D’Arcy Rahming Jr. studied robotics as an Electrical Engineer at Northwestern University in the United States. Upon graduation seven years ago he was offered several positions but decided instead to return to his native Bahamaland to be an entrepreneur.
“I attempted several businesses but always seemed to be capital constrained. It was then I noticed that several of my contemporaries with brilliant ideas and good work ethic were either underemployed or had never returned to the Bahamas because of the lack of capital to develop their ideas.”
After working for several years as a small business management consultant and assisting numerous small businesses with business plans, accounting, social media and various IT projects Rahming decided to pursue equity crowdfunding. Equity crowdfunding brings together multiple investors with firms seeking capital for an agreed upon percentage of ownership. “I realized that the answer to many of our economic woes were based on the lack of attention and resources given to small and medium sized businesses. Both in capital and in structure.”
Rahming began to work with a group of industry professionals to educate business persons on how equity crowdfunding works and how to prepare their firms. Financial seminars for investors were held at the University of the Bahamas and private and public schools. Rahming also developed a free online investment class called the Intelligent Bahamian Investor at invest242.com. Several hundred persons and firms have been registered. The education was a first phase in preparation of the launch of the ArawakX FinTech platform. ArawakX is short for Arawak Exchange.
“This platform is intended to give every person a chance to participate as a part owner through shares in the economy. We are working with several firms and intend to be the platform of choice bringing multiple investors together with multiple properly structured companies through mobile technology.” Said Rahming. The objective is to address the 180 million dollar funding gap for small and medium sized businesses through equity participation over a properly regulated platform.
ArawakXs offices are located at 107 SandyPort. The first company that will be listed will be the Bahamas Olympic Museum. Persons seeking more information can review the company website at ArawakX.com.