The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Grand Bahama Port Authority (GBPA) says it has forged a partnership with the ArawakX crowdfunding platform that will help give the island’s entrepreneurs better access to capital.

Derek Newbold, the GBPA’s senior manager of business development, met with ArawakX’s in mid-October to seal the tie-up, which is designed to help start-ups seeking to launch or established companies aiming to expand by matching them to investors who can provide the necessary capital.

“We are excited about our partnership with ArawakX,” Mr Newbold said. “The services they provide are critical to launching a successful operation, essentially helping to package businesses as viable investment options for local and international funding through crowdfunding.

“We believe this collaboration can unlock opportunities for our licensees and provide wealth creation for Bahamians. Many businesses are regrouping in a COVID-19 era and rebounding from nationwide emergency orders and lockdowns.

“Not only will this collaboration connect promising projects with much-needed capital, but also it will effectively prepare entrepreneurs to pitch and sell the business opportunity to potential investors.”

ArawakX is an equity crowdfunding platform that has supported the initial public offerings (IPOs) of several Bahamian companies, bringing them to the local and regional marketplace.

“In the first three months, we launched three quality companies in New Providence, and we’re excited to be able to work with the GBPA to launch quality companies in Grand Bahama,” said D’Arcy Rahming Jr., ArawakX’s chief technology officer. “This agreement is a meaningful first step to that goal.”

Ian Rolle, the GBPA’s president, said access to traditional forms of capital has been the largest impediment for entrepreneurs starting or scaling a business of all sizes. “The GBPA has been a vocal proponent of alternative funding methods for years,” he added.

“Through our events and business support initiatives, we have worked to bring awareness of crowdfunding as an alternative form of securing capital. There is still a way to go in making access to capital less challenging, but this is a great start.

“We see our partnership with ArawakX as a tremendous opportunity for existing and future GBPA licensees,” Mr Rolle added. “Through various support networks, they manage and prepare businesses as investor-ready projects for both the local and international market, depending on the type of business and our national investment policy. We’re pleased to support an initiative such as this.”