The Bermuda Economic Development Corporation, in partnership with Global Atlantic Re, has officially opened applications for the third annual Wave of Opportunity pitch competition, offering up to $25,000 in funding per winner. Applications close on July 31, with final pitches set for November’s Global Entrepreneurship Week at the Hamilton Princess Hotel & Beach Club.

In 2024, organisers received 65 applications and selected eight finalists across youth and adult categories. Notably, Nico Bean of Flow by Nico, a teenage founder, expanded from art pieces to tote bags with his prize funding.

In 2024, Global Atlantic tripled its commitment to $3 million in funding over 10 years, demonstrating long-term faith in local innovation.

Erica Smith, BEDC’s executive director, praised the event’s impact: “We’ve seen businesses grow and thrive through the resources, mentorship and financial support provided by this competition.”

Darryl Herrick, the president of Global Atlantic Re, described the platform as a “game changer” for winners. In 2024, winners upgraded equipment, launched websites and expanded operations, all thanks to their $25,000 grants.

With up to $125,000 in grants available this year, budding entrepreneurs have fresh opportunities to secure vital funding.

“We’re excited to meet the next wave of innovative entrepreneurs,” Mr Herrick announced.

Last year, Adriene Berkeley launched a cognitive wellbeing programme; Bermuda Sports Radar furthered local sport coverage; and Sade Milan Skin grew its natural skincare line, all thanks to the competition’s boost.

Local innovators, whether early stage or scaling, are encouraged to apply by July 31 at www.bedc.bm. Finalists are set to pitch during Global Entrepreneurship Week, November 17, at the Hamilton Princess.