The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

An all-woman partnership is seeking to raise $1.8m via the ArawakX crowd funding platform and become “the regional hub” for food processing and export distribution.

Kentisha Ward, co-founder of Grow Bahamas, said she and her business partner, Regina Smith, will use the equity capital obtained from Bahamian investors to create what was described as the “first” US Federal Drug Administration (FDA) regulated and approved food processing facility in this nation and the wider Caribbean.

Grow Bahamas, according to its business plans, will offer itself as a hub and “incubator space” for food producers, manufacturers and artisans to process and scale their enterprises. It will also provide training, and help with the processing, packaging and distribution of their food products.

Ms Ward promised that Grow Lab will be the “first of its kind in this region, and also address the core needs of food security and sustainability. We are thankful to a partner with international universities and agencies, and look forward to extending our network to include additional local and regional supporters”.

Those university partnerships, according to Grow Bahamas’ business plan, include tie-ups with Cornell and Virginia Universities in the US. Ms Ward added: “It is now more important than ever to invest in food sustainability and security.

“Grow is the future of food in The Bahamas. Our vision is one that includes sustainability, food security, employment, business development and access to entrepreneurial opportunities, especially for young Bahamians.”

Ms Smith and Ms Ward are co-owners of Bahamas International Distributors. The former owns Firehouse Spices, while the latter is in charge of Pop Stop.

The Grow Bahamas crowd funding is making available to investors some 109,756 ordinary shares priced at $16 apiece, with the minimum investment requirement pegged at the same amount. The offering, which launched yesterday, is due to close in 90 days on January 30, 2022, and the duo plans to open Grow Bahamas next year.

They are targeting $908,305 in potential revenues during the company’s first year in operation, with some 41 percent of this sum coming through food processing and another 28 percent via the training Grow Bahamas will offer. Revenues are forecast to rise by 55.4 percent over a five-year period to reach $1.412m per annum.

Setting out the rationale for Grow Bahamas’ creation, its business plan said: “Being FDA registered and approved allows our team to effectively navigate the system of export and ensure our members are governed by a recognisable agency when it comes to food production.

“These benefits will allow our clients to lower their start-up risk and minimise costs, making a significant contribution to the local economy. Food entrepreneurs are looking for a space to produce as well as gain the resources to grow their business.

“They require assistance in the development, packaging, labelling and storage of their product for local distribution and export. The quality, safety and food standards must be followed, especially when producing food products for commercial consumption,” it continued.

“Current providers do not offer an internationally regulated production space, nor do they offer a comprehensive system that assists producers from ideation to distribution.”

Ms Smith said Grow Bahamas will “allow food entrepreneurs and culinary professionals a chance to come to a safe space where they can now produce their consumables in a commercial space that allows for export and also safer consumption”.

Already FDA certified, the business will get most of its produce locally - particularly from farmers that have “challenges with food wastage”. Ms Ward added: “We intend to go throughout The Bahamas to some of the main producing islands, and then eventually throughout the Caribbean.”

Ms Smith said: “We are definitely looking at exploring partnerships with other companies, as well as other countries, to allow for that easier export and the ability to do business globally. Our goal is very ambitious, but it’s attainable.

“One of the things that we also want to focus on, too, is we do acknowledge that there are Bahamian businesses and entrepreneurs excelling in this industry and we actually want to invite them to our space to offer training and workshops because we believe in empowering each other.

“So, if you are a baker and you want to teach courses in icing and cake decorations, this is also a space for you to come and also showcase your talent.”