The Tribune

DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT, Grand Bahama — Deputy Prime Minister and Minister of Tourism Chester Cooper announced on Friday that a $3 million Business Innovation Centre is being developed at the former Royal Palm Resort site on East Mall Drive.

The 24,000-square-foot structure, once owned by the late businessman Mario Donato, had deteriorated following hurricane damage and is currently undergoing demolition.

The project is being led by the Tourism Development Corporation (TDC) in partnership with the Ministry for Grand Bahama and is part of a broader initiative funded by a $10 million loan from the Saudi Fund for Development.

Mr Cooper said the Grand Bahama center is among the first of three innovation centers to be developed in The Bahamas, with others planned for New Providence and Exuma. Future centers are also expected on Abaco, Cat Island, and Eleuthera.

Mr Cooper, along with Minister for Grand Bahama Ginger Moxey and TDC CEO Ian Ferguson, toured the site on Friday.

“We have embarked upon building incubation centers across the island of the Bahamas,” Mr Cooper said. 

“We have a pilot programme on Bay Street where we are building another incubation center, and we have started the process of building one in the island of Exuma.”

Local contractor STS has been engaged to carry out the demolition works in Freeport. Mr Cooper said once demolition is completed, construction will begin immediately. The center will house more than 30 small businesses on a rent-free basis for a limited time, as well as a restaurant and meeting spaces. The Ministry of Tourism's Grand Bahama office will also be relocated there.

“This is perhaps going to be one of the larger innovation centers. We anticipate we will have at least 35 small businesses in this space,” he said. “The development in Nassau will be on Bay Street and we anticipate it would be around about the same size.”

Mr Cooper confirmed that the $3 million cost includes the acquisition of the building, though he noted that a private developer had purchased the site. While he declined to identify the developer, he emphasized that the project is a public-private partnership.

“This is a public-private partnership and therefore we are going to have an arrangement with the developer to ensure that the project is developed. We are partly responsible for the overall development, the developer is responsible, and therefore you will see it completed in the shortest possible time,” he said. “We will release that information in due course.”

Mr Cooper said that the government had been searching for a suitable facility in Grand Bahama to launch such a center. He described the project as a model for innovation centers nationwide.

“We thought this was a magnificent opportunity. An incubation center is the place where small and medium-size businesses can incubate and grow,” he said.

He explained that the goal is to remove some of the barriers to entrepreneurship, such as lack of funding, technical support, and general capacity.

“So in fact what we will have here are spaces where small businesses can have a rent-free space for a limited period of time, and we hope that they will grow and outgrow the space and thereafter move on to their own storefront,” he said. “The reality of what we find today is that rent is a big component, and if we can give the entrepreneur a head start that will help them to be more successful faster.”

In addition to physical space, the TDC and its partners will provide technical support and mentoring programs for entrepreneurs.

Minister for Grand Bahama Ginger Moxey said the Innovate 242 Incubator will serve two purposes: a creative business center and a center for sustainability.

“With the business center, we want to have a one-stop shop for small businesses from concept to launch,” she said.

She added that agencies such as the Small Business Development Centre (SBDC), COLLAB from the Ministry for Grand Bahama, the Department of Inland Revenue, and the Grand Bahama Port Authority will all have a presence at the centre.

Ms Moxey also said the Centre for Sustainability will involve international partners and major companies sponsoring various rooms. A Young Innovators Club will also be launched to engage youth in business development.

TDC CEO Ian Ferguson said the center fills a long-standing gap in the entrepreneurial ecosystem of the country. He said that for the past two years, the TDC has been focused on product development, business growth initiatives, and building linkages.

The decision to establish innovation centers, he said, was based on research and pilot programs, including one launched in New Providence. Lessons learned from studying global models have informed their strategy for the Grand Bahama, Exuma, and Nassau centers.

Mr Ferguson also announced other upcoming initiatives, including the launch of a food truck park in downtown Nassau as part of an effort to revitalize the eastern corridor. Additional parks are planned for Grand Bahama and other islands. A street musician programme is also in the pipeline to enhance the sensory experience for both locals and visitors.

The TDC’s Venture Pitch competition is another effort to empower entrepreneurs, providing grants of up to $10,000 to Bahamians across the islands. Upcoming pitch events are scheduled for Eleuthera, Cat Island, and Andros.

Additionally, the TDC hosts MSME-focused training webinars every three weeks, which regularly attract more than 500 participants throughout the country.