The Social Enterprise Incubator, a new program designed by the Barbados Youth Business Trust, which will guide participants in developing and validating a business plan for their enterprise concept, was officially launched in Dominica.
The program which was launched by the Dominica Youth Business Trust (DYBT) recently, is designed and delivered in partnership by the Youth Business Trusts in Barbados, Dominica and St. Lucia with support from German impact accelerator program, Impact Collective.
“It [the program] will provide participants with an opportunity to be interactive in a peer learning environment, business planning tools and resources, it will provide workshops and subject matter experts, support with launch planning, one on one coaching, access to small development grants and learning from experienced social entrepreneurs,” Manager of the Barbados Youth Business Trust and SEI Project Coordinator, Cardelle Fergusson said during a virtual presentation.
She said the program is separated into two parts with the first being the training.
“What we are hoping to do is to allow the entrepreneurs who are selected to develop their businesses through a series of workshops, ongoing mentoring and they are also given an opportunity to complete a business plan which will support the business plan and sharing of the ideas,” Fergusson stated…“In the second part of our report we will provide a launch and starter plan.”
Meanwhile, Minister for Youth Development & Empowerment, Dr. Adis King said a two year incubator period aimed at providing social support to Dominican communities through social enterprises and development will contribute to the country’s attainment of goal 8 of the sustainable development goals (SDG’s) and agenda 2030.
“Goal 8 of the SDG’s calls for urgent action to achieve decent work and economic growth in member states of the United Nations,” she said.
As minister responsible for youth development and empowerment, Dr. King recognizes the ever growing social needs in Dominica, and is of the view that these needs indicate a quality of ambition which her ministry is obliged to encourage and support.
She said her ministry is committed to combatting social challenges and issues through effective programs.
“Under these programs, youth social entrepreneurs will now have the opportunity to network with other individuals in the Caribbean through partnerships with and within the Barbados and St Lucia Youth Business Trust,” King added.
Furthermore, she through the efforts of the Ministry of Youth and the Dominica Youth Business Trust, Dominican youth now have the opportunity to develop their own social entrepreneurial skills, develop their own business plan and receive support to launch their businesses.
During this phase of the programme, six social enterprises which form part of the first cohort will be able to take advantage of the resources available to them at the DYBT.
“These include the mentorship programme where entrepreneurs receive one-on-one support in launching and operating their enterprises and the support from a business advisory committee where entrepreneurs can seek marketing, legal, finance and other business related council from professionals and most importantly there is the DYBT’s loan guarantee facility where entrepreneurs can receive a loan guarantee of up to $20,000 for their business,” Dr. King noted.
The minister appealed to the entrepreneurs who are selected, to work diligently to ensure success for themselves and their community and to work patiently and meaningfully to achieve their social transformation goals.
“We must draw out the best in you in the interest of your emerging enterprise,” Dr. King stated.
Additionally she encourages and motivates other young persons in Dominica to develop a social enterprise outlook.
She also called on the youth to continue to fight against the social issues in their community and Dominica, “whether that is drug addiction, deviance, acts of violence and crime.”
“Use your energy so vital and fresh in your young bodies to stand for justice,” Dr. King advised. “Stand in defense of environmental conservation, cultural and heritage preservation, education, excellent health and sports…”
It appears that the term entrepreneur has taken hold and is sweeping all before it. Small businessmen and artisans are a thing of the past.
During my lifetime I have personally known scores of entrepreneurs, from Richard Branson down. They have all made their millions, but not one started out with a business plan and bank loan.
Real entrepreneurs move too fast for business plans and their ventures are considered too risky for a bank loans.
Times have changed. This is no longer “in your time.” Many before you wished they could have gotten loans and this generation is now able to. You should’ve cautioned them to pay it off expeditiously instead of pretending that financial assistance is equal to a business failure. That’s a poor man’s mentality.
Check your negativity sir. Your poverty is showing.