Leadership is not about titles, positions, or owcharts. It is about one life inuencing another.
The Architects of Bahamian Economic Diversifica on ‘
TheBahamas,renownedforitsstunningcoastlines
androbusttourismsector,hasbeensignificantly influencedbyforward-thinkingentrepreneurswho recognizedopportunitiesbeyondthenation'snaturalassets. Thesebusinessinnovatorsestablishedthegroundworkfora multifacetedanddynamiceconomythatcontinuestoadapt andgrow
Tourismvisionariesinthemid-20thcenturyrevolutionized theBahamianeconomy.Theirstrategicplanning transformedtheislandsintoaworld-classvacation destination,drawingmillionsofvisitorsyearlyand generatingsubstantialemploymentopportunities.
Inthefinancialrealm,keypoliticalfiguresplayedpivotal roles.EarlyleadersoftheindependentBahamaspositioned thecountryasanoffshorebankingcenter,attracting internationalcapitalanddiversifyingtheeconomic landscape.
Industrialdevelopment,particularlyinGrandBahama, owesmuchtobusinessleaderswhooversawthe metamorphosisofareaslikeFreeportintomajorindustrial hubsandfreetradezones.
Inrecentyears,anewwaveofentrepreneurshasembraced technologicaladvancements,introducingdigitalfinancial solutionsthataremodernizingmonetaryservices throughouttheCaribbeanregion.
ThesetrailblazershavedemonstratedthatBahamian innovationextendswellbeyondthetourismsector Their achievementscontinuetomotivateemergingbusiness leaderswhoareactivelyshapingthefutureoftheBahamian economyinanincreasinglyinterconnectedglobal marketplace.
Mappingthejourneyofthevisionaryleaderswhoare transformingthefutureofthebusiness,TheCIOWorld shedslighton ‘The Bahamas' Top 10 Business Pioneers of 2024.’
Flipthroughthepagesandindulgeyourselfintheodyssey ofprolongedexcellence.
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Richard
- Martin Luther King Jr.
08. Sohail Sultan
AVisionaryFinancialLeaderCommittedtoSocialImpact
18.
DrivingEconomicProgressThroughInnovativeFinance
22. Derek O. Newbold
DrivingImpactfulChangeAcrossMultipleSectors
ARTICLES
26. 30. Nicholas Higgs CFA
EnhancingSkillsManagementwithAI:Transforming theWorkforceforaDynamicFuture
FromTourismtoTech:HowBahamianEntrepreneurs areDiversifyingtheEconomy
Allison Woolsey
Chief Brand Officer
Derek O. Newbold
Chief Invesment Officer
Igor Nikolaichuk
Chief Technology Officer
Jonathan Cartwright
Chief Financial Officer
Karina Medeiros
Regional Manager
Nicholas Higgs
Managing Director
Richard Darville President and CEO
Sameer Bha
Chief Opera ng Officer
Million Air millionair.com Company
The Grand Bahama Port Authority gbpa.com
GeeksForLess Inc geeksforless.com
Gonet Bank & Trust Limited gonet.ch/en
Interna onal Air Transport Associa on (IATA) iata.org
The Bahamas Development Bank bahamasdevelopmentbank.com
Bahamas First General Insurance Company Limited bahamasfirst.com
The Bahamas Telecommunica ons Company (BTC Business) btcbahamas.com/
Sherry Miller
Avia on Policy Officer
Sohail Sultan CEO
Bahamas Ministry of Tourism bahamas.com/contact iibGroup Holdings WWL iibanks.com
Descrip on
As the Chief Brand Officer, Allison oversees the development and execu on of comprehensive brand strategies to drive business growth and enhance brand equity
With a keen eye for iden fying lucra ve opportuni es and a strategic approach to fostering sustainable development, Derek is dedicated to transforming Grand Bahama into a thriving business and tourism hub.
Known for his strategic vision and innova ve approach, Igor plays a pivotal role in driving the company's growth and success.
Jonathan is commi ed to maintaining financial stability and fostering growth through innova ve financial management and rigorous analysis.
Karina is known for her strategic thinking, leadership skills, and ability to deliver results in dynamic and challenging environments.
With a strong background in finance and economic development, Nicholas brings visionary leadership and strategic direc on to the bank.
