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Enterprise Bermuda Incubator

Application to the Enterprise Bermuda Incubator

Application to the Enterprise Bermuda Incubator

The Bermuda Economic Development Corporation (BEDC) is now accepting applications for the next cohort of the Enterprise Bermuda Incubator (EBI) starting in January 2020. This is an opportunity for entrepreneur’s and start-up businesses to apply for space, the help of advisors and resources within BEDC to help start up and solidify their new business. Applicants must complete this application in its entirety to be considered for acceptance as a participant in the Incubator by BEDC. All applicants will be interviewed by the BEDC Incubator Committee and given an opportunity to discuss their business further. Acceptance and participation are afforded at the sole and absolute discretion of BEDC.

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.

Please fill out the following application if you are interested in learning more about membership in EBI. All fields marked with an asterisk are required.

Enterprise Bermuda Incubator Application

  • Applicant:

  • Business Partner(s) (if applicable)

  • Name of Business Partner 1 (if applicable)
  • Name of Business Partner 2 (if applicable)
  • Name of Business Partner 3 (if applicable)
  • Business:

  • Date Format: MM slash DD slash YYYY
  • Drop files here or
  • Business Description:

  • Discuss potential intellectual property
  • Estimate the number of potential customers and/or market size and growth
  • Discuss your sources of revenue
  • Enter an estimate of your business start-up costs
  • Discuss how you plan to reach your financial goals
  • Entrepreneur Readiness:

  • Discuss your current business skills
  • Discuss skills needed to be acquired
  • Personal Statement:

    Maximum 250 words covering the following:
  • 1. Why you want to join the Enterprise Incubator 2. Why you think your business will be successful 3. Any other information you think will be beneficial or noteworthy to know about you/your business.
  • Maximum 1-minute video describing why you should be accepted as an incubator
  • You can upload your video to YouTube and send us the private link here.
  • Video must be less than 200MB
  • Other

Deadline for entry is January 10th, 2020

Disclaimer: This information will only be used for interviewing purposes and if not successful will be deleted. If selected, you agree to allow use of your video and or photos as it relates to the promotion of the Enterprise Incubator.