Bermuda is to develop its first national entrepreneurship strategy.

The Bermuda Economic Development Corporation has invited qualified consultants or consultancy firms to submit proposals regarding the development of the strategy.

The BEDC said the strategy would guide entrepreneurship facilitation and growth in Bermuda, with implementation targeted to begin in the second quarter of next year.

In an advertisement for the RFP, the BEDC said: “Entrepreneurship plays a critical role in fostering job creation, economic growth and social development.

“However, dedicated policy initiatives to encourage and support entrepreneurship in Bermuda remain limited.

“Developing a NES will help identify strengths and weaknesses in Bermuda’s entrepreneurial landscape, mapping opportunities and addressing challenges.

“Public policy is essential for fostering entrepreneurship, requiring a systematic approach to identifying gaps and creating a road map for the future.”

The BEDC said the NES should include, at a minimum, an analysis of Bermuda’s existing entrepreneurial ecosystem and legislative framework; identification of legislative gaps or opportunities for improvement; recommendations for enhancing entrepreneurship education and skills; strategies to facilitate the exchange of technical knowledge and innovation; recommendations to improve financial access for entrepreneurs; and strategies to enhance awareness and networking opportunities.

RFP documents can be downloaded from the BEDC website.