Global Atlantic Re has tripled its support of the Bermuda Economic Development Corporation’s annual pitch competition to $3 million.

The Wave of Opportunity Pitch Competition gives emerging local entrepreneurs the chance to pitch their business ideas in several categories and win $25,000 towards their business project.

“We have enjoyed our relationship with our great partners at the BEDC so much that we have extended our partnership into a ten-year partnership agreement,” the firm’s president, and co-head of reinsurance Darryl Herrick said today. “We look forward to continuing to collaborate to make a real positive impact here in Bermuda.”

Global Atlantic will provide a $125,000 small business accelerator grant to winning entrepreneurs supporting job creation and revenue growth on the island.

At a press conference at BEDC headquarters in Hamilton, Jason Hayward, the Minister of Labour and Economy said the partnership between Global Atlantic Re and the BEDC had grown the pitch competition from biennial to annual.

“Last year's competition showcased the incredible potential of our local entrepreneurs with five entrepreneurs receiving $25,000 grants, enabling them to expand and scale their businesses significantly,” Mr Hayward said.

Last year’s People’s Choice category winner, Gavin Carter, of Gavin’s Butter, said: “This entrepreneurship thing is very, very hard.”

He told The Royal Gazette that his four years of entrepreneurship were actually harder than the 28 years he has spent as a firefighter.

Mr Carter said winning the competition last October made a big difference for him.

“I was mixing all my butters by hand,” he said. “Winning the competition allowed us to purchase 20-quart, 10-quart and 8-quart commercial mixing machines.”

His advice to emerging entrepreneurs was to invest in hard work and dig into the entrepreneurship programmes the BEDC offers.

“Keep your appointments,” he said. “Don’t be afraid to put yourself out there.”

BEDC executive director Erica Smith, said the pitch competition is a vital platform for fostering innovation and entrepreneurship in Bermuda.

“By partnering with Global Atlantic, we are able to provide aspiring entrepreneurs with the resources and support they need to turn their ideas into successful businesses,” Ms Smith said. “This initiative not only empowers individuals, but also contributes to the overall economic growth and development of our community. We are thrilled to see the positive impact this competition is already having and look forward to its continued success.”

The BEDC said last year’s inaugural event produced five winners who have already made significant strides.

Tia Crockwell, of OnSight Optometry, used her grant to purchase a retinal camera for disease screening.

Vida Fusions, led by Davida O’Brien, has been perfecting ready-to-drink mocktail recipes with taste-testing assistance from employees of both Global Atlantic and BEDC.

The other winners, Mr Carter of Gavin’s Butter, Kisha Tyrrell of Enzuri Beauty and Wellness and Sabriuna Wilkinson of Nurture Laiche – have also been growing their businesses and taking advantage of mentorship opportunities at the BEDC.

“The success of last year’s competition demonstrates the incredible entrepreneurial spirit in Bermuda and we are excited to continue this initiative as an annual event,” Mr Herrick said.