BIDs were invented in Canada in the 1970s. The concept has proved popular worldwide and first arrived in Scotland in 2006. There are now 35 BIDs in existence. The UK’s first tourism-specific BID, Visit Inverness Loch Ness, has recently been renewed for a second 5-year term, having delivered outstanding results for their area over its first 5-year term, including securing £2 million funding for international marketing through a partnership with VisitBritain. Find out more about the success of the Inverness Tourism BID at www.visitinvernesslochness.com
A Business Improvement District (or in our case, a Tourism Business Improvement District) is a private sector led initiative that sees businesses within a defined geographical area invest in the delivery of a five-year business plan. Once that period is over, there is a renewal ballot to determine if businesses wish to continue for a further five years.
The strength of the Tourism BID concept is in its simplicity. By pooling and sharing resources, local businesses, working with a range of partners, take a leading role in improving local economic conditions through the delivery of an agreed package of investment and initiatives over and beyond those delivered by local and national government.
All the money raised from the Tourism BID levy is ring-fenced for the delivery of projects outlined in the business plan agreed by local tourism businesses. Moray Speyside Tourism’s current annual budget is just £83,000. A successful vote for the Tourism BID will double that amount, and crucially, will also enable the Tourism BID to leverage significant extra funding, currently not available to us, or indeed, to you as local tourism businesses.
As well as having the financial resources to deliver a vibrant and exciting business plan, the Tourism BID company will lobby the Moray Council and government on behalf of tourism businesses and work collaboratively with tourism organisations near and far, for the benefit of Moray Speyside’s tourism industry.
The Moray Speyside Tourism BID is about local tourism businesses of all shapes and types working together to build on Moray Speyside’s growing international reputation in a mutually supportive way.