National Entrepreneurship Strategy & Business Incubator launched |15 November 2022
A souvenir photograph after the launch ceremony (Photo: Louis Toussaint)
‘Cooperate, collaborate and connect,’ Minister Devika Vidot urges businesses
Seychelles has a National Entrepreneurship Strategy, formulated through extensive stakeholder consultations, aimed at creating a resilient and conducive knowledge-based entrepreneurship ecosystem that promotes socio-economic development.
The strategy’s launch took place yesterday morning at the Savoy Resort & Spa, Beau Vallon in the presence of the Minister for Investment, Entrepreneurship and Industry, Devika Vidot, stakeholders including innovators, representatives of established businesses and startups, policy makers and financial institutions.
It coincided with the 15th annual Global Entrepreneurship Week (GEW), taking place between November 14-18, 2022. In Seychelles the event is being held under the theme ‘Connecting business for successes’.
In her address, Minister Vidot described the launch as an important milestone and the country now has a document that will drive measures to nurture, support and scale-up successful entrepreneurs. It is taking place a year after the first workshop to discuss the strategy, which was during last year’s GEW.
“Put simply, this is a coordinated plan to respond to the needs of the entrepreneurs and address the gaps that hinder their progress,” said the minister.
Yesterday’s event also saw the official launch of the BusinessTechnology and Innovation Incubator, under the aegis of the Division of Science, Technology and Innovation. The incubator is an ecosystem that helps entrepreneurs, to develop their innovative business ideas from the concept stage until their project becomes a commercially-viable venture.
Minister Vidot explained that emerging businesses will be able to go the incubator to get the support and guidance through structured framework of mentors and advisors to guide them.
“In turn, this will also help the entrepreneurs to understand their business concept and develop it to a level that will give confidence to banks to fund their projects,” she said.
The incubator is presently being set up at a temporary space in Providence and is financed under the African Development Bank’s Fund for African Private Sector Assistance (FAPA) at a cost of $1 million, which includes a grant of US $800,000 and another US $200,000 contributed by the Seychelles government.
DSTI’s director general, Xavier Estico, said the launch is a culmination of a six-year project and he was glad it was bearing fruits as it was a request of stakeholders who felt there was a need for such an ecosystem to support innovative ideas.
However, according to Mr Estico the demand for start-ups are higher than anticipated.
“Now we have a space to set up the incubator but we have more interests than expected. We have around 60 to 75 entrepreneurs coming forward with innovative business concepts and in order to satisfy those creative and innovative ideas, and meet their satisfaction, we should quickly relook at our space availability and work fast,” said Mr Estico.
Meanwhile, for this year’s Global Entrepreneurship Week, the Ministry of Investment, Entrepreneurship and Industry said that through its local theme ‘Connecting business for successes’, it is being more targeted and bringing together key players including entrepreneurs, innovators, bankers, business leaders and policy makers to take part in different events that will promote sharing, and building new relationships.
“The goal is to establish an ecosystem which brings together suppliers, manufacturers, buyers and different other key players to co-exist and thrive in the same business environment,” she said.
Minister Vidot said through their overseas fact-finding missions they have noticed that entrepreneurship is more mature and thrive better because they share ideas, and collaborate.
“That is why this year we are putting emphasis on connecting business, getting them to collaborate and cooperate. Let us not be scared to share ideas, because we might miss a great opportunity to enhance our business idea,” she said.
This year’s GEW include trade fairs for entrepreneurs to showcase their services, talk to well-established businesses as well as meet with potential financiers.
Activities include ‘Connecting Business Fair’ at Grand Anse Praslin and a similar one in Camion Hall, Victoria, as well as a Motivational speaking and networking event for Young Entrepreneurs on Saturday.
Patsy Canaya