A new cohort of future leaders begin a “summer business camp” on Monday, designed to develop a new wave of entrepreneurs.

There have already been 56 graduates of the Summer Student Entrepreneur Programme, now in its seventh year, an eight-week programme designed to develop commercial and organisational savvy.

The Bermuda Small Business Development programme now includes would-be business people barely in their teens.

With a small class of up to ten a year, the 2024 cohort features participants aged 13 to 23, who will learn practical business skills that include revenue earning, business plan creation and how to conduct a SWOT analysis.

SWOT is a management framework and diagnostic tool, a strategic planning technique that provides assessments, leading to fact-based analysis, fresh perspectives and new ideas.

The process is designed to identify the main strengths, weaknesses, opportunities and threats for a business.

SSEP Programme co-ordinator Deshun Simmons, the BEDC assistant communication and development officer, said nearly all the students say that entrepreneurship was an early interest, even though many are busy with school.

The programme previously took its youngest applicants at 16, but the BEDC discovered the entrepreneurial spirit was alive at a younger age and felt compelled to make accommodation.

Mr Simmons said: “We started to see kids as young as 13 who had an entrepreneurial mindset — younger students who had the attitude and aptitude for entrepreneurship, but for which there was no outlet.

“We made the shift so they would not be dissuaded. If you tell people wait and come back in three years, you have no idea what will happen in the interim period.

“It’s been great to see how so many of them have done well.”

Jason Hayward, the Minister of Economy and Labour, said the programme for young people was teaching them practical business skills and providing opportunities to grow their businesses.

He said: “Our [Micro, Small, and Medium-Sized Enterprises] are not only the lifeblood of our economy, but also the catalysts for positive change in our society.

“With the BEDC and the Government's continued support, we will build a vibrant and thriving entrepreneurial ecosystem in Bermuda.”

All students are promised quality educational training, resources and support to launch, grow and sustain their own enterprises.

Those who registered before the deadline last month begin education and training sessions every weekday morning next week, and collect a weekly financial stipend and start-up funds to get their businesses off the ground.

They earn money and win prizes, selling their own products and services. The three participants with the most profit will earn additional financial rewards.

Participants are required to attend the public launch event July 18 at City Hall and the ending ceremony on August 23.