The Fiji Enterprise Engine (FEE) is set to enhance its business development services to an international standard through a newly formed partnership with the University of New South Wales (UNSW). Recognized for its prestigious standing, with a QS world ranking of 19th, UNSW is acknowledged for its robust student programs and a dynamic entrepreneurial ecosystem.
As part of this collaboration, UNSW will utilize initiatives such as UNSW Founders and the Global Innovation Foundry to offer critical services, startup assistance, and professional education aimed at fostering innovation and increasing global engagement. Edward Bernard, CEO of the Fiji Commerce & Employers Federation (FCEF), which has operated FEE since 2019, underscored the importance of this partnership for boosting local entrepreneurship.
FEE has partnered with the Tertiary Scholarships and Loans Service (TSLS) to launch a business incubator program in 2024. Looking forward to 2025, the UNSW Founders initiative is expected to deliver world-class entrepreneurial programs, mentorship opportunities, and access to a global network and investment resources. UNSW Founders is recognized as Australia’s premier startup accelerator and is committed to empowering entrepreneurs to tackle global challenges while stimulating job creation and economic growth throughout Australia and the Asia-Pacific region.
Since its inception, FEE has successfully guided over 130 micro and small business owners through its accelerator program. According to the Monitoring Review Report, the program has achieved impressive results, with a collective sales revenue surpassing $2.1 million between 2019 and 2023. Early this year, the Market Development Facility (MDF), in collaboration with the Reserve Bank of Fiji, conducted a landscape assessment of business development services in Fiji, highlighting FEE as a sustainable model through its unique partnership approach.
Additionally, FEE plans to transform its business accelerator initiative into an “Investment Ready Programme (IRP)” as part of the Access to Business Funding Act (2025). This new program introduces innovative financing options such as Small Offers, Peer to Peer Lending, and Equity Crowdfunding to democratize access to funding for micro, small, and medium enterprises (MSMEs). Bernard emphasized the goal of maintaining FEE’s relevance and market-driven stance, noting that MSMEs will soon be able to raise up to $2 million in equity annually through Small Offers.
The Memorandum of Understanding (MoU) signed between FCEF, TSLS, and UNSW identifies specific areas where the university will extend support. These include market research through personalized coaching, product development via access to advanced resources and workshops, student mobility programs, collaborative seed funding for bilateral research, and the creation of executive education and professional training programs.
FEE’s partnership with UNSW marks a significant step towards bolstering Fiji’s entrepreneurial landscape, and the anticipated initiatives hold promise for fostering innovation and economic development within the region.
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