Ignite Bermuda’s first cohort of entrepreneurs has received advice from one of the United Kingdom’s leading businesswomen.

During a question-and-answer session at the Bermuda Underwater Exploration Institute, Jenny Campbell told the audience about the need to be careful about who money came from.

“Think very carefully,” she said. “If you get your first funding wrong, you will scupper investors coming in behind.

She added: “A lot of businesses are born from scrimping and saving and not borrowing any money. There is a balance to be made between jumping straight in and asking for ‘X’ amount.”

On good entrepreneurial attributes, she said: “Having good self-confidence and good self-esteem. You also need to accept your weaknesses, build on your strengths and put people around you who can help with those weaknesses.”

Ms Campbell was the founder and chief executive officer of automated teller machine provider YourCash Europe. She sold the business in 2016 for £50 million.

She starred in the UK television series, Dragon’s Den, until leaving the show earlier this year.

The event at the BUEI was co-hosted by the Bermuda branch of the Institute of Directors and KPMG.

IoD Bermuda chairwoman, Rochelle Simons, said: “I have known Jenny for some years and the branch thought we would invite her for a fireside chat and at the same time provide an opportunity for Ignite to present its platform to the membership.

“We hope that branch members will be inspired to support the Ignite initiative as mentors and/or sponsors, and who knows, the event may even encourage members to dust off their business plans.

“Ignite cohort members made the most of the networking reception making their 60 second pitch to IoD members. The atmosphere was a buzz, business cards were exchanged, the environment was very inspiring.”

Sean Reel, the first executive director of Ignite Bermuda, said: “The entrepreneurial spirit in Bermuda is truly impressive. Being connected to the IoD network is a critical part of creating the right ecosystem for them. I have had the pleasure of working with our first local cohort and seeing the growth just through Ignite’s boot camp programme makes me excited for their future.”

Ignite is the island’s first privately funded business accelerator programme. The six-month initiative is designed to enhance the island’s ecosystem for start-ups and small businesses by providing entrepreneurs with access to a formalised network of mentors and advisers, and developing an investor network to match-up with start-ups.

Organisers say the programme will teach entrepreneurs about cultivating the right mindset and the most effective behaviours to unlock their entrepreneurial potential.

The customised-for-Bermuda curriculum is presented in partnership with British-based consultancy Entrepreneurial Spark.