The Bahamas' Top 10 Business Pioneers of 2024

3. Leadership is not about titles, positions, or owcharts. It is about one life inuencing another. J O H N C . M A X W E L L www.thecioworld.com

4. ‘ he Bahamas, renowned for its stunning coastlines and robust tourism sector, has been significantly T influenced by forward-thinking entrepreneurs who recognized opportunities beyond the nation's natural assets. These business innovators established the groundwork for a multifaceted and dynamic economy that continues to adapt and grow. The Architects of Tourism visionaries in the mid-20th century revolutionized the Bahamian economy. Their strategic planning Bahamian Economic transformed the islands into a world-class vacation destination, drawing millions of visitors yearly and Diversifica?on generating substantial employment opportunities. In the financial realm, key political figures played pivotal roles. Early leaders of the independent Bahamas positioned the country as an offshore banking center, attracting international capital and diversifying the economic landscape. Industrial development, particularly in Grand Bahama, owes much to business leaders who oversaw the metamorphosis of areas like Freeport into major industrial hubs and free trade zones.

5. In recent years, a new wave of entrepreneurs has embraced technological advancements, introducing digital financial solutions that are modernizing monetary services throughout the Caribbean region. These trailblazers have demonstrated that Bahamian innovation extends well beyond the tourism sector. Their achievements continue to motivate emerging business leaders who are actively shaping the future of the Bahamian economy in an increasingly interconnected global marketplace. Mapping the journey of the visionary leaders who are transforming the future of the business, The CIO World sheds light on ‘The Bahamas' Top 10 Business Pioneers of 2024.’ Flip through the pages and indulge yourself in the odyssey of prolonged excellence. Have a Delightful Read!

6. Editor-in-Chief Thanh Truong Sam Carter Deputy Editor Alaya Brown Managing Editor Maria Evans Assistant Editor Visualizer Chris Carter Millie Simon Art & Design Head Judy Smith Art & Design Assitant Phoebe Jacob Business Development Manager Aisha, Olivia Business Development Executives David Walker Technical Head Mia Rodricks Assitant Technical Head Helena Smith Digital Marketing Manager Eric Smith Research Analyst Richard Martinez Circulation Manager Follow us on www.facebook.com/thecioworld www.twitter.com/thecioworld We are also available on RNI No.: MAHENG/2018/75953 Copyright © 2024 The CIO World, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from The CIO World. Reprint rights remain solely with The CIO World.

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8. COVER STORY Sohail Sultan A Visionary Financial Leader Committed to Social Impact 08. PROFILES Nicholas Higgs CFA Driving Economic Progress Through Innovative Finance 18. Derek O. Newbold Driving Impactful Change Across Multiple Sectors 22. ARTICLES Enhancing Skills Management with AI: Transforming the Workforce for a Dynamic Future 26. From Tourism to Tech: How Bahamian Entrepreneurs are Diversifying the Economy 30.

9. Company Featuring Descrip?on As the Chief Brand Officer, Allison oversees the development Allison Woolsey Million Air and execu?on of comprehensive brand strategies to drive millionair.com Chief Brand Officer business growth and enhance brand equity. With a keen eye for iden?fying lucra?ve opportuni?es and a The Grand Bahama strategic approach to fostering sustainable development, Derek O. Newbold Port Authority Derek is dedicated to transforming Grand Bahama into a Chief Invesment Officer gbpa.com thriving business and tourism hub. Known for his strategic vision and innova?ve approach, Igor Igor Nikolaichuk GeeksForLess Inc plays a pivotal role in driving the company's growth and Chief Technology Officer geeksforless.com success. Jonathan is commi?ed to maintaining financial stability and Gonet Bank & Jonathan Cartwright fostering growth through innova?ve financial management Trust Limited Chief Financial Officer and rigorous analysis. gonet.ch/en Interna?onal Air Karina is known for her strategic thinking, leadership skills, Karina Medeiros Transport and ability to deliver results in dynamic and challenging Regional Manager Associa?on (IATA) environments. iata.org With a strong background in finance and economic The Bahamas Nicholas Higgs development, Nicholas brings visionary leadership and Development Bank Managing Director strategic direc?on to the bank. bahamasdevelopmentbank.com Bahamas First As the President and CEO, Richard provides strategic direc?on General Insurance Richard Darville and leadership, guiding the organiza?on towards its goals and Company Limited President and CEO driving sustainable growth. bahamasfirst.com The Bahamas Sameer is commi?ed to driving opera?onal excellence and Sameer Bha? Telecommunica?ons enhancing customer sa?sfac?on through innova?ve solu?ons Chief Opera?ng Officer Company (BTC Business) and efficient service delivery. btcbahamas.com/ As an Avia?on Policy Officer, Sherry plays a vital role in shaping Bahamas Ministry Sherry Miller regulatory frameworks and policy ini?a?ves that impact the of Tourism Avia?on Policy Officer industry. bahamas.com/contact Sohail's leadership is marked by a commitment to iibGroup excellence, strategic planning, and fostering strong Sohail Sultan Holdings WWL rela?onships with stakeholders and partners. He brings a CEO iibanks.com wealth of knowledge and experience to his role.

