Tourism Development Corporation Hosts 50/50 Venture Pitch Competition
The Tourism Development Corporation (TDC) of The Bahamas recently hosted its 2024 50/50 Venture Pitch Competition in Grand Bahama, where nine finalists vied for top prize.
Competition Overview
The competition was held on Thursday, July 25, 2024, at the Grand Lucayan Convention Centre. Fifty budding entrepreneurs from New Providence, Grand Bahama, Exuma, and Abaco were selected to participate in an intense small business training program designed to develop and strengthen entrepreneurial skillsets over the course of a five-week period before a select group was chosen to make their pitch.
Acting Prime Minister’s Remarks
Acting Prime Minister, the Hon. Chester Cooper, revealed that the government will lend its support to all of the participants. He likened the competition to the Bahamian version of Shark Tank, stating, "What we need now is to unleash the genius of Bahamians across the country to create. Where there are great ideas; where there are ideas that can be profitable. Where there is a home-based business that can become a small business and a small business that become medium-size business and a medium-size that become regional. Where they exist, money will follow."
Finalists
Participating from Grand Bahama were Bridget Davis; Misty Johnson; Jordy Knowles; Krishona Minnis; Shanelle Taylor; Ostia Thomas, and Taria Lundy. Competing from Abaco were Monica Cook and Shillano Carter. The finalists in the north pulled out all the stops for a chance at the first-place $10,000 award, pitching business adventures from bird watching to guided tours to electric scooters and electric surfboarding.
Government’s Commitment
Acting Prime Minister Cooper noted that the government’s blueprint for change outlines its commitment to empowering Bahamians and creating linkages to tourism. He stated, "This evening, as you have already heard, we’re giving away $24,000. Ten thousand to the winner; $8,000 to the person who comes second place and $6,000 for the third-place finisher." He emphasized that this is possible because of the vision of the administration to ensure proper funding for small business development.
TDC Funding
The TDC is now empowered to automatically receive funding and is entitled to receive $2 for every passenger visiting The Bahamas. An estimated 12 million visitors are projected to travel to The Bahamas. "That means that in the Tourism Development Fund, from the Tourism Development levy we are estimated to have $24 million that we are going to allocate directly to small business development. We want small businesses. We want big businesses to become regional businesses and we want Bahamians to own the tourism industry," he said.
Winner and Prizes
In the end, Thomas emerged the overall winner with $10,000 for her Freeport Guide and Glide concept; Lundy took second place with $8,000 and Minnis placed third and was awarded $6,000. A cash prize of $5,000 will also be awarded to Knowles for fourth place and $4,000 to Taylor for her fifth-place finish.
Conclusion
The TDC’s 50/50 Venture Pitch Competition is a testament to the government’s commitment to empowering Bahamians and creating linkages to tourism. The competition provides a platform for entrepreneurs to showcase their innovative ideas and receive funding to bring their business ventures to life.
FAQs
- What is the TDC’s 50/50 Venture Pitch Competition?
The TDC’s 50/50 Venture Pitch Competition is an annual competition that provides a platform for entrepreneurs to showcase their innovative ideas and receive funding to bring their business ventures to life. - Who can participate in the competition?
Fifty budding entrepreneurs from New Providence, Grand Bahama, Exuma, and Abaco are selected to participate in the competition. - What is the prize for the winner?
The winner receives $10,000, and the runner-up receives $8,000.