The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

UNIVERSITY of The Bahamas received a $500,000 grant from the Inter-American Development Bank (IDB) on Friday for the development of the Centre of Entrepreneurship and Innovation at its Grand Bahama campus.

The signing of the technical cooperation agreement was held at the Grand Lucayan’s convention centre, marking a significant partnership for UB.

In attendance were Allyson Maynard-Gibson, chair of UB’s board of trustees, Rodney Smith, UB president and Dr Ian Strachan, president of UB North.

Attending virtually was Daniela Carrera-Marquis, IDB country representative, who brought brief remarks.

She said the contribution further cements IDB’s commitment to drive innovation for improving social, economic, and environmental conditions of the most vulnerable.

Ms Carrera-Marquis said that through the partnership they hope to see a cadre of well-trained technical professionals over the next few months.

“We hope to see more digitally savvy workers; and we want to see linkage with the private sector,” she said.

The IDB representative said they want to see entrepreneurial and innovation support to 500 graduates of the entrepreneurship boot camp, with a 50 percent target to be women.

Mrs Maynard-Gibson said the partnership, created by the half-a-million-dollar grant from IDB and matching commitment from UB, will transform UB-North, Grand Bahama and the country.

“The Centre for Entrepreneurship and Innovation at UB-North will stimulate micro, small and medium-sized business ownership and increase the capacity of Bahamians to soar in the digital realm, ensuring our competitiveness nationally and internationally,” she said.

Mrs Maynard-Gibson said the investment from IDB is important. She thanked IDB and Ms Carrera-Marquis for her leadership.

“I am also grateful for the efforts of our UB-North community in this partnership. I look forward to …UB North becoming the leading regional training centre for innovation, technology, and digital entrepreneurship,” she stated.

Dr Strachan said Friday’s signing is the start of a new chapter in the life of UB North.

“The technical cooperation agreement with the IDB intended to spark innovation and entrepreneurship in Grand Bahama, constitutes a combined million-dollar commitment by our institutions over the next three years to train, coach, and inspire our citizens,” he said.

Dr Strachan said participants will be empowered to confidently start businesses or to expand the reach, versatility, and resilience of their existing businesses by harnessing digital technology.

He said the boot camps, incubators, and courses offered will make available to citizens, at a crucial moment of high unemployment, much needed opportunities to retool, to gain valuable skills that will allow them to become more marketable, more competitive and to be masters of their own fate through entrepreneurship.

Dr Strachan said the skills gap and the lack of diversity are key weaknesses of the Bahamian economy.

“This initiative seeks to tackle these head on,” he explained. By doing so we improve Grand Bahama’s profile as a magnet for future investment.”

He said after the creation of the Centre for Entrepreneurship and Innovation at UB North, a business incubator will be established. After that, programmes in entrepreneurship, computer science, operations management, electrical engineering, civil engineering, mechanical engineering, marine science, environmental science, and sustainable innovation will be created.

Dr Strachan said the goal is to establish UB North as the STEM campus of the university system, drawing students from across the country, the region, and world to centres of academic excellence.

Dr Smith views the partnership with IDB as an essential part of carrying out UB’s mission.

UB, as a national institution, must be open to engaging in meaningful discussions and partnerships with international agencies that help us further our mission, by focusing efforts toward attaining our national development,” he said.

PLP Senator Kirkland Russell said the signing is more than just a special milestone in the history of UB and its northern campus. “It serves to demonstrate the Davis administration’s commitment to lead the nation’s economic transformation, with Grand Bahama as its innovation epicentre, and with the university playing a pivotal role in entrepreneurial development and training,” he said.