As the President and CEO, Richard provides strategic direc on and leadership, guiding the organiza on towards its goals and driving sustainable growth.
Sameer is commi ed to driving opera onal excellence and enhancing customer sa sfac on through innova ve solu ons and efficient service delivery
As an Avia on Policy Officer, Sherry plays a vital role in shaping regulatory frameworks and policy ini a ves that impact the industry
Sohail's leadership is marked by a commitment to excellence, strategic planning, and fostering strong rela onships with stakeholders and partners. He brings a wealth of knowledge and experience to his role.
- Roy T. Bennett
Derek O. Newbold
Driving Impactful Change Across Multiple Sectors
DerekO.Newbold's
Enhancing SkillsManagement with AI
Transforming the Workforce for a Dynamic Future
Intoday'srapidlyevolvingbusiness
landscape,artificialintelligence (AI)isbecomingavitaltoolfor enhancingefficiencyandenhancing skillsmanagementacrossvarious departments.Humanresources(HR) arenoexception,whereAIis transformingtraditionalprocessesto improveoverallproductivity.However, itcanalsohelpimprovetheskillsof yourworkforceitself.Thisarticle delvesintohowAIcanoptimizeHR functionsandenhanceskills managementfortheworkforce.
Inthetraditionalcorporateworld, skillswereoftenperceivedstatically Theyweredefinedbyjobdescriptions. Thesedescriptionsdidserveapurpose astheyweremeanttoencapsulatethe expectationsofarole.
However,inthedigitalagewherejob rolesappearandvanishquickly,this ideahasbecomeincreasinglyoutdated. Jobdescriptionsnolongerreflectthe realityoftheskillsandcapabilities neededtothrive.Couldyouhonestly saythatyourdailyworkisaccurately capturedinyourofficialjob description?
RethinkingSkillsCategories:The ImportanceofDynamicSkills Management
Effectiveskillsmanagementrequires anapproachthatrecognizesthediverse
natureofskills.Managingatechnical skillthatmaybecomeobsoleteintwo yearsdifferssignificantlyfrom managingasoftskilllikeworking underpressure,whichremainsrelevant acrossvariousrolesandindustries.AI canplayacrucialroleindifferentiating andtrackingtheseskills,ensuringthat botharenurturedappropriately
ExhaustiveSkillsMapping: UncoveringHiddenTalents
Oneofthesignificantchallengesin skillsmanagementisidentifyingthe skillsanindividualpossesses.These canbebothqualificationbased,and involveexperienceandpersonalskills. Theyarenotalwaysapparentona resumeorataninterview Thisprocess isknownasskillsmappingand involvescreatinganexhaustive inventoryofyouremployeesskills.
AIcanenhancethisprocessby analysingyourdatasources—suchas resumes,projectcontributions,and socialmediaactivity—touncover talentsyoumayhavemissed.For instance,knowingthatJack,acurrent contentmanager,usedtobeateacher, canrevealvaluableskillsin communicationandeducationthat mightotherwisegounnoticed.
ReliableSkillsAssessment:Beyond Self-Assessment
Accuratelyassessingskillsiscritical foreffectivemanagement.Whileselfassessmentisastartingpoint,itmust besupplementedwithmoreobjective measures.AIcanfacilitatethisthrough 360-degreefeedback,peerreviews, andperformancedataanalysis, ensuringthatassessmentsare comprehensiveandunbiased.This multi-facetedapproachprovidesa reliablepictureofanindividual’s capabilities.
DevelopingSkills:Engagingand EffectiveLearning
Top-downtrainingmethodsoftenfail toengageemployeeseffectivelyand areoftendeliveredinachalk-and-talk style.Peoplelearninavarietyofways, somefromreading,somefromdoing andothersfromacombinationofboth. AIcansupportthisbyidentifying personalizedlearningpathsthat incorporateamixofalldisciplines. Moreover,AIcanintegratediverse learningchannels,recognizingthat manyemployeesnowacquireskills throughonlinecourses,webinars,and otherinformalmethods.
FacilitatingInternalMobility:Agile SkillsDeployment
Inanagewheregigworkandshorttermassignmentsarebecomingthe norm,AIcanhelporganizationsmove skillsfluidlyinvariousdepartments. TalentmarketplacespoweredbyAIcan matchemployeeswithinternal opportunitiesthatalignwiththeirskills andaspirations.
