Remarks by the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP:
The Bermuda Entrepreneurship Strategy is also available online HERE.
Good morning to members of the media and the listening public.
I have the distinct pleasure of standing before you today to launch our first National Entrepreneurship Strategy: The Bermuda Entrepreneurship Blueprint – Unleashing Innovation, Empowering Opportunity. The release of the strategy today is fitting as we are also celebrating Bermuda’s Economic Development Week.
Strong economies are built intentionally. At their core are new businesses that start and survive, and existing businesses that grow and adapt. This Strategy is designed to strengthen both.
Bermuda has always had a strong entrepreneurial spirit. Across our island, individuals have taken risks to build businesses of all kinds. But too often, they have faced unnecessary barriers such as high incorporation costs, complex regulations, limited financing, and gaps in digital tools and skills development. Today, we begin addressing those challenges.
Bermuda’s Economic Development Strategy identifies entrepreneurship and small business development as a core pillar for driving a more resilient, diversified, and inclusive economy. Central to this vision is the implementation of the National Entrepreneurship Strategy, a targeted framework designed to optimise the island's entrepreneurial ecosystem by addressing critical barriers. The Strategy was developed in partnership with the Bermuda Economic Development Corporation, with input from more than 150 stakeholders across business, education, and the community.
The strategic focus ensures that Bermudian entrepreneurs are not only seen as a secondary economic engine but as the primary "backbone" of national growth. The Strategy sets out a five-year plan focused on five priorities:
- making our laws and regulations work for local entrepreneurs,
- building skills and an entrepreneurial mindset from the classroom upward,
- embracing technology and innovation,
- expanding access to financing, and
- creating a connected, celebrated entrepreneurial community across our island.
The strategy also sets out a three-phase implementation plan. Success will mean more businesses starting and surviving, more Bermudians choosing entrepreneurship, and more local companies competing globally.
We are building on a strong foundation. In 2024, over $2.2 million was invested through BEDC, supporting more than 600 entrepreneurs, financing 24 businesses, and maintaining high satisfaction rates. These results show that targeted support works; this Strategy scales that impact.
Accountability is central. A dedicated Steering Committee will oversee implementation, track performance, and report publicly on progress.
Entrepreneurship is a national asset. With over a quarter of Bermudians planning to start a business in the coming years, our responsibility is clear: to ensure they have the support to succeed.
Today, we are laying that foundation. The Bermuda Entrepreneurship Blueprint is our commitment to every entrepreneur—present and future—that Bermuda is ready to support your ambition.
Thank you.