Potential entrepreneurs, stakeholders in science, technology learn more on the incubator concept |30 July 2022

Guests and delegates in a souvenir photograph after the opening ceremony

Enabling people to trial their ideas and test their feasibility or viability for potential business models in dedicated spaces, is one form of encouraging entrepreneurship and this is defined as incubation.

In order to help explain and develop an incubator model for Seychelles, the Division of Science, Technology and Innovation (DSTI) within the Ministry of Investment, Entrepreneurship and Industry, in partnership with the Blue Economy department and the African Development Bank’s Fund for African Private Sector Assistance (FAPA) ran a one day awareness and education training session recently at the Savoy Resort & Spa.

The aim of the session was to give an insight into the incubator concept more specifically in the field of the Blue Economy and provide an understanding of best practices, clusters as well as long term plans for incubation programmes in the country.

Present during the opening of the training session were the principal secretary for the Blue Economy Department, Kenneth Racombo, the principal secretary for the Ministry of Investment, Entrepreneurship and Industry (MIEI), Michael Nalletamby, the director general for DSTI Xavier Estico, the chief executive of the Enterprise Seychelles Agency (ESA) Angelic Appoo, the chief executive of the Seychelles Investment Board (SIB) Anne Rosette among other concerned stakeholders.

The training session focused on the blue economy sector with particular emphasis on the marine biotechnology area in Seychelles. In his opening remarks, Mr Nalletamby noted that recent global challenges have accentuated the need for small developing countries such as Seychelles to diversify their economies.

He further explained that the support to the blue economy ‘s Micro, Small and Medium Enterprises’ (MSMEs) will provide the necessary assistance to the various types of enterprises in the blue economy by building the foundation of the marine biotechnology sector.

Funded by FAPA, the project has received a grant of US $800,000 for its current implementation phase. Another US $200,000 has been contributed by the government which in all will allow for the exploration of how our marine resources can produce economic benefits for the country and help build our economic resilience.

Mr Nalletamby remarked that one way to support our local entrepreneurs and the development of MSMEs is to provide them with an environment which can support the development of their ideas and models into actual functioning businesses.

“The way to achieve this is through an ‘incubator’ which will provide the entrepreneurs with a working space, as well as training and mentoring services.”

Mr Racombo for his part stated that the aim of the education session was also to provide a forum for interactions, to share and gather all the information, facts and figures that will help in the development of the value chain in this all too important sector for Seychelles.

He thanked the African Development Bank for its constant support and the Blue Economy department for its invaluable partnership in the project.

A brief on the Business Technology and Innovation (BTI) and its background was then given by Mr Estico. He outlined the policy guidelines for key sectors and the main strategy for implementation of the BTI Incubator. Shortly after, the project’s consultant, Antoine Onezime, gave a presentation to help enlighten the participants on the roles of the different components which form the project.

Other presentations were made by the Innovative Partners Incubation Corporation, the Development Bank of Seychelles, the Central Bank of Seychelles, SeyCCAT, ESA and the SIB.

Sylia Ah-Time

Photos by Salome Abel