The launch of what is being billed as the island’s first privately funded entrepreneurial accelerator comes a year after Entrepreneurial Spark, better known these days as ESpark, transferred its UK accelerator network to Royal Bank of Scotland to be run in-house.
ESpark said it has spent eight months licensing its product and fitting out the new hub, dubbed Ignite Bermuda, which comprises 4,000 square feet of dedicated space in the heart of Hamilton. The latest hub will form a melting pot for 15 Bermuda-based entrepreneurs, kicking off in May this year.
The venture will operate as a not-for-profit organisation and all services will be provided at no cost to entrepreneurs and small businesses.
Successful applicants who earn a place in the programme will be able to work in the hub for a minimum of six months and will have access to the professional support services available, provided that they “engage in the curriculum and meet mutually agreed milestones”, ESpark added.
ESpark boss Mike Stephens said: “The power of collaboration is once again prevalent through our meeting with KPMG which has introduced us to the team in Bermuda.
“Quickly, a number of individuals expressed an interested in getting involved in creating a new accelerator in Bermuda and we’re excited how quickly we’ve been able to develop this new service.
“The team has engaged with our purpose, that we are human-centred and that we really care about positive impacts, not just about profits.
“We’re continuing our mission to build great people who build great businesses, across the world, and working with the team in Bermuda is another milestone we celebrate.”
It is co-founded by KPMG and New Venture Holdings.