Innovative, defiant and risk-taking, entrepreneurs are the rock stars of the business world. In Bermuda, the market disrupters are not always celebrated as entrepreneurs. It is time to change this narrative. We must not limit our focus to those markets and business models that we can most easily understand.

Last week, more than 7,000 delegates and participants from 160 countries and all parts of the entrepreneurial ecosystem attended the Global Entrepreneurship Congress in Medellín, Colombia. Business creators, educators, policymakers and investors were all present.

One of the key themes from the 2016 GEC was: “Don’t be afraid to fail. Be afraid not to try.”

Developing the local entrepreneurial ecosystem is a key step to shifting mindsets, identifying opportunities and driving innovation.

The Bermuda Economic Development Corporation is proud to be an entrepreneurship amplifier. From an education and catalyst standpoint, there are many events and programmes for entrepreneurs, ranging from Startup Weekend, Global Entrepreneurship Week, the Ice House programme, Rocket Pitch, the Tech Awards and the Future Agro Challenge. Winners of these events have created a variety of innovative solutions in markets such as shipping, football management, agriculture and tourism.

When we cast our gaze upward and consider entrepreneurs as innovators for all markets, big and small, then we can truly start to celebrate the breadth and width of our local talent.

Internationally, Bermuda is disrupting the reinsurance world with insurance-linked securities and the banking world with Know Your Client solutions. Domestically, this past year was probably best characterised by the quality of tourism and transportation-focused solutions.

The BEDC works with many partners to drive the local entrepreneurship ecosystem forward. These include, but are not limited to:

• Department of e-Commerce: TechAwards, Inspire eBusiness, Startup Weekend

• Department of Community and Cultural Affairs: Entrepreneurship Course

• Bermuda Tourism Authority: Rocket Pitch, funding tourism-based business ventures

• Business Development Agency: international business innovation and diversification

• Local banks: loan guarantees and educational seminars

• “The Big 4”: sponsoring events and providing much knowhow

• Youth Entrepreneurship Initiative: Global Entrepreneurship Week, signature summer Biz Camp

Don’t know where to start? Check us out at www.bedc.bm or call us on 292-5570.

Nick Kempe is chairman of the Bermuda Economic Development Corporation