PreventingSkillsObsolescence: ProactiveReskilling
AIinskillsmanagementhasits strengthinitsabilitytoseeemerging skillsneeds,bothpredictingand respondingtothem.Itcanlookat markettrendsandorganizationaldata, thenlookatskillsontheriseandthose becomingoutofdate.Thisproactive approachwillallowyourcompanyto offertimelyreskillingopportunities,
ensuringthatyourworkforceremains competitive.
AIintheEnhancementof RecruitmentProcesses
Oneofthemostsignificantareaswhere AIcanmakeasubstantialimpactis recruitment.ByleveragingAI-powered tools,youcanstreamlinethehiring process,reducetime-to-hire,and improvecandidatequality.Youwillbe abletouseAIalgorithmstolookat datafromresumesandsocialmedia profilestoidentifythebestcandidates fortheroleyoudesire.
Thisnotonlysavestimebutalso ensuresamoreobjectiveselection process.AI-drivenchatbotscanhandle initialcandidateinteractions, answeringquestionsandcollecting necessaryinformation.Thisallows yourHRteamtofocusonmorecritical tasksthatrequirehumanjudgment. Incorporatingskillsmanagementinto yourrecruitmentstrategyensuresthat youarenotonlyfillingpositionsbut alsofindingcandidateswiththeright skillsetsforyourorganization'sneeds.
AI-poweredrecruitmenttoolscanalso helpeliminateunconsciousbiasinthe hiringprocess.Byfocusingsolelyon relevantskillsandexperience,these toolsensureamorediverseand inclusiveworkforce.Thisnotonly promotesfairnessbutalsobringsfresh perspectivesandideastoyour organization,fosteringinnovationand growth.
Theserecruitmenttoolscanalsohelp assesscandidatefitbyanalysingsoft skillsandpersonalitytraits.By comparingcandidateprofilesto successfulemployeesinsimilarroles, thesetoolscanpredicthowwella candidatewillintegrateintoyour companyculture.Thishelpsensure thatnewhiresnotonlypossessthe necessarytechnicalskillsbutalsoalign withyourorganization'svaluesand workstyle.
AIcanalsohelpoptimizejob descriptionsbyanalysingsuccessful pastlistingsandsuggesting improvements.Bycraftingmore effectivejobdescriptions,youcan attractalargerpoolofqualified candidatesandreducetimespenton unqualifiedapplicants.Thisnotonly streamlinestherecruitmentprocessbut alsohelpsbuildastrongeremployer brand.
AIandImprovingEmployee Engagement
AnothercrucialareawhereAIcanbe beneficialisemployeeengagement.By usingAItoolstomonitoremployee sentimentthroughsurveysand feedbackforms,youcangainvaluable insightsintoyourworkforce'soverall satisfactionandwell-being.Thisdata canthenbeusedtoimplementtargeted interventionsaimedatboostingmorale andproductivity
Additionally,AIcanhelppersonalize theemployeeexperiencebyoffering customizedlearninganddevelopment opportunities.Thisnotonlyenhances skillsetsbutalsofostersacultureof continuousimprovementwithinyour organization.LeveragingAIinthis mannerensuresthatemployeesfeel valuedandengaged,whichultimately contributestohigherretentionrates.
AIisrevolutionizingskills managementbyprovidingtoolsand insightsthatwerepreviously unimaginable.Fromdynamicskills categorizationandexhaustiveskills mappingtoreliableassessmentand agiledeployment,AIenables organizationstomanagetheirtalent moreeffectively.Byembracingthese advancements,companiescanensure thattheirworkforceisnotonly equippedfortoday'schallengesbut alsopreparedfortheopportunitiesof tomorrow
- Robert Frost
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How Bahamian Entrepreneurs are Diversifying the ECONOMY
TheBahamashaslongbeen synonymouswithpristine beaches,crystal-clearwaters, andluxuriousresorts.Fordecades, tourismhasbeenthebackboneofthe Bahamianeconomy,accountingfor over50%ofthecountry'sGDPand employingabouthalfoftheBahamian workforce.However,recentyearshave seenagrowingmovementamong Bahamianentrepreneurstodiversify theeconomybeyonditstraditional relianceontourismandfinancial services.
