Thank you, Erica, for the kind introduction.
Executive Director, Ms. Erica Smith, Chairman, MP Jamahl Simmons, BEDC Staff and ladies and gentlemen.
Good afternoon.
On behalf of the Bermuda Government, it is a pleasure to be with you to confirm the selection of a vendor for the Virtual Market.
In the PLP Throne Speech 2018 this Government indicated that: “…as technology plays a greater role in Bermuda’s future, the Bermuda Economic Development Corporation (BEDC) must evolve to provide support to entrepreneurs who are looking to build technology-based businesses.
The Bermuda Economic Development Act will be modernised to enable the BEDC to provide on-demand virtual markets for local entrepreneurs, providing an additional avenue for home-based businesses to thrive.”
Since that time the entire country has been affected by the COVID-19 Global Pandemic, which allowed us to further see the need for online solutions for local entrepreneurs on the Island.
As you know the BEDC’s mandate is to actively assist the development of a strong, well-managed and prosperous small business sector in Bermuda. The operative word in this sentence is “actively”.
Synonyms for this word include, aggressively, vigorously, energetically. These words are indicative of how I encourage the BEDC to address many of the barriers that entrepreneurs face on the Island.
In several meetings with the BEDC team and other stakeholders, including local entrepreneurs other businesses in the technology field and industry experts, it became apparent that a barrier to businesses operating online was the cost to get online and the difficulty opening a merchant account with one of the Banks, which is a requirement to be able to transact locally online.
I charged the BEDC with identifying a solution to address and remove these barriers and creating a Government supported Virtual Market is one way to do this.
With a Virtual Market the opportunity exists to promote economic development in Bermuda by providing small businesses with access to an online platform that will allow them to sell their goods and services.
In addition, to provide an alternative solution to businesses needing to establish their own payment processing solution.
I would like to thank the BEDC team for taking on this charge. I know that with COVID-19 and a disruption of normal entrepreneurial activity this project was put on hold so that the BEDC could focus on providing the much needed financial support that so many businesses needed over the last six months.
Although the BEDC continues to process requests for financial support, due to the Island reopening and the slow transition to getting back to business, it has allowed the BEDC to re-focus on this pressing need.
Today, the BEDC will share the name of the Vendor that has been selected to work with them on building the Virtual Market and I am looking forward to seeing the results of this new partnership.
This project is a further example of the actioning of the BEDC mission to “grow new and existing Bermuda businesses”.
Entrepreneurship, globally, is considered a tool of economic empowerment. In Bermuda, we can see the evidence of this in the development of new business and new job creation. We also recognize that being able to conduct business online creates opportunities for business to scale and grow beyond Bermuda’s 21 square miles.
This Government will continue to support the development of a vibrant and thriving entrepreneurial ecosystem in Bermuda through the BEDC.
I will now turn it over to BEDC, Chairman of the Board, Jamahl Simmons so he can share with you the name of the selected vendor and the proposed plans hereafter.
Thank you.