Ignite Bermuda, the island’s privately funded entrepreneurial accelerator, recently celebrated its fourth anniversary, hosting a party as it officially launched a new co-lab and digital studio.

The co-lab is a heavily-subsidised, low-cost office and event space created to support and engage Ignite’s graduates after they complete the programme.

Run by a committee of Ignite alumni, it features co-working areas, cubicles, offices, an event space, a boardroom sponsored by Butterfield Bank, as well as a fully-equipped digital studio, sponsored by One Communications.

The studio provides full podcast, video and audio recording facilities in a professionally soundproofed room.

As the need for video content and professional production grows, Ignite said the studio is seen as a critical addition to the co-lab services. It is available to all entrepreneurs and charities at a heavily discounted price.

The co-lab space has been upgraded with the latest technology in terms of digital interactive facilities in the new Innovation Centre.

This enables presentations, Zoom meetings and the ability to interact with a digital whiteboard.

Georgia Rego, of Ignite, led the co-lab project with a co-operative board of entrepreneurs and community leaders in what is now a showcase of collaboration, the organisation said.

Party guests toured the Hub space to view an exhibit featuring a timeline of past cohorts. This was followed by a visit to the co-lab, digital studio and Innovation Centre.

Ignite cofounder Neil Patterson said: “We believe in the power of entrepreneurship to create positive change in Bermuda. That's why we were thrilled to open Ignite four years ago.

“Our goal was to provide the resources and support needed to help start-ups grow and succeed while fostering a collaborative community of innovators.

“Over the past four years, over 400 entrepreneurs have entered our doors. We have a success rate of 75 per cent – we have developed a network of over 60 mentors and established an angel investor network through our sister company, Bermuda Investor Community Limited.”

He added: “Today, we officially launch our co-lab for entrepreneurs who have graduated from our programme.

“We can't wait to see what great ideas and solutions will emerge from the co-lab and digital studio. Thank you to our donors and sponsors for making it possible."

Ignite’s accelerator programme began in May 2019 with a cohort of 17 entrepreneurial leaders, supporting them through free expert-led workshops, one-to-one coaching, mentorship, and access to the Ignite Hub, a collaborative workspace centrally located in Hamilton.

The organisation’s cohorts now comprise more than 300 businesses, which have grown the Ignite community to more than 400 entrepreneurial and community leaders.

An Ignite spokeswoman said: “We want to thank One Communications, Butterfield Bank, Clarien Bank, KPMG, and Argus for keeping the spark alive.

“We also want to thank our private donors and sponsors for helping us build and maintain a safe space for entrepreneurs to thrive.

“The future for entrepreneurship in Bermuda is bright, and we encourage those in our 400-strong ecosystem to continue to support our entrepreneurial efforts.

“We know that Bermuda will continue to benefit from having knowledgeable, confident, and business-savvy entrepreneurs leading the way ahead.”