Mr. Speaker,
I rise today with immense pleasure to announce a pivotal initiative that underscores this Government's unwavering commitment to fostering economic growth and empowering our people: the development and implementation of a comprehensive National Entrepreneurship Strategy (NES) for Bermuda!
This strategy is not merely a policy document; it is a blueprint for a future where Bermudian businesses can not only survive but truly thrive; creating jobs, driving innovation, and contributing to a more diversified and resilient economy.
We are committed to building an entrepreneurial ecosystem that provides every Bermudian with the opportunity to pursue their business aspirations with confidence and success.
Mr. Speaker,
Crucially, the cornerstone of Bermuda's National Entrepreneurship Strategy will be the globally recognized UN Entrepreneurial Ecosystem Framework. This robust framework provides a holistic and systematic approach to understanding and nurturing the complex interplay of elements essential for a dynamic entrepreneurial landscape.
The UN framework emphasizes several important elements, including but not limited to:
• Supportive Policies and Regulations
• Access to Finance
• Culture
• Human Capital
• Markets
• Infrastructure and Support Services
• Networking and Collaboration
Mr. Speaker,
This comprehensive approach, grounded in the UN framework, ensures that our strategy addresses all facets of the entrepreneurial journey, from idea generation to scaling up.
This initiative is a direct reflection of our commitment, highlighted in the Economic Development Strategy, to prioritise fostering entrepreneurship as a key driver of our economic future. We recognize that small and medium-sized enterprises are the backbone of our economy, and we are dedicated to providing the support they need to flourish.
To ensure the NES is robust, truly reflective of Bermuda's unique needs, and built on the collective wisdom of our community, the Ministry of Economy and Labour, in collaboration with the Bermuda Economic Development Corporation (BEDC), has engaged PricewaterhouseCoopers Advisory Limited (PwC) to support us in its development. PwC’s expertise will be invaluable in guiding this critical process.
Stakeholder engagement is essential in the strategy's development. The Ministry and BEDC are actively seeking input from a diverse array of stakeholders. This will include, but will not be limited to:
• Entrepreneurs;
• Subject Matter Experts;
• Investors;
• Financial Institutions;
• Entrepreneur Support Organisations;
• Government Departments;
• Quangos; and
• Ecosystem Builders.
We will engage with stakeholders using a variety of methods such as surveys, focus groups, collaborative meetings, and individual deep dives. The aim is to gain a comprehensive understanding of the current business landscape, identify barriers to growth, and gather innovative ideas for overcoming these challenges.
Therefore, Mr. Speaker,
I extend a direct invitation to all Bermudians who are key stakeholders in our entrepreneurial ecosystem to participate in this vital process. Your insights are critical as we capture a comprehensive picture of the Island’s current entrepreneurial ecosystem and work to build a robust strategy that will guide the growth of entrepreneurship in Bermuda.
To support the development of Bermuda’s first National Entrepreneurship Strategy, I kindly invite you to complete a brief survey no later than Monday, July 28th, 2025, at 5:00 PM. The survey will be live today.
Information about the survey and the link to complete it can be found on the Bermuda Government’s Bermuda Citizens Forum webpage [https://forum.gov.bm]. This survey should take you no longer than 15 minutes.
Mr. Speaker,
We are confident that by working together, we can unlock Bermuda’s full entrepreneurial potential and build a future of prosperity for all.
Thank you, Mr. Speaker.