Deputy Chairman of the Bahamas Entrepreneurial Venture Fund (BEVF) Edison Sumner said for budding entrepreneurs looking to get into a necessary but still young market in The Bahamas, everything is trending toward providing ecommerce solutions.
“There’s a growing trend about the increase in ecommerce because a lot of business that we’re doing now is online. A lot of businesses are online. If you consider the likes of Amazon, or even being able to access educational opportunities online, anyone has the ability to develop ecommerce business because they’re less capital intensive than brick and mortar types of businesses. It requires of course a little more intellectual capacity, but those are the areas that we see that there’s growth,” he told Guardian Business.
“Being able to service the needs of clients but also developing business in the ecommerce sector is still considered a part of the growing trend in the country.”
Sumner, as deputy chair of the BEVF, encourages entrepreneurs to utilize venture capital as a means of expanding their service offerings.
The BEVF offers funding for startups, up to $200,000 in equity in some cases.
According to Sumner, who was giving advice on the best types of businesses to start, the businesses that tend to survive are geared toward the services industry.
“Everything in business now that works is toward the services industry, because the country has developed itself as a services-oriented economy. We need to consider what are the areas in the economy, in the country, where there are some needs and be able to find a solution to meet those needs,” he said.