A group of entrepreneurs have been given a head start in business thanks to a new initiative launched by the Bermuda Small Business Development Corporation (BSBDC).

The Launch Pad initiative, which forms part of Global Entrepreneurship Week running this week, saw nine entrepreneurs go up in front of a panel of bankers and advisers to pitch their business ideas in a bid to secure a loan offer.

Likened to a cross between television's 'Shark Tank' and 'Dragons' Den', the entrepreneurs involved had concepts ranging from custom-made scarves and a plus-size boutique to a grocery delivery service, exclusive charter boat cruises and a nutritional coffee creamer product, as well as a green business and an indoor skating rink.

And the presentations varied from the innovative and exciting to the weird and wacky with one candidate arriving by electric scooter to his interview and another on a pair of roller skates and sporting a big wig and sunglasses.

Jamillah Lodge, business development officer for the BSBDC, said that her organisation and other members of the community had been thinking about the concept of Launch Pad since Global Entrepreneurship Week started in 2008 as a means to help entrepreneurs get financing to start up in business.

The initiative got off the ground two years later through the support of Bruce Sharpe of Sharpe Financial Services Ltd. and a group of banking panellists comprising Taiwo Ogunyemi, vice-president and head of business banking at Butterfield Bank, Michael Veale, head of business banking at Capital G Bank, and Trina Roberts at HSBC Bermuda. The advisory panel consisted of Craig Cannonier, Esso gas station dealer, Zane DeSilva, president and CEO of Island Construction Services, Aaron Smith, president of the Igility Group of Companies, and Steve Thomson, manager of Mailboxes Unlimited.

The candidates selected by Ms Lodge and Mr. Sharpe from a field of 20, some of whom were already in business and others which were looking to start up, included Michael Burke, of thegreenhousebermuda, Rene Hill, of Emily's Trading Company, Alex Jones, of Super Creamer, Demian Tucker, of Exclusive Charters, Letitia and Troy Washington, of Roll Bounce Bermuda, Jason Williams and Keidric Smith, of A to B Delivery, and Sloane Wilson, of Curvy Couture.

It proved to be the perfect opportunity to get all of the banks round the table together to present their business plans and ideas to and then to tap into some invaluable advice from seasoned entrepreneurs and small business owners. Having made their pitches to both panels, the entrepreneurs then returned to the bankers to see what offers they had received.

"It was good for the entrepreneurs because all of the banks were competing to get their business and they had the ability to negotiate interest rates and terms of the loan," said Ms Lodge, who plans to run Launch Pad again in 2011 following the success of this year.

Mr. Burke, who runs a business selling green products, including electric vehicles and other sustainable energy items online, at lunch and learn events and direct to Government departments and businesses, made a lasting impression on the panellists with his arrival by electric bike and was successful in securing the offer of a loan from one of the banks.

"I drove in on an electric bike for starters, so I think that helped to break the ice," he said.

Having operated his own dive company, Blue Water Divers and Watersports, for 25 years, he decided the time was right for a new challenge and set up thegreenhousebermuda just over a year ago, allowing him to channel his passion into a business.

He paid tribute to the BSBDC for its initiatives and assistance with Launch Pad in growing his new venture, as well as the networking opportunities it had afforded him and exposure to like-minded entrepreneurs.

Ms Wilson saw a niche in the market for plus size clothing with a focus on custom designed quality international and local wear at an affordable price in Bermuda to encourage shoppers to buy at home rather than overseas.

Following a meeting with Ms Lodge, she was recommended to watch 'Shark Tank' and 'Dragons' Dean' and having 'Googled' the two shows went into the initial panel interview with some trepidation.

"The first thing I said was: 'Are you guys mean?' like in the shows," she said. "But it went fine, I think that it was a really great experience and a good learning curve above anything else - whether you get the funding or not you walk away with something from it."

Indeed Ms Wilson, who previously worked at the Department of Tourism, was given some advice on starting her own business on the web instead of in a store and was invited back to see the panellists further down the line to see what they could offer.

Mr. Williams and Mr. Smith came up with the concept of a grocery delivery service after bouncing ideas off each other whereby the customer can place their order and they pick it up and deliver to their door.

Having failed to win a secure the offer of a loan at the first time of asking, they went on to speak to the advisory panel, and came back to the bankers for further negotiation and were made two offers and are still in the process of speaking to the two banks concerned.

Mr. Tucker, who is a senior ferry pilot by trade, with 14 years experience on the water, was keen to branch out on his own and decided to provide the tailor-made pleasure craft experience with a difference, complete with massages, manicures and pedicures.

Despite not receiving any firm offers from the banks, all of them expressed an interest and in the meanwhile he has been busy working out his finances and cash flow to enable him to be in a position to launch the business next season.

Mr. Jones, who has been involved in the start up of six business either as an owner or consultant, joined forces with former Olympian Ben Barker to develop a healthy nutritional coffee creamer that offers all of the daily vitamin needs in a single serving.

Having received a pledge of capital from Capital G for testing and branding, with an additional sum due subject to meeting performance criteria going towards rolling it out across North America, he used the prize money from the same award-winning concept at the BSBDC's Rocket Pitch competition to develop the product.

In the future, he hopes to pitch the idea to venture firms and plans to sell it in the Island's supermarkets following its planned US launch in April.

Ms Hill, who works as a lifestyle reporter at The Royal Gazette, started off knitting and crocheting scarves and accessories as a hobby three years ago, but this year decided to take it a step further and launch her own business in earnest.

Her business plan was approved in August and she then approached the banks, but when she heard about Launch Pad opted to go down that route instead and was rewarded with an offer from Capital G.

She is now in the process of setting up her own website and linking that in with Amazon, as well as establishing a series of brands and logos for the products, which will in turn be sourced from Fairtrade organisations around the world.

"I was actually amazing how I started it as a hobby and how it has just taken off," she said.

Butterfield Bank's Mr. Ogunyemi said that he was impressed with some of the "refreshing and unique business" ideas that came out of the Launch Pad initiative.

"Entrepreneurship is definitely alive and well in Bermuda," he said. "To help ensure their ventures are successful, I encourage prospective business owners to think about their relationships with their banks as long-term partnerships.

"They should select a bank based on the quality of advice and levels of support they feel their business will receive through good times and bad. They should choose a bank that understands their business and its needs both at start-up and over the longer term.

"That means entrepreneurs should consider a multitude of factors to find the right fit for their business, not just the institution's current lending rates or the features of a specific product on offer, but the overall relationship."

The Launch Pad initiative will be shown on VSB television today, tomorrow and Thursday November 18 at 8pm.

For more information about some of the businesses involved in the Launch Pad visit www.thegreenhousebermuda.com, www.rebelbanker.com/creamer