As Dominica joins the regional and international community in observing Global Entrepreneurship Week (GEW) the Dominica Youth Business Trust (DYBT) has launched several new initiatives to fulfil its commitment to young entrepreneurs on island.
At the organization’s launch of the GEW this week, the trust unveiled their website funded by the International Officer for Migration (IOM) which entails several key features geared at assisting young innovators.
On the website –hub.dybt.gov.dom– existing or potential entrepreneurs will be greeted with features such as an entrepreneurs directory, training videos, template resources, a tool rental library which is stocked with various items to include electronics, and a business advisory committee which consists of four business professionals in the area of bookkeeping, marketing, legal advice and record keeping.
To further empower young entrepreneurs, the organization is currently accepting applications for the upcoming 27th instalments of the Small Business Assistance Facility (SBAF) training program which is slated to run from December 13th to 17th, 2021.
According to DYBT Coordinator Phillip Rolle, the objective of this SBAF training is to assist entrepreneurs to further develop their skills and knowledge base needed to run a successful business and will highlight key business management topics, such as record keeping, marketing, costing and pricing, understanding cash flow, and meeting industry standards.
“The DYBT is always in constant review of the training partners to ensure that it effectively and efficiently responds to the needs of the young Dominican entrepreneur….for this upcoming 27th SBAF the DYBT will be adding a new session entitled steps needed to take the business online which is probably equally as timely as the entire world has been sprinting in the direction of online business,” Rolle pointed out.
“Taking your business online offers many benefits to the entrepreneur such as being able to target the global market improving your company image and 24/7 365 days a year availability just to name a few,” the DYBT coordinator further added.
Unlike previous years, due to the ongoing COVID-19 pandemic, the training will be held via zoom from 5 pm to 8 pm. The deadline for application is November 24, 2021.
Meanwhile, the DYBT is also undertaking the expansion of its Social Enterprise Incubator (SEI), Social Entrepreneurship Administrator Eamon Gibbons, has reported.
Six months ago, the DYBT launched its first SEI in partnership with the Barbados Youth Business Trust and funded by the European Union to assist new entrepreneurs with developing and starting new social enterprises as well as providing assistance to established entrepreneurs re-branding their existing business as a social enterprise.
According to Gibbons, since the implementation of the project, the DYBT has trained five entrepreneurs in the concept of methods of social entrepreneurship, which allowed them to advance from the idea to the launching stage and added social value to their already existing business plans.
In light of its success, the trust has launched its second cohort in the SEI.
“This SEI will include a 12-week training in various methods of social entrepreneurship, as well as enterprise development support to launch their enterprise. In addition, as a result of the success and impact from the first cohort, DYBT will be increasing its numbers and accepting 10 social entrepreneurs for this second cohort,” Gibbons made known.
Applications are open until the 10th of December and forms can be picked from the DYBT office, as well as from district youth development officers and the NYC office. Electronic Application forms are also available and can be found on DYTB social media pages as well as DYBT hub social media.
The trust has also announced yet another addition to its Business Plan Innovator Award (BPIA) which is an initiative of the Commonwealth Youth Program Caribbean Center, introduced to the DYBT in 2005.
For the past several years, the DYBT has introduced the verbal pitching aspect to the BPIA and to support this new element, the trust has organized the public speaking and business pitching session with the trainees.
As further reported, social entrepreneurs from the SEI project had the opportunity to “get in on some of the action” as well and submit their business plans as well as pitch their business ideas to a panel of judges.
“In this case, special attention was paid to the clarity and impact of their social mission, which is a key component of any social enterprise. One SEI participant will win approximately 5000 EC dollars, a grant which will go towards their social enterprise. A total of two social entrepreneurs participated in this new component of the BPI,” Rolle stated.
DNO his name is Phillip Rolle not Role
ADMIN: The name was corrected, thank you.