The Small Business Development Centre (SBDC), in partnership with The Nature Conservancy, is seeking to broaden Bahamian participation in the country’s $1.2 billion blue economy through a new accelerator program aimed at helping small businesses enter the sector.

Speaking at the launch of the SBDC Blue Economy Accelerator, SBDC Executive Director Samantha Rolle said the initiative is designed to unlock opportunities in industries beyond the traditional fisheries sector.

“Several publications on the blue economy in The Bahamas indicate that while contributions to The Bahamas’ GDP (gross domestic product) by the fisheries value chain is some 20 percent or $1.2 billion, this contribution is concentrated among a limited number of operators, many of whom are not MSMEs,” Rolle said.

She noted that while the fisheries sector remains a major contributor to the economy, there are significant opportunities for growth in other marine-related industries.

“While we boast in the performance of the fisheries sector within the blue economy, there are still uncharted waters,” Rolle said.

She identified coastal and marine tourism, renewable energy, ocean energy, marine biotechnology, hydroponics, and conch farming as sectors with untapped potential.

The program will provide entrepreneurs with training, mentorship, networking opportunities, and access to funding through the SBDC’s four-pillar development model.

“Today, we launched the Blue Economy Accelerator to unlock the potential of the blue economy by unlocking the potential of MSMEs (micro, small, and medium enterprises),” Rolle said.

She explained that participants will receive specialized training focused on market dynamics, revenue models, and conservation practices, while also gaining access to experienced mentors operating within the sector.

“Through this accelerator, participants will access grant funding to expand their businesses and deepen their impact within the blue economy space,” Rolle said.

The inaugural cohort is limited to 12 participants, but Rolle indicated the program intends to expand throughout the country.

“Yes, cohort one, because cohorts two, three, and four will follow throughout the remaining islands of The Bahamas,” she said.

Rolle argued that sustainable economic development and environmental stewardship must go hand in hand in a country with an economy that is heavily dependent on marine resources.

“In a country with over 100,000 square miles, more water than land, how can we not protect the very thing that makes The Bahamas beautiful, rich, and crystal clear? This accelerator emphasizes that protecting the ocean is the only way to ensure its contribution to economic development,” said Rolle.