NASSAU, Bahamas, Oct. 10, 2022 — There are several myths associated with the Bahamian investor that are being destroyed by the successes of crowdfunding, according to D’Arcy Rahming Sr., Co-Founder of ArawakX, who studied Economics and Finance at Northwestern University.
Tropical Gyros closed on Friday with a successful raise amount with over 1200 investors, Rahming noted in a press release on Monday, October 10, 2022, adding at currently FootCare Rx and Nassau Gas and Tanks have also passed their pledged amounts to be deemed successful.
“What we are finding is that the myths that have been circulating in the financial, economic and political circles are just not true. Before ArawakX the tools did not exist to measure how people are really using their money at the micro level,” says Rahming Sr. “And so, we rely on anecdotal evidence based on a certain class of Bahamian. Clearly the society is changing. People seem to want more than just jobs, but also a future through investing. People don’t just want jobs but want ownership in the wider economic pie.”
One myth is that Bahamians are not interested in investing, Raming says, adding: “This clearly is not true as we have had over 7,700 people register on our platform expressing interest in investing. And over 2,500 of them have actually made investments in our current issues. Also, over 6,500 people signed up for the Intelligent Bahamian Investor Masterclass in equity crowdfunding. Which leads to another myth that Bahamians are too unsophisticated or too uneducated to invest. Bahamians are finding the time to make themselves financially literate through online courses.”
Rahming added: “When I was first building ArawakX I encountered many people who said I was wasting my time, that Bahamians were too ignorant as businessmen and had no sophistication in running businesses. We are finding several Bahamian businesses that already have the corporate governance or are willing to put in the necessary corporate governance and structure to run a publicly held company.”
Rahming points to the example of Tropical Gyros, who made several adjustments as they expanded taking on a Board of Advisors and putting in place the necessary documentation and controls for expansion.
“One of the most self-defeating and bothersome myths is that only certain classes of Bahamian invest and the rest are just interested in being consumers,” says Rahming. “We collect data such as employment status and place of employment. What is evident is that people from all walks of life from janitors to MPs are investing, but prior to crowdfunding had no direct access to capital markets. This speaks directly to ArawakX’s values of financial inclusion.”
Persons interested in ArawakX listed companies, may contact ArawakX at 603 5270 or info@arawakx.com.
