The University of The Bahamas-North's (UB-North) business incubator, UB Ignite, has announced its first annual pitch competition which gives Grand Bahama entrepreneurs the chance to win cash prizes up to $2,500.

With $500,000 in funding from Inter-American Development Bank Lab, the competition is one part of UB Ignite's plans to offer various free business opportunities such as networking events, workshops, webinars, business expos for entrepreneurs to further showcase their brands, and mentorships provided by prominent businesspersons such as 2021 Forbes 30 Under 30 education technology entrepreneur Kaitlin Fritz and Island Dreams Management Managing Director Kerel Pinder.

Only entrepreneurs who have registered with UB Ignite can participate, but registration will continue until October 5 and is free.

Competitors will be chosen to participate in the pitch competition depending on the entrepreneur's ability to illustrate their vision and their business' uniqueness and creativity.

The finalists will showcase their businesses at the Grand Bahama Chamber of Commerce on October 17.

Along with the cash prizes are incentives from key UB Ignite partners such as cost reductions toward Grand Bahama Port Authority licensee fees and a 60-second commercial shoot. Additional cash prizes can also be won by popular vote which will be determined by the audience.

Participants are able to register until October 5 by visiting the UB Ignite office at Kipling Building C room 6C or by emailing the incubator at ubnignite@ub.edu.bs.

Once selected, competitors will be sorted into four categories: early-stage for beginning ventures, tech, creative, and eco-focused.

During the competition, winners will be picked based on the entrepreneur's understanding of their target market, the appeal and functionality of their product, and how well they can market their business while showcasing its profitability.

UB Ignite Project Coordinator Joye Ritchie and Business Adviser Yuliana Topazly are excited about the competition, noting that it will allow budding entrepreneurs to develop much-needed skills.

Topazly explained, "The idea behind the pitch competition is to help people build the confidence to market their ideas and to practice steeling themselves as they receive feedback from experts while communicating their businesses to secure cash."

Ritchie added that the competition is part of UB-North's and IDB Lab's ultimate effort to financially empower Grand Bahamians.

Though only business owners are permitted into the incubator program, UB Ignite also provides would-be entrepreneurs free, specialized two to four day boot camps that focus on business planning, marketing, and management.

Luxury Island Scents Proprietor Keira Cox and Blue Marlin Bahamas founder Nicoya Cambridge are UB Ignite registrants and said that the incubator program has greatly improved their business skills and raised their confidence in marketing their ventures.

Cox said, "We had the opportunity to network and hear from experts who assisted us based on the stage of business that we were in. Some of the strategies that I learned in the online sessions have readied me to grow in terms of expanding my product as well as reaching additional markets."

They said there is a sense of community during the incubator program.

Cambridge stated, "When you begin your business, you're coming in with passion, but, then everything doesn't flow immediately. You tend to get that feeling that it's not going to happen. Having others involved has honestly made it easier. There are people I can talk to and collaborate with, and it's given me that much-needed boost."

Cox added, "The program was a good reminder that you don't have to do everything yourself, that we do have resources nearby, and we can reach out to other people."

Project Coordinator Ritchie strongly encourages business owners and would-be entrepreneurs to register with UB Ignite, warning that these opportunities may be free for only a limited time as the IDB Lab funding is in place only until 2025.

"Statistics show that more than 50 percent of startups fail in the first five years. You don't have to be a statistic. You have the tools, you have the resources to tap into. Head onto ubiignite.com and register. It's completely free of charge," she said.

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