A $300,000 grant is now available for recent graduates from tertiary institutions looking to launch their own businesses. This initiative stems from a Memorandum of Understanding signed this week between the Tertiary Scholarships & Loans Service (TSLS) and the Fiji Commerce & Employers Federation (FCEF) to facilitate the Graduate Business Start-Up Grant Scheme.
Approved by the Fiji Government in the 2024-2025 National Budget, the grant will be managed by TSLS and executed by FCEF. TSLS CEO Dr. Hasmukh Lal highlighted that the agreement establishes a strategic public-private partnership that aims to support new graduates in becoming entrepreneurs and job creators. He noted that the scheme would aid government-supported graduates in diversifying Fiji’s economic base.
Dr. Lal expressed confidence in the current generation of graduates, stating they possess strong entrepreneurial ideas, and affirmed the government’s commitment to helping them through this grant scheme. The initiative will follow a multifaceted business incubator model intended to foster innovative, scalable, and profitable business concepts for 30 graduates sponsored by TSLS.
FCEF, as the leading private sector organization in Fiji, has built expertise in managing business accelerator programs over the past five years, such as the Fiji Enterprise Engine (FEE) and the Academy of Women Entrepreneurs (AWE). FCEF president Vinay Narsey emphasized the organization’s access to extensive business intelligence and resources, which will be leveraged to provide necessary business development services for incubators to thrive.
The 30 selected incubators will receive comprehensive support from FCEF, including business training, advisory services, coaching, mentoring, assistance with business plan development, connections with established entrepreneurs, start-up grants, and pathways to blended financing opportunities.
Mr. Narsey also indicated that strategic partnerships will be established from the program’s outset with various stakeholders, including MSME Fiji, banks, Business Assistance Fiji, universities, and the ILO. This will be integrated into the governance structure to mitigate risks for both the incubator program and the new businesses.
Applications for the Graduate Business Start-Up Grant Scheme are set to open at the end of October 2024.