The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

THE Grand Bahama Port Authority’s (GBPA) introduction of a business diversity waiver (BDW) is expected to increase innovation and diversity within the small business sector in downtown Freeport.

GBPA executives are excited about the BDW initiative as well as its upcoming training workshop next month for small and medium-sized enterprises (SMEs).

“Whilst the economy is making small but steady progress, increased diversity and innovation within the city’s small business sector would definitely add value for residents and to the local economic landscape,” said GBPA President Ian Rolle yesterday.

In addition, the company is preparing for the Business Innovation and e-Commerce Workshop. Both the waiver and workshop are initiatives by the Invest Grand Bahama Small Business Bureau (IGBSBB), to encourage increased business diversity and innovation, which is presently lacking.

Mr Rolle explained that one important measure being taken is to incentivise entrepreneurs thinking outside the box, with a one-year GBPA licence fee waiver when they launch their creative business ideas within the downtown area.

While the downtown area will serve as the launch pad for their pilot initiative, he said the GBPA is hopeful that the results would translate into more variety and options for locals as well as visitors, with regard to customer experiences in shopping, dining, and entertainment, etc.

GBPA’s Business Innovation and e-Commerce Workshop is set for June 8 at the Grand Lucayan Resort, and will feature international headliners such as SHOPIFY.

Derek Newbold, senior manager of business development, said that all elements of the upcoming workshop will support the new BDW.

“We all know the traditional business concepts; in fact they currently hold the majority share of the local economy, for example retail clothing stores, liquor stores, salons, beauty supplies stores, and the like,” Mr Newbold said.

“While these business types continue to be necessary within the community, we want to encourage entrepreneurs to be creative and think innovatively.

“By this, I am referring to adding value in a new way; perhaps within some of the traditional business concepts by way of enhanced customer experiences, technology integration, etc. It’s time to break the traditional mould,” he said.

Port executives believe that the creation of a rich and diverse SME sector is a key component in moving the local economy forward.

The BDW initiative will provide attendees with valuable information, as well as deliver the relevant, practical and engaging content, participants of previous events have come to expect, Mr Rolle said.