Crowdfunding for Access Accelerator/Small Business Development Centre (SBDC) clients is being explored, but will likely not be implemented in the next two years, the SBDC's interim Executive Director Samantha Rolle said yesterday.
Rolle was speaking to the media on the sidelines of the SBDC's fifth anniversary event at Margaritaville, and explained that the center wants to do pilots in the crowdfunding space before moving ahead with the fundraising concept.
"When we talked about it in the past, we mentioned that we wanted to do a business case, because we wanted to make sure that we went in with eyes wide open," said Rolle.
"We understand that creating such a platform, such a mechanism, requires a significant capital investment.
"At the moment, I don't necessarily see it within a two-year period, but it is still something that certainly will be explored."
The country's sole crowdfunding entity ArawakX was shut down this week by its regulators, the Securities Commission of The Bahamas (SCB), citing the company's insolvency as the chief issue among many other irregularities found upon investigation.
Mdollaz Ltd., trading as ArawakX, was also found by the SCB to have commingled company funds with investor money, and to have sold Mdollaz shares without SCB approval, the SCB's Executive Director Christina Rolle said in an affidavit filed on Monday.
An interim court order issued by the Supreme Court restricts Mdollaz or ArawakX from advertising, facilitating any activity, handling company money or assets and raising money until its hearing on October 13.
Rolle said the SBDC continues to be funded by the government as well as strategic partners, with a structure that allows the entity to request grants of its own and receive special funding for specific programs such as women-owned businesses, young entrepreneurs, or green energy.
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