The Tribune

By Fay Simmons

jsimmons@tribunemedia.net

Some 51 Bahamian entrepreneurs were yesterday awarded grants of up to $5,000 to help develop their creative ventures and expand the so-called 'orange' economy.

Phyllice Bethel, the Small Business Development Centre's (SBDC) interim deputy executive director, said the grant will help selected micro, small and medium-sized (MSME) businesses from across New Providence and the Family Islands to cover their costs.

She said: “The purpose of the grant is to help micro, small and medium-sized enterprises (MSMEs) cover the costs of intellectual property protection, production equipment, contract manufacturing, raw materials, brand collaterals and/or marketing campaigns. The 51 grant recipients represent the islands of Andros, Abaco, Eleuthera, Grand Bahama and New Providence.”

The initiative, which will last for three years and began in March 2023, is a collaboration between the SBDC, the Bahamas Trade Commission, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and Royal Caribbean Cruise Lines.

Ms Bethel said a survey conducted by the SBDC had revealed some 55 percent of Bahamian SMSEs have no intellectual property protection. She added that the Ministry of Economic Affairs has recently sponsored training sessions to explain how these entrepreneurs can protect their creative ideas and innovations from being stolen or copied by rivals.

She said: “For our kick-off event, the Small Business Development Centre conducted a national survey to confirm how many micro, small and medium-sized enterprises have adequate intellectual property protection. Based on the survey responses we received, 55 percent of MSMEs who sell their products and services in local and international markets have zero…

"No intellectual property protection for their designs, formulas, recipes, prototypes, curricula, templates, recordings etc... The Ministry of Economic Affairs, specifically the Trade Commission unit, recently sponsored four virtual training courses to highlight the importance of intellectual property protection for MSMEs, and to explain the step-by-step registration process for copyrights, patents and trademarks.”

Senator Barry Griffin, deputy chairman of the Bahamas Trade Commission gave opening remarks and heralded the contribution that the creative economy can make to The Bahamas if properly nurtured.

He said: “When we think about the orange economy, we obviously think our people being able to express their thoughts and feelings through art. That's very important. But, often, we do not think about the impact on our economy - the fact that the creative economy and the orange economy can be a true pillar of our national economy if supported and nurtured.

“One of the objectives of the Trade Commission is to work with the orange economy in supporting the nurturing and growth of our creative entrepreneurs, so that we can export The Bahamas to the world. We're a nation of industrious people, creative people. And we see that through expressions on the Internet and in person, every single day. So I'm happy that the Small Business Development Centre has stepped to fill in that gap in support of our creative entrepreneurs."