The Bermuda Economic Development Corporation (BEDC) celebrated the graduation of the second cohort of its Sports Club Business Planning Incubator on Thursday, September 3rd, at Devonshire Recreation Club.
The evening recognized four graduating clubs: Devonshire Recreation Club, Somerset Bridge Recreation Club, Pembroke Hamilton Club (PHC) and E Sports Bermuda, following their completion of ten business-planning sessions delivered from May through September by BEDC’s Economic & Cooperative Development Unit.
The Incubator helps Bermuda’s sports clubs apply sound business principles to strengthen governance, financial management, revenue generation and long-term sustainability. Cohort 2 built on the inaugural programme with enhanced site visits, an updated Sports Club Business Planning Workbook, a dedicated digital resource system and PechaKucha-inspired presentations.
Speaking at the graduation, the Minister of Economy and Labour, Jason Hayward, commended the executives for voluntarily dedicating their evenings and weekends to the programme while balancing their professional, personal and club responsibilities.
Minister Hayward said: “This is entrepreneurship. Our national entrepreneurship strategy, The Bermuda Entrepreneurship Blueprint, sets out to build a stronger base of small and medium-sized enterprises. Sport and recreation is a real part of that picture. Two of its five areas of focus are skills development and access to financing, and this programme delivers both.”
The four clubs entered the programme without current written business plans or up-to-date financial statements and completed it with both in place, together with costed revenue strategies. Site visits also enabled their plans to be tested against the facilities and physical spaces where they will be implemented.
To support the clubs as they move from planning to implementation, BEDC awarded each graduating club a $5,000 development grant, a total investment of $20,000 across Cohort 2. The funding is intended to help the clubs begin putting elements of their newly developed business plans into action.
William Spriggs, Director of BEDC’s Economic & Cooperative Development Unit and facilitator of the programme, said “Our sports clubs are important community institutions that provide places for our young people to develop, for families to gather and for communities to connect. But they are also organisations managing facilities, generating revenue, controlling expenses and making decisions about their long-term sustainability. Approaching those responsibilities with a business mindset strengthens not only the clubs themselves, but ultimately the communities they serve.”
The successful delivery of Cohort 2 and its graduation was also made possible through the dedication of Chelsea Warren, Economic & Cooperative Development Officer, and Tashae Thompson, Consultant to BEDC’s Economic & Cooperative Development Unit, who worked closely with the participating clubs throughout the programme.
Thompson, who served as Mistress of Ceremonies for the graduation, reflected on the business-planning journey by comparing it to building a foundation: before a club can build something successful and lasting, it must first ensure that its foundation is strong. The message reflected a recurring theme throughout an evening characterised by a focus on inspiration, community, and legacy.
The programme was made possible through joint funding from BEDC and the Department of Sport and Recreation, alongside technical support from BEDC, financial professionals, guest presenters and other specialists.
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