HAMILTON, Bermuda (CMC) —The Bermuda Economic Development Corporation (BEDC) says it is moving towards developing the island’s first national entrepreneurship strategy (NES) and is inviting qualified consultants or consultancy firms to submit proposals regarding that which would guide entrepreneurship facilitation and growth in the British Overseas Territory.

The BEDC said it is hoped that the strategy would be implemented by the second quarter of next year.

“Entrepreneurship plays a critical role in fostering job creation, economic growth and social development. However, dedicated policy initiatives to encourage and support entrepreneurship in Bermuda remain limited.

“Developing a NES will help identify strengths and weaknesses in Bermuda’s entrepreneurial landscape, mapping opportunities and addressing challenges. Public policy is essential for fostering entrepreneurship, requiring a systematic approach to identifying gaps and creating a road map for the future,” the BEDC said in its advertisement.

It said that the NES should include, at a minimum, an analysis of Bermuda’s existing entrepreneurial ecosystem and legislative framework; identification of legislative gaps or opportunities for improvement.

In addition, it is also calling for recommendations for enhancing entrepreneurship education and skills; strategies to facilitate the exchange of technical knowledge and innovation; recommendations to improve financial access for entrepreneurs; and strategies to enhance awareness and networking opportunities.