Minister: America’s Cup Business Opportunities

DELHI, India - May 28, 2015 - PRLog -- Hosting the America’s Cup provides an “unparalleled opportunity” for our country, our people, and unique businesses, Minister of Home Affairs Michael Fahy said today in the Senate.

In delivering a Ministerial statement, Minister Fahy said: “Bermuda’s hosting of the 35th America’s Cup in Bermuda is truly an honour for our Island nation. However, the main event in 2017, along with the World Series in 2015, and the other complementary events and programmes over the next few years provide an unparalleled opportunity for our country, our people, and of course our unique businesses.

“In this regard the BEDC has formed a partnership with the America’s Cup Event Authority [ACEA], the America’s Cup Bermuda [ACBDA], and the Bermuda Chamber of Commerce called AC Business Connect to ensure that all Bermudian businesses and entrepreneurs are aware of the potential business opportunities emerging out of AC35; and well prepared and positioned to respond quickly and professionally when those opportunities arise.

“This partnership allows the ACEA/ACBDA access to an established platform to deliver their message and opportunities to over 5,000 small and medium-sized businesses on BEDC’s business register. It also brings access to a team of committed qualified business development professionals who have experience in assisting hundreds of Bermuda’s local businesses become successful.

“The first tangible demonstration of this collaborative partnership between the four organizations is with the joint hosting a series of information sessions over the next two weeks. A road show of sorts, the idea is to speak directly to local businesses throughout the Island.

Minister Fahy continued, “Last night the first session was well attended in St. George’s at BIOS with active engagement and questions from the businesses in attendance. By the end of the meeting, the excitement of the America’s Cup was infectious and it was evident that entrepreneurs clearly had “aha” moments.

“The roadshow will next take the partners to Sandys Middle School in the Somerset on Thursday May 28th from 6:00pm to 7:30pm and finally ending at Heritage Worship Centre in North East Hamilton next Tuesday June 2nd from 6:00pm to 7:30pm.

“As stated previously, the main objective of these information sessions is to provide businesses with first-hand information on the events planned and the opportunities available over the next couple of years and to allow entrepreneurs to ask direct questions.”

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“In April 2015, the ACBDA released the Potential Economic Impact [PEI] Assessment Report that was prepared for the Bermuda bid. Total PEI in terms of direct spending on-island was estimated to be in the region of approximately $250M and that additional visitors will not only visit Bermuda during the AC35 event but also post 2017 through legacy tourism.

“This number was estimated to be 46,000 additional legacy tourism visitors. The BEDC, in its role, is actively engaging local entrepreneurs to create products, services, and experiences that capture and retain these additional potential customers.”

Source: bernews.com