The Bermuda Economic Development Corporation is to launch the Enterprise Bermuda Accelerator, an intensive programme designed to help small and medium sized business owners to scale their businesses.

The BEDC said the new programme will employ the award-winning StreetWise MBA curriculum developed by Boston-based organisation Interise, and a facilitated peer-learning method, providing entrepreneurs with hands-on training, networking and industry support.

The programme is open to business owners who have been in business for more than three years, have at least one full-time employee besides the owner and earn gross annual revenue between $100,000 and $5 million.

Enrolment is restricted to 15 successful applicants.

The BEDC said the programme has a $25,000 value, but is being fully subsidised by the organisation, making it free for participants.

The BEDC said: “Small and medium businesses are a necessary part of the economic landscape in Bermuda and are key to ensuring that the country rebuilds a strong economy. However, these companies have suffered as a result of Covid-19 and as a result growth has slowed.

“During the seven-month period, participants will receive tools to help advance their business acumen, financial management, marketing and sales strategies, human resource tactics, business strategy development and strategies to access capital and develop contracts.”

Jamillah Lodge, director of communications and development at the BEDC, said: “The Enterprise Bermuda Accelerator programme is great for business owners who are interested in taking their businesses to the next level.

“Supporting businesses that are ready to scale is going to be key in helping to boost economic recovery in Bermuda. We know that we are investing into the local business infrastructure by providing this much needed support to the local business community so they can meet their full business potential.”

The BEDC said it has partnered with the private sector to provide successful applicants with access to top industry experts to help deliver the curriculum and establish broader networking opportunities.

Darrell Byers, chief executive officer of Interise, said: “For the past three years, we have been proud to partner with the BEDC to bring the networks, knowledge, and know-how of our programming to the business community.

“But this year is different. Like the rest of the world, small businesses have disproportionately suffered throughout the pandemic. So now more than ever, it is imperative to support small businesses in their recovery. Small business recovery directly affects local job and wealth creation and therefore, affects the overall economic recovery.”

Streetwise facilitator Tee Ogunyemi said: “This course is perfect for business owners who 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.”

The programme is to start November 8, and will run biweekly on Mondays for 13 sessions over seven months.

The BEDC said interested business owners can apply online at https://programs.interise.org/bedc/#lppom-box-134.

Interested entrepreneurs will be invited to an information session on September 16 to learn more about the programme, meet the facilitator and programme manager and network with previous graduates and business owners who have successfully completed the StreetWise MBA.

Interested participants will have until September 30 to apply for the programme.

For more information or to apply, see www.bedc.bm or e-mail info@bedc.bm.