A $300,000 government grant is now available for recent graduates from tertiary education institutions looking to launch their own businesses. This initiative comes following a Memorandum of Understanding between the Tertiary Scholarships & Loans Service (TSLS) and the Fiji Commerce & Employers Federation (FCEF), which was established this week to facilitate the Graduate Business Start-Up Grant Scheme.
The scheme, approved by the Fiji Government as part of its 2024-2025 National Budget, will be managed by TSLS and implemented by FCEF. Dr. Hasmukh Lal, the CEO of TSLS, noted that this MoU marks a significant public-private partnership aimed at supporting new graduates in becoming entrepreneurs and job creators for the first time. He emphasized that the initiative is designed to help diversify Fiji’s economic landscape.
Dr. Lal remarked on the innovative spirit of today’s graduates, stating that the government is poised to assist them through this grant. The scheme will employ a comprehensive business incubator model to support 30 TSLS-sponsored graduates, aiming to enhance their innovative, scalable, and financially viable business concepts.
FCEF, the primary private sector organization in Fiji, has accumulated experience over the past five years in managing business accelerator programs like the Fiji Enterprise Engine (FEE) and the Academy of Women Entrepreneurs (AWE). President Vinay Narsey expressed confidence in utilizing FCEF’s extensive business intelligence and networks to provide essential business development services for the incubate participants to thrive.
The selected 30 incubatees will receive a comprehensive array of offerings from FCEF, which will include business training, advisory services, coaching, assistance with business plan development, connections with established entrepreneurs, access to start-up grants, and pathways to additional financing options to help them operationalize their ventures.
Mr. Narsey indicated that strategic partnerships involving MSME Fiji, banks, Business Assistance Fiji, universities, the International Labour Organization (ILO), and others will be established from the onset of the program to enhance its governance and mitigate risks for both the incubator and its participants.
Applications for the Graduate Business Start-Up Grant Scheme are set to open at the end of October 2024.