Business

Bain: Innovation from private sector key to economic improvement

Executive Director of the Access Accelerator Small Business Development Centre Davinia Bain said on Friday that the private sector, employing innovation, will be looked to, to pull the economy out of the economic slump caused by the COVID-19 pandemic.

Bain, who made the remarks during her presentation at the virtual Grand Bahama Business Outlook, insisted that the development of innovative processes by which commerce continues and is scaled up will lead to improvements in the country’s economy.

Bain pointed at Kraven, the food and beverage delivery mobile app, as one of those companies that used innovation and technology to solve an important problem during the pandemic. She said the Access Accelerator is ready to help, though she encourages entrepreneurs not to wait on her organization or the government to get started.

“We can give you 

resources, we can give you help, but the real thought processes, the real innovation, we can’t give,” said Bain.

“We are begging, we are sitting on the edge of our seat waiting for you to help us with innovation.

“I will forever talk about Kraven because they helped us with innovation. If there are any other companies that have solutions, please don’t wait for the government to pull you in, don’t wait for the SBDC to come and find you; you have to see our economy as your own.”

Bain called on those companies that received funding through the Access Accelerator to move expeditiously on innovative products and services that will move the economic needle.

“We need those 1,800 persons throughout The Bahamas that received funding from the SBDC, we need your help to pull The Bahamas out of where it is and we need your innovation,” she said.

“We want you to innovate, we want you to evolve, we want you to take every dime, every hour of investment of time that was given into your business and create the solutions for us to celebrate, for us to put on the news, for us to be excited about, for change in our economy.”

Bain said small and medium-sized businesses will be in the spotlight this year and she implored entrepreneurs to sit down with the Access Accelerator to develop innovation angles that will work for this country.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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