The Phillip Nassief Entrepreneurship Challenge, which has recently been rebranded from the GEMS Entrepreneurship Challenge, kicked off its second round of grant funding for local entrepreneurs on September 2, 2024. This program is designed to offer significant financial assistance to entrepreneurs eager to invest in and expand their businesses. The initiative is inspired by Phillip Nassief, the founder of Dominica Coconut Products (DCP) and the Fort Young Hotel (1986) Ltd., who made a lasting impact on the economic and social fabric of Dominica. Phillip passed away on April 28, 2024, leaving a legacy characterized by entrepreneurship, kindness, and a strong sense of community.
Lizra Fabien, the Foundation’s Director of Entrepreneurship, remarked, “This Challenge is designed to empower entrepreneurs by enhancing and expanding their businesses within the hospitality and tourism supply chain. The top winner will receive $20,000 EC, while second and third place winners will be awarded $15,000 EC and $10,000 EC, respectively. We welcome applications from businesses that supply products and services related to tourism and hospitality, along with those that demonstrate innovation and scalability while maintaining ethical business practices.
In order to be successful in the application process, each applicant must provide details of the new and innovative idea that will be implemented with the use of the grant.”
“The Foundation is delighted to make a significant impact on the experience of our local entrepreneurs in scaling their businesses. During our recent visit with Terri Henry Lovel of Bee Natural, the winner of the inaugural Entrepreneurship Challenge, she shared the transformative effect of the grant on her business. With the funds, Terri acquired a new machine named ‘Big Mama’ which has boosted her production capacity to twelve times her
previous output, significantly reduced production costs, and increased her profit margins,” added Fabien.
The Foundation invites all qualifying businesses to apply. To be eligible for this grant, applicants must fulfill the following requirements:
– Be citizens or legal residents of Dominica.
– Operate a registered business in Dominica for a minimum of two years.
– Provide financial statements from the previous fiscal year along with budgets for the current or upcoming year.
– Include all necessary personal and business documentation in their application.
– Submit references from at least four customers who can vouch for the quality and reliability of their product or service.
– Previous recipients of this Challenge are not permitted to apply again.
Entrepreneurs interested in applying should send their applications by September 30, 2024, to [email protected]. A shortlist of seven candidates will be announced on November 13, 2024, and those selected will take part in a live pitching event on November 27, where the winners will be revealed.
The GEMS Foundation also invites all prospective applicants to attend an information session on Thursday, September 12, at 7:15 PM. Additional information will be available on the Foundation’s Facebook Page at https://www.facebook.com/gemsfoundation/ and on their website at www.gems.dm/foundation/.
For further details regarding eligibility criteria, evaluation standards, and to obtain the application form, please consult the Phillip Nassief Entrepreneurship Challenge | GEMS Foundation Guidelines.
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