Thisshiftcomesasaresponseto severalfactors,includingthe vulnerabilityoftourismtoglobal economicfluctuationsandnatural disasters,aswellastheincreasing competitionfromotherCaribbean destinations.TheCOVID-19pandemic furtherhighlightedtherisksofoverdependenceonasingleindustry,as travelrestrictionsdecimatedtourist arrivalsandseverelyimpactedthe economy.
Recognizingtheneedforchange,a newgenerationofBahamian entrepreneursisspearheadingeffortsto
expandintotechnology,renewable energy,agriculture,andothersectors. Theseinnovatorsarenotonlycreating newopportunitiesforeconomicgrowth butalsopositioningtheBahamasasa hubforinnovationintheCaribbean.
Oneareagainingsignificanttractionis financialtechnology(fintech).The Bahamasmadeheadlinesin2020by becomingthefirstcountrytolauncha centralbankdigitalcurrency,theSand Dollar Thismovehasopeneddoorsfor localentrepreneurstodevelop innovativepaymentsolutionsand digitalbankingservices.Companies likeIslandPayareleveragingthis technologytocreatemobilepayment platformsthatcatertobothtouristsand locals,bridgingthegapbetween traditionalfinanceandthedigital economy
Renewableenergyisanothersector seeingrapidgrowth.Withabundant sunshineandseabreezes,theBahamas isideallypositionedtoharnesssolar andwindpower.Localstartupslike BahamasSustainableFuelsLtd.are exploringwaystoproducebiofuels fromalgae,whileothersare
developingsmartgridsolutionsto improveenergyefficiencyacrossthe islands.Theseinitiativesnotonly reducethecountry'srelianceon importedfossilfuelsbutalsocreate newjobopportunitiesingreen technology
Thetechsectorisalsoflourishing beyondfintech.Bahamiansoftware developersanddigitalentrepreneurs arecreatinginnovativesolutionsfor bothlocalandinternationalmarkets. Incubatorsandco-workingspaceslike ShiftTheCultureinNassauare fosteringacommunityoftechstartups, providingresourcesandmentorshipto helpyoungentrepreneursturntheir ideasintoviablebusinesses.Fromecommerceplatformstailoredforisland economiestoappsthatstreamline governmentservices,thesestartupsare addressinguniquechallengeswhile showcasingBahamianingenuityona globalstage.
Agricultureandaquacultureare experiencingarenaissanceaswell. Withconcernsaboutfoodsecurityand theenvironmentalimpactofimporting goods,entrepreneursareinvestingin hydroponicfarms,verticalgardening systems,andsustainablefishing practices.Theseventuresnotonly reducethecountry'srelianceon importsbutalsocreateexport opportunitiesforhigh-quality,locally grownproduceandseafood.
Thegovernmenthasplayedacrucial roleinsupportingthisdiversification effort.InitiativesliketheSmall BusinessDevelopmentCentreprovide fundingandtrainingforentrepreneurs, whilepoliciesaimedatattracting foreigninvestmentintechand renewableenergyhavehelpedcreatea moreconduciveenvironmentfor innovation.
Educationisalsoevolvingtosupport thiseconomicshift.TheUniversityof TheBahamasandotherinstitutionsare
expandingtheirSTEMprogramsand partneringwithinternational universitiestooffercoursesin emergingtechnologies.Thisfocuson developinglocaltalentiscrucialfor sustaininglong-termeconomic diversificationandreducingbrain drain.
Challengesremain,includinglimited accesstocapitalforsome entrepreneursandtheneedformore robustdigitalinfrastructureacrossthe islands.However,themomentum behindthisdiversificationmovementis undeniable.AsBahamian entrepreneurscontinuetoinnovateand expandintonewsectors,theyarenot onlycreatingamoreresilienteconomy butalsoreshapingthecountry's identityontheglobalstage.
TheBahamasisprovingthatit'smore thanjustatouristparadise–it'sa nationofinnovatorsandproblemsolversreadytomeetthechallengesof the21stcentury Whiletourismwill likelyremainasignificantpartofthe economyforyearstocome,the growingdiversityofindustries promisesamorestableandprosperous futureforallBahamians.
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