19. Success is not how high you have climbed, but how you make a positive difference to the world. - Roy T. Bennett www.thecioworld.com

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24. Derek O. Newbold Driving Impactful Change Across Multiple Sectors Derek O. Newbold's 22 July, 2024 www.thecioworld.com

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29. Enhancing Skills Management with AI Transforming the Workforce for a Dynamic Future n today's rapidly evolving business nature of skills. Managing a technical landscape, artificial intelligence skill that may become obsolete in two I (AI) is becoming a vital tool for years differs significantly from enhancing efficiency and enhancing managing a soft skill like working skills management across various under pressure, which remains relevant departments. Human resources (HR) across various roles and industries. AI are no exception, where AI is can play a crucial role in differentiating transforming traditional processes to and tracking these skills, ensuring that improve overall productivity. However, both are nurtured appropriately. it can also help improve the skills of your workforce itself. This article Exhaustive Skills Mapping: delves into how AI can optimize HR Uncovering Hidden Talents functions and enhance skills management for the workforce. One of the significant challenges in skills management is identifying the In the traditional corporate world, skills an individual possesses. These skills were often perceived statically. can be both qualification based, and They were defined by job descriptions. involve experience and personal skills. These descriptions did serve a purpose They are not always apparent on a as they were meant to encapsulate the resume or at an interview. This process expectations of a role. is known as skills mapping and involves creating an exhaustive However, in the digital age where job inventory of your employees skills. roles appear and vanish quickly, this idea has become increasingly outdated. AI can enhance this process by Job descriptions no longer reflect the analysing your data sources—such as reality of the skills and capabilities resumes, project contributions, and needed to thrive. Could you honestly social media activity—to uncover say that your daily work is accurately talents you may have missed. For captured in your official job instance, knowing that Jack, a current description? content manager, used to be a teacher, can reveal valuable skills in Rethinking Skills Categories: The communication and education that Importance of Dynamic Skills might otherwise go unnoticed. Management Reliable Skills Assessment: Beyond Effective skills management requires Self-Assessment an approach that recognizes the diverse 27 July, 2024 www.thecioworld.com

30. Accurately assessing skills is critical ensuring that your workforce remains AI can also help optimize job for effective management. While self- competitive. descriptions by analysing successful assessment is a starting point, it must past listings and suggesting be supplemented with more objective AI in the Enhancement of improvements. By crafting more measures. AI can facilitate this through Recruitment Processes effective job descriptions, you can 360-degree feedback, peer reviews, attract a larger pool of qualified and performance data analysis, One of the most significant areas where candidates and reduce time spent on ensuring that assessments are AI can make a substantial impact is unqualified applicants. This not only comprehensive and unbiased. This recruitment. By leveraging AI-powered streamlines the recruitment process but multi-faceted approach provides a tools, you can streamline the hiring also helps build a stronger employer reliable picture of an individual’s process, reduce time-to-hire, and brand. capabilities. improve candidate quality. You will be able to use AI algorithms to look at AI and Improving Employee Developing Skills: Engaging and data from resumes and social media Engagement Effective Learning profiles to identify the best candidates for the role you desire. Another crucial area where AI can be Top-down training methods often fail beneficial is employee engagement. By This not only saves time but also to engage employees effectively and using AI tools to monitor employee ensures a more objective selection are often delivered in a chalk-and-talk sentiment through surveys and process. AI-driven chatbots can handle style. People learn in a variety of ways, feedback forms, you can gain valuable some from reading, some from doing initial candidate interactions, insights into your workforce's overall and others from a combination of both. answering questions and collecting satisfaction and well-being. This data AI can support this by identifying necessary information. This allows can then be used to implement targeted personalized learning paths that your HR team to focus on more critical interventions aimed at boosting morale incorporate a mix of all disciplines. tasks that require human judgment. and productivity. Moreover, AI can integrate diverse Incorporating skills management into learning channels, recognizing that your recruitment strategy ensures that Additionally, AI can help personalize many employees now acquire skills you are not only filling positions but the employee experience by offering through online courses, webinars, and also finding candidates with the right customized learning and development other informal methods. skill sets for your organization's needs. opportunities. This not only enhances skill sets but also fosters a culture of Facilitating Internal Mobility: Agile AI-powered recruitment tools can also continuous improvement within your Skills Deployment help eliminate unconscious bias in the organization. Leveraging AI in this hiring process. By focusing solely on manner ensures that employees feel In an age where gig work and short- relevant skills and experience, these valued and engaged, which ultimately term assignments are becoming the tools ensure a more diverse and contributes to higher retention rates. norm, AI can help organizations move inclusive workforce. This not only skills fluidly in various departments. promotes fairness but also brings fresh AI is revolutionizing skills Talent marketplaces powered by AI can perspectives and ideas to your management by providing tools and match employees with internal organization, fostering innovation and insights that were previously opportunities that align with their skills growth. unimaginable. From dynamic skills and aspirations. categorization and exhaustive skills These recruitment tools can also help mapping to reliable assessment and Preventing Skills Obsolescence: assess candidate fit by analysing soft agile deployment, AI enables Proactive Reskilling skills and personality traits. By organizations to manage their talent comparing candidate profiles to more effectively. By embracing these AI in skills management has its successful employees in similar roles, advancements, companies can ensure strength in its ability to see emerging these tools can predict how well a that their workforce is not only skills needs, both predicting and candidate will integrate into your equipped for today's challenges but responding to them. It can look at company culture. This helps ensure also prepared for the opportunities of market trends and organizational data, that new hires not only possess the tomorrow. then look at skills on the rise and those necessary technical skills but also align becoming out of date. This proactive with your organization's values and work style. approach will allow your company to offer timely reskilling opportunities, 28 July, 2024 www.thecioworld.com

