The new Bermuda Business Development Corporation (BBDC) is casting its net far and wide to land its new chief executive officer.The new group, which will formally come into existence on April 1, is the amalgamation of Business Bermuda and the Insurance Development Council (IDC), the promotional organisations that worked to bring new business to Bermuda and raise its profile in the international community.The interim board of the BBDC has placed advertisements in several prominent overseas publications including The Financial Times and The Economist as well as in The Royal Gazette.Concerned that Bermuda has fallen behind other jurisdictions like Caymans and Singapore, the group is prepared to look high and low for the perfect candidate, even if that means hiring someone who is not Bermudian.“There is a consensus that we need to be open to the possibility that the candidate would come from overseas,” said David Cash, who sits on the interim board of the BBDC and is the CEO of Endurance Specialty Holdings. He was also the chairman of Business Bermuda.The new candidate will have a healthy budget to work with as the Ministry of Economic Development has confirmed the Government grant for the BBDC will be $4.2 million, more than the allotments to both of Business Bermuda and the IDC combined.So far, about 30 applicants have responded both from local and foreign candidates though they are expecting an influx of more resumes.Both heads of Business Bermuda and the IDC are “welcome to join the process” for the CEO search, said Mr Cash, but he made it clear that they are looking to “start again to find the right person.”According to the advertisement, the role will be required to develop and execute a growth strategy that will being new international business and capital to Bermuda.Bermuda's international business currently consists of approximately 1,500 companies that contributes between $1.3 and $1.6 billion annually to the local economy.“They need to be able to sell Bermuda — not just promote it,” said Mr Cash of the ideal candidate, adding they are looking for someone with experience working with professional services firms, re/insurance companies, private wealth management and asset management firms.“[The position is] ideally suited to executives with offshore financial services experience gained in the public or private sector,” read the employment advertisement. “Candidates with experience leading an international financial centre, international trade development organisation or national agency responsible for foreign direct investment”The BBDC is also looking for someone with fundraising experience. While most of the group's funding will come from a Government grant, a portion will come from its members.While the search is ongoing, the group is moving ahead combining Business Bermuda and the IDC, having offered positions to the support staff of both organisations.The new BBDC chairman and the board of directors have also been identified though not made public yet. Mr Cash, however, confirmed he will be one of the members as well as the permanent secretary for the Ministry of Economic Development, Ross Webber (who has also been on the interim board) along with other representatives from Bermuda's various business sectors. The new board will become official on April 1.