The StreetWise “MBA” programme that helps established entrepreneurs strength and scale their businesses is now being managed on the island by the Bermuda Economic Development Corporation.

The programme had been run through Bermuda College’s Pace programme since 2015. However a two-year licensing agreement has been signed between the BEDC and US-based Interise to offer the StreetWise ‘MBA’ programme.

Bermuda is one of 80 locations throughout North America and the Caribbean to offer the award-winning programme to business owners looking to strengthen and scale their organisations.

StreetWise ‘MBA’ was established in 2004 and utilises a curriculum and a facilitated peer-learning method to provide small and medium-business owners with business knowledge, management knowhow and connections needed to grow.

Jamillah Lodge, the BEDC’s acting micro, small and medium enterprise officer, said acquiring the licence is a big deal “in terms of the way it will be marketed and the additional support we can provide as a local hub for all things small business”.

She added: “We believe this programme will add value to the other multi-week courses we offer and allow us to better support entrepreneurs from the ideation stage through to validation and growth, so they can meet their full business potential.

“Overall, we are excited about the opportunity to bring StreetWise ‘MBA’ in house with full-on support from myself and our director of finance, data, and administration Ray Jones, who was trained as a new facilitator this past March.”

Jean Horstman, Interise chief executive officer, said: “Interise is excited to be partnering with the BEDC, and to be able to continue to contribute to the economic health of the country. We have seen the dedication that Bermudan business owners bring to their businesses and are humbled to be part of supporting their continued growth.”

The next cohort for the programme begins on August 20. Held through 13 sessions over five months, at the end of the course the aim is for participants to walk away with a customised Strategic Growth Action Plan, showing them necessary steps required to achieve their business goals.

Erica Smith, BEDC’s executive director, said bringing the programme in house is a natural fit. She added: “It took some advocating and negotiating to move the course to BEDC, but I am very pleased to see how Bermuda’s entrepreneurs will benefit from our wealth of tools, resources and expert knowledge.

“We have also worked hard to bring the cost of the programme down, reducing financial barriers to entry, and hope this will make it as affordable and accessible as possible for participants.”

In order to be eligible for StreetWise “MBA”, candidates must have been in business for over three years, have at least one full-time employee besides the owner and earn a gross annual revenue of less than $5 million.

Ray Jones, BEDC’s finance director, believes the programme is best suited for those who are beyond the validating stage of business and whom have reached the point of stability in their company through regular revenue streams.

He said: “We are looking for business owners whom have already reached moderate growth, who are thinking of how they can take their operations to the next level. This is the ideal course for them, not only because of the calibre of the course materials, but due to the peer-to-peer learning model, which allows them to liaise with other CEOs in local business.”

Interested participants have between now and August 10 to apply for the next programme, which if accepted, costs $750. For more information or to apply, call 292-5570 or e-mail info@bedc.bm