31. Two roads diverged in a wood, and I—I took the one less traveled by, And that has made all the difference. - Robert Frost www.thecioworld.com

32. How Bahamian Entrepreneurs are Diversifying the ECONOMY expand into technology, renewable he Bahamas has long been energy, agriculture, and other sectors. synonymous with pristine These innovators are not only creating T beaches, crystal-clear waters, new opportunities for economic growth and luxurious resorts. For decades, but also positioning the Bahamas as a tourism has been the backbone of the hub for innovation in the Caribbean. Bahamian economy, accounting for over 50% of the country's GDP and One area gaining significant traction is employing about half of the Bahamian financial technology (fintech). The workforce. However, recent years have Bahamas made headlines in 2020 by seen a growing movement among becoming the first country to launch a Bahamian entrepreneurs to diversify central bank digital currency, the Sand the economy beyond its traditional Dollar. This move has opened doors for reliance on tourism and financial local entrepreneurs to develop services. innovative payment solutions and digital banking services. Companies This shift comes as a response to like Island Pay are leveraging this several factors, including the technology to create mobile payment vulnerability of tourism to global platforms that cater to both tourists and economic fluctuations and natural locals, bridging the gap between disasters, as well as the increasing traditional finance and the digital competition from other Caribbean economy. destinations. The COVID-19 pandemic further highlighted the risks of over- Renewable energy is another sector dependence on a single industry, as seeing rapid growth. With abundant travel restrictions decimated tourist sunshine and sea breezes, the Bahamas arrivals and severely impacted the is ideally positioned to harness solar economy. and wind power. Local startups like Bahamas Sustainable Fuels Ltd. are Recognizing the need for change, a exploring ways to produce biofuels new generation of Bahamian from algae, while others are entrepreneurs is spearheading efforts to 30 July, 2024 www.thecioworld.com

33. From Tourism to Tech 31 July, 2024 www.thecioworld.com

34. developing smart grid solutions to expanding their STEM programs and improve energy efficiency across the partnering with international islands. These initiatives not only universities to offer courses in reduce the country's reliance on emerging technologies. This focus on imported fossil fuels but also create developing local talent is crucial for new job opportunities in green sustaining long-term economic technology. diversification and reducing brain drain. The tech sector is also flourishing beyond fintech. Bahamian software Challenges remain, including limited developers and digital entrepreneurs access to capital for some are creating innovative solutions for entrepreneurs and the need for more both local and international markets. robust digital infrastructure across the Incubators and co-working spaces like islands. However, the momentum Shift The Culture in Nassau are behind this diversification movement is fostering a community of tech startups, undeniable. As Bahamian providing resources and mentorship to entrepreneurs continue to innovate and help young entrepreneurs turn their expand into new sectors, they are not ideas into viable businesses. From e- only creating a more resilient economy commerce platforms tailored for island but also reshaping the country's economies to apps that streamline identity on the global stage. government services, these startups are addressing unique challenges while The Bahamas is proving that it's more showcasing Bahamian ingenuity on a than just a tourist paradise – it's a global stage. nation of innovators and problem- solvers ready to meet the challenges of Agriculture and aquaculture are the 21st century. While tourism will experiencing a renaissance as well. likely remain a significant part of the With concerns about food security and economy for years to come, the the environmental impact of importing growing diversity of industries goods, entrepreneurs are investing in promises a more stable and prosperous hydroponic farms, vertical gardening future for all Bahamians. systems, and sustainable fishing practices. These ventures not only reduce the country's reliance on imports but also create export opportunities for high-quality, locally grown produce and seafood. The government has played a crucial role in supporting this diversification effort. Initiatives like the Small Business Development Centre provide funding and training for entrepreneurs, while policies aimed at attracting foreign investment in tech and renewable energy have helped create a more conducive environment for innovation. Education is also evolving to support this economic shift. The University of The Bahamas and other institutions are 32 July, 2024 www.thecioworld.com

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