GRAND BAHAMA, The Bahamas — With nine finalists vying for top prize in the Tourism Development Corporation (TDC) of The Bahamas' 2024 50/50 Venture Pitch Competition in Grand Bahama, Acting Prime Minister, the Hon. Chester Cooper revealed that the government will lend its support to all of the participants.

The competition was held on Thursday, July 25, 2024 at the Grand Lucayan Convention Centre. A similar pitch competition was held in New Providence.

Fifty budding entrepreneurs from New Providence, Grand Bahama, Exuma and Abaco were selected to participate in an intense small business training program designed to develop and strengthen entrepreneurial skillsets over the course of a five-week period before a select group was chosen to make their pitch.

Acting Prime Minister Cooper said the competition was the Bahamian version of Shark Tank.

“What we need now is to unleash the genius of Bahamians across the country to create. Where there are great ideas; where there are ideas that can be profitable. Where there is a home-based business that can become a small business and a small business that become medium-size business and a medium-size that become regional. Where they exist, money will follow,” he said.

Participating from Grand Bahama were Bridget Davis; Misty Johnson; Jordy Knowles; Krishona Minnis; Shanelle Taylor; Ostia Thomas and Taria Lundy. Competing from Abaco were Monica Cook and Shillano Carter.

The finalists in the north pulled out all the stops for a chance at the first place $10,000 award, pitching business adventures from bird watching to guided tours to electric scooters and electric surfboarding.

“The Tourism Development Corporation was designed to respond to the needs to ensure that tourism benefits all of our people. We’ve been very fortunate and successful in growing the number of tourist arrivals to our country in 2023 ad this trend is continuing in 2024. So what we see here today is our effort to ensure that we put you in the driver’s seat to ensure that your cash register too goes caching. That’s our objective,” he said.

Acting Prime Minister Cooper noted that the government’s blueprint for change outlines its commitment to empowering Bahamians and creating linkages to tourism and the TDC is doing something to change the perception that there is not enough to see and do.

“This evening, as you have already heard, we’re giving away $24,000. Ten thousand to the winner; $8,000 to the person who comes second place and $6,000 for the third-place finisher,” he revealed.

“This is possible because of the vision of our administration to ensure proper funding for small business development.”

The TDC is now empowered to automatically receive funding and is entitled to receive $2 for every passenger visiting The Bahamas. An estimated 12 million visitors are projected to travel to The Bahamas.

“That means that in the Tourism Development Fund, from the Tourism Development levy we are estimated to have $24 million that we are going to allocate directly to small business development. We want small businesses. We want big businesses to become regional businesses and we want Bahamians to own the tourism industry,” he said.

Minister for Grand Bahama the Hon. Ginger Moxey told the entrepreneurs that she believes in their talent and that she was looking forward to their innovative solutions being realized in the government’s Innovate242 Incubator at the soon-to-be established Creative Business Centre.

In the end, Thomas emerged the overall winner with $10,000 for her Freeport Guide and Glide concept; Lundy took second place with $8,000 and Minnis placed third and was awarded $6,000. A cash prize of $5,000 will also be awarded to Knowles for fourth place and $4,000 to Taylor for her fifth-place finish.