Young Seychellois start-ups pitch their ideas to potential investors |26 September 2022

The Nature Tech Enterprise team (left) and Meco Fabrics pitching their ideas (Photo: Joena Meme)

Young Seychellois entrepreneurs, who already have their business ideas, were able to pitch those ideas to mentors and potential investors, at a one-day forum at the Savoy Resort & Spa last week.

Organised by the Ministry of Investment, Entrepreneurship and Industry, through its entity, the Division of Science, Technology and Innovation in collaboration with the Blue Economy department, the forum formed part of continuous efforts to create an effective entrepreneurship framework in Seychelles.

The ‘Blue Economy Stakeholders and Entrepreneurs Forum’ was a follow-up to a similar one held in July. It was attended by entrepreneurs and start-ups who are looking to incubate or accelerate their businesses through value addition, access to markets and financing opportunities.

Two businesses, namely Nature Tech Enterprise and Meco Fabrics, were invited to pitch their ideas, which was followed by interaction with the experts, including business owners, investors, and financiers, who gave them advice on how best to market their idea and commercialise their business.

Speaking to the media, the director general in the Division of Science, Technology and Innovation (DSTI), Xavier Estico, said “we want to create that environment, that ecosystem that would be able to help the entrepreneurs, from their concept until their project reaches commercial level and becomes successful”.

Last week’s forum saw the participation of organisations such as the Development Bank of Seychelles, Central Bank of Seychelles, TVET’s as well as private companies.

Mr Estico said it was important to connect the entrepreneurs to the right organisations and the pitch allowed them to go back and relook at their business model and make it more viable.

“What we’ve witnessed in the past is that a start-up is excited in the beginning, they come up with the business plan but when they go to a bank, they are discouraged. We need to change that and ensure that when they reach the bank they are credible to access funding for their project,” he said.

He added it was also a way to ensure the process is smooth when they go into the world with their project, and they are prepared when they leave the incubator stage.

One of the two start-ups was Nature Tech Enterprise. The entrepreneurs, Guillaume Sinon and Larry Constant said the forum was a good exposure for them. The two friends came up with an aquaponics idea during lockdown to produce fresh fish for local consumption. They presently have a small basin in their backyard where they are breeding ‘tilapia’ for research purposes.

“We have our prototype and we need a bigger one for further research. We do not have the capital to invest into that and it is a bit daunting for two young people like us to approach a bank to seek finance. We have been working with DSTI which is guiding us and advising how to go about it,” explained Mr Sinon.

DSTI said more entrepreneurs and start-ups will be getting similar exposure in the future.

The forum is funded under the African Development Bank’s Fund for African Private Sector Assistance (FAPA) at a cost of US $1 million. This includes a grant of US $800,000 and another US $200,000 contributed by the Seychelles government.

DSTI is charged with developing a Business Technology and Innovation Incubator (BTI) and a Knowledge Repository hub with the FAPA fund.

Patsy Canaya