St. Lucia Youth Business Trust continues to provide training opportunities to young entrepreneurs and startups. In collaboration with the Barbados Youth Business Trust and with the kind support and funding from the European Union, the Trust successfully launched the Social Enterprise Incubator in April 2021. This initiative targets young entrepreneurs between the ages of 16-30, who are at an early stage of social enterprise development and want to move ahead, through the provision of training, mentorship and financing. The immediate goal is to develop and launch successful social ventures while also building the long-term capacity of social entrepreneurs and organizations.
Through a series of virtual workshops, the Incubator program has guided twenty (20) participants in developing and validating a business plan for their enterprise concept. The program consists of an interactive learning environment, business planning tools and resources, facilitation from subject matter experts, learning from experienced social entrepreneurs, support with launch planning, one-on-one coaching and access to small development grants.
To date, ten (10) beneficiaries have been assisted with the start-up and launch of their social enterprises. These purpose driven businesses are currently serving customers essential products and services while supporting persons from underprivileged backgrounds through the provision of education, training, and employment. In order, to ensure sustainability and to maximize social impact, beneficiaries are currently receiving business support, technical assistance and other business advisory services. The SLYBT would like to pledge it’s continued support as we play our part in strengthening the social business movement and tackling the social issues, which threaten our growth and development here in St. Lucia and in the region. Join us in our mission in making social business an integral part of the economy.
The St. Lucia Youth Business Trust continues to collaborate with the St. Lucia Chamber of Commerce, Industry and Agriculture to host the Small Member Support Program which commenced in May 2021. The program aims to assist small businesses as they recover from the economic impact of COVID-19 and was built to offer Information, Skills, Knowledge, Tools and Support Services Programs to help strengthen MSMEs among Chamber Membership and the wider business community. The ongoing program took the form of several training webinars that covered Accounting for Management and Expansion, Introduction to QuickBooks Online, Financial Literacy and Understanding Financial Statements for the period under review.
Entrepreneurs benefited from the vast knowledge and expertise of facilitators who employed case-studies and practical examples and exercises, which not only challenged them to see beyond the conventional business concepts but to see how these concepts further contribute to the ensured survival, and success of their enterprises in the ever-changing and hyper-competitive global marketplace.
The collaboration of the St. Lucia Chamber of Commerce and the St. Lucia Youth Business Trust in this program intends to catalyze the improvement of the financial and entrepreneurial consciousness of the small entrepreneur. As we are aware, a vibrant small business sector is critical to the recovery of the economy.
In November 2021, the Global Entrepreneurship Network (GEN) officially celebrated thirteen (13) years of Global Entrepreneurship Week (GEW), a platform that has aided millions of people unleash ideas which propelled them to start and scale new businesses. The initiative began in 2008 with a particular emphasis on inspiring young people to make their mark and has rapidly grown into a worldwide effort that engages entrepreneurs, investors, policymakers, researchers, support organizations and other collaborators to advance economic growth and innovation in over 180 countries globally.
GEW 2021 was observed from November 8th to 24th November and celebrated under the core themes: #GEWecosystems, #GEWeducation, #GEWinclusion and #GEWpolicy. The St. Lucia Chamber of Commerce, Industry and Agriculture, the local host organization, joined the Global Entrepreneurship movement in 2011 and commemorated its 10 th anniversary of participation.
A series of activities including webinars, forums and discussions were held which focused on the obstacles often faced by entrepreneurs and discussing solutions through access to success stories, training, capital and mentorship. These efforts will aid in promoting the entrepreneurial spirit in St. Lucia, as well as assist in creating and sustaining a viable entrepreneurial ecosystem that is undoubtedly, vital to our
economy.
