September 12, 2024
Collaboration on Graduate Business Start Up Grant Scheme
The Tertiary Scholarships & Loans Service (TSLS) and the Fiji Commerce & Employers Federation (FCEF) has signed a Memorandum of Understanding (MoU) for the implementation of the Graduate Business Start-Up Grant Scheme.
The Fiji Government approved this scheme in its 2024-2025 National Budget with allocation of $300,000, to be administered by TSLS and implemented by FCEF.
“This MoU facilitates a strategic public-private partnership with FCEF that will for the first-time support those graduating from tertiary education institutions to become entrepreneurs and job creators”, said Dr Hasmukh Lal, the Chief Executive Officer of TSLS.
Dr Lal further added that ultimately, the scheme will enable Fiji Government sponsored graduates help in diversifying economic base. The current generation of new graduates have great sense of entrepreneurial ideas and Government stands ready to assist them through this grant scheme. The graduates brings in knowledge, skills and attributes learnt at their tertiary education institutions and hence chances of success in establishing businesses is poised to be higher.
TSLS launched its Employer Connect Framework and Portal last year to connect its graduates to employers to secure employment. The Graduate Business Start Up Scheme is an innovative initiative to work closely with industry peak body of private sector in the country.
The Graduate Business Start-Up Grant Scheme will be implemented as a multifaceted business incubator model that will aim to further enhance innovative, scalable and bankable business ideas of 30 TSLS sponsored graduates to start their businesses.
In the last five years, FCEF has developed expertise in managing business accelerator programmes such as the Fiji Enterprise Engine (FEE) and the Academy of Women Entrepreneurs (AWE). “We have the depth and breadth of business intelligence and expertise within FCEF and our networks, so we will be drawing from them to ensure and that the incubates are provided with the relevant business development service to help them succeed” said Mr Vinay Narsey, the President of FCEF.
The multifaceted business incubator model is more than a grant scheme and will provide the 30 incubates with (a) business training and advisory services, (b) business coaching and mentoring, (c) drafting, testing and finalizing of their business plans, (d) attachments with entrepreneurs; (e) start-up grant and linkages to other blended financing opportunities and (f) opportunity to actually start and operate their business.
Mr. Narsey highlighted those strategic partnerships with MSME Fiji, Banks, Business Assistance Fiji, Universities, the ILO and others will be established from the start of the programme and will be included in the Governance structure, to ensure de-risking of the incubator and incubates businesses.
Applications for the Graduate Business Start-Up Grant Scheme will open at the end of October 2024. Applicants will be required to submit (a) a business concept that is innovative, scalable and bankable, (b) a three-minute business pitch about their business concept and (c) undertake an Artificial Intelligence (AI) enabled Entrepreneurship Competency Assessments (ECA).
The scheme is in line with the (draft) National Development Plan (NDP) as it is designed to enhance employability and entrepreneurship, reduce national unemployment, improve MSME access to finance and training and builds sufficient human capital to cater for increased private sector investments.
For further information please contact:
- Ms Palind Kaitu, Business Acceleration Manager FCEF on email bam@fcef.com.fj
- Ms Shafia Sharif, Digital Media Officer TSLS on email ssharif@tsls.com.fj or
communications@tsls.com.fj
Tertiary Scholarships & Loans Service and Fiji Commerce & Employers Federation
ENDS
