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Enterprise Bermuda Incubator

Enterprise Bermuda Incubator
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Are you a start-up business seeking access to office space and access to resources to help your small business get started or to grow?  Do you have a business idea or have been operating for 3 years or less?  If so, then submit your application to the Enterprise Bermuda Incubator.  This incubator programme started by the Bermuda Economic Development Corporation (BEDC) is a twelve-month incubation programme to support local entrepreneurs and the development of their businesses.

The Enterprise Bermuda Incubator programme focuses on walking participants through an in-depth twelve-month development process, which ensures the entrepreneurs get beyond the idea stage and start to bring their businesses to fruition.

Eight successful applicants will receive assistance with analyzing and refining their business idea, so they can best determine if it will work in – and beyond – the Bermuda market. Participants are provided with:

  • Complimentary access to BEDC’s educational courses and programmes;
  • Free office space with 24 hour access
  • Use of meeting and training facilities
  • An assigned Business Development Officer
  • Access to mentors
  • Access to pro-bono or subsidized services in areas such as marketing, accounting, legal support, and web development
  • International training/learning experience
Applications Now Closed

Application Deadline: Monday, March 15th, 2021

The 2021 cohort will begin on April 1st and end on March 31st 2022.

Successful applicants will be notified via email. If you have any questions or concerns, please contact Jamillah Lodge at [email protected]

ELIGIBILITY

Applicants must be willing adhere to the contents of the Memorandum of Understanding. Click here to view

REQUIREMENTS

Applicants are mandated to participate in programs designed to increase their chances for success. This includes meeting monthly with their BEDC officer and attending entrepreneurial events and training workshops.

ADMISSION CRITERIA

The EBI should be accessible to all startup and current businesses requesting assistance. The mission of the EBI is to support entrepreneurs who demonstrate the greatest chance for business success, growth and adding jobs to the community.

The applicants must meet the following criteria to gain acceptance into the program:

  • Must have a business idea/model that is under 3 years
  • Preferably works full-time in their business
  • Applicant must be between the ages of 18-65
  • Must have a minimum viable product
  • Must be able to utilize the BEDC office space for the full 12 months
  • Must provide a business plan
  • Must agree to credit and background checks
  • Must provide adequate financial forecast for at least twenty-four (24) months
  • Must be a match between the needs of the business and the resources available within the incubator and the community
  • Must not have any legal claims or lawsuits pending against the business
  • Must demonstrate entrepreneurial potential necessary for long term success
  • Must not have any unresolved complaints (Consumer Affairs)
  • Must have personal integrity and a commitment to ethical behavior
  • The business must solve a problem with a need in the market that potential customers are willing and able to pay for
  • Must prove that there is a market for the product
  • Must have the potential to create new jobs, economic benefit to the community and new markets
  • Must be willing to adhere to policies and procedures of the program and facility
  • Must have the potential to scale beyond Bermuda

CONTRACTUAL OBLIGATION

Applicants will be accepted on a yearly (12 month) basis and must demonstrate adequate progress in order to retain their space in the incubator.