we work to foster an inclusive entrepreneurial ecosystem that leaves no one behind,” said Jamaro Marville, Programme Analyst at UNDP. “We are working with key stakeholders to ensure that high potential businesses in Bermuda gain access to the knowledge, resources, and networks they need to succeed. The lessons learned here will pave the way for other Small Island Developing States [SIDS] to implement similar solutions for equality.”
“The Bermuda Economic Development Corporation [BEDC] will play a key role in the delivery of the accelerator program. Executive Director of BEDC, Erica Smith, emphasized the significance of this initiative. “Overseeing the development of over 6,000 small and medium-sized businesses, we recognize the immense talent that exists with Bermudan entrepreneurs. Through this collaboration with UNDP, we will strengthen their ability to compete on a global scale, equipping them with the financial tools and business acumen they need to be resilient.”
“As part of the accelerator, participants will undergo a five-week capacity-building program that includes leadership development, automation in customer acquisition, and brand building. Local and international experts will provide mentorship, helping businesses access new markets and investors.
“Bermuda will serve as a case study on how impact investing can strengthen new industries, such as creative and cultural industries and sustainable tourism, which are pivotal for economic recovery.
“The accelerator will be managed by Founder Institute Jamaica Co-Directors Wayne Beecher and Taneallea Feddis who echoed the long-term vision of the project. According to Feddis, “This initiative is setting the foundation for future economic resilience. We are ensuring that founders like female entrepreneurs, who have been historically marginalized, can now step into leadership roles within Bermuda’s innovation and entrepreneurship ecosystems.”
“The Founder Institute is the world’s most proven network to turn ideas into fundable startups, and startups into global businesses. Since 2009, their structured accelerator programs have helped over 7,000 entrepreneurs raise over $1.8BN in funding.
“With this collaboration between UN agencies and Bermuda’s key economic players, the GEFAP is poised to become a model of how gender-focused financial innovation can transform economies while building a sustainable and equal future.
“For more information on the Gender Equitable Finance & Accelerator Programme and how to get involved, visit the following application link: https://fi.co/undp
“A virtual information session will be hosted for the program at Noon on Wednesday, September 11th, 2024. Here is an event link: https://fi.co/undp
“The program application deadline is at Midnight on Sunday, September 15, 2024. Here is an application link: https://fi.co/undp”
“For more information, contact the Ministry of Youth, Social Development and Seniors at [441] 444-0275.”
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