The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT – Grand Bahama businessman Elbert Hepburn has introduced a $100,000 ‘Power Five Challenge’, in an effort to help entrepreneurs start their own businesses on Grand Bahama.

Mr Hepburn, chief executive of Elnet Maritime Company, will give away $20,000 in cash to five budding entrepreneurs who have innovative ideas and plans that can be turned into a successful business.

Elnet Empowerment Foundation, the creators of the Power Five Challenge, held an official launch on Sunday evening at Pelican Bay Resort. The challenge will run for four months.

Mr Hepburn said the idea for such a challenge came to him in October.

“I woke up one morning and told my wife that I had an idea about bringing a challenge to Freeport to help young entrepreneurs to form companies, because I remember some of the challenges I had in my earlier years as a young businessman,” he said.

Mr Hepburn, who started and formed his own company in 2008 to provide agency services to principals with vessels calling at ports throughout the Bahamas, believes young people are just not being given the opportunities they deserve to start their own businesses.

“This challenge can do more than help young business persons financially; it will empower them and assist them by helping them not to make the kind of mistakes many young people make (when) trying to open a business,” he added.

Persons between ages 20-35 may submit their business plan to Elnet Empowerment Foundation, which will select 25 finalists to compete in the challenge.

During the challenge, participants will attend workshops and seminars on business, finances and legal guidance. They will also be assigned mentors throughout the four-month period.

The finalists will have to design a logo and present their business plan to a panel of judges, who will determine the best five.

Mr Hepburn said the five winners will be announced in May, and each will receive $20,000 as start up capital for their respective companies.

There has been an overwhelming response to the challenge, said Mr Hepburn, who reported that it has already received well over 60 applications