Today, Entrepreneurial Spark (ESpark) has launched its 20th accelerator hub, Ignite Bermuda, the island’s first privately funded entrepreneurial accelerator.

The launch comes a year after ESpark transferred its UK accelerator network to the Royal Bank of Scotland to be run in-house.

ESpark, headquartered in Scotland, has spent eight months licensing its already-proven product and fitting out the new hub, which is 4,000 square feet of dedicated space in the heart of Hamilton. Ignite Bermuda is a social enterprise, co-founded by KPMG and New Venture Holdings.

The hub will be the melting pot for 15 Bermuda-based entrepreneurs, kicking off in May this year, helping them grow and scale their businesses through understanding the role of mindset and how it is integrated within business growth. From advisors and mentors to a formalised entrepreneurship curriculum to better access capital, entrepreneurs will have access to the professional resources needed to build sustainable businesses in today’s rapidly changing economic environment.

The new venture will operate as a not-for-profit organisation and all services will be provided at no cost to entrepreneurs and small businesses. Successful applicants who earn a place in the program will be able to work in the hub for a minimum of six months and will have access to the professional support services available, provided that they engage in the curriculum and meet mutually agreed milestones.

Mike Stephens, ceo, Entrepreneurial Spark, commented: “The power of collaboration is once again prevalent through our meeting with KPMG which has introduced us to the team in Bermuda. Quickly, a number of individuals expressed an interested in getting involved in creating a new accelerator in Bermuda and we’re excited how quickly we’ve been able to develop this new service.

“The team has engaged with our purpose, that we are human-centred and that we really care about positive impacts, not just about profits.

“We’re continuing our mission to build great people who build great businesses, across the world, and working with the team in Bermuda is another milestone we celebrate.”

Applications are now being accepted and must be received by April 24, 2019.