Twenty-five university graduates have been selected as the inaugural recipients of the Graduate Business Start Up Grant Scheme, a pioneering initiative by the Tertiary Scholarship Loans Service (TSLS) in collaboration with the Fiji Commerce and Employers Federation (FCEF). This program marks Fiji’s first business incubator aimed at empowering graduates to pursue entrepreneurial ventures.
Dr. Hasmukh Lal, CEO of TSLS, emphasized that the conception of the grant scheme arose from data concerning micro, small, and medium enterprises (MSMEs). He noted that prior to the pandemic, the MSME sector contributed approximately 18 percent to Fiji’s GDP, amounting to around $356 million in 2019. Additionally, Dr. Lal highlighted that 60 percent of the workforce was engaged in this crucial sector, underlining its importance for employment opportunities.
Recognizing the need to support graduates beyond traditional employment pathways, TSLS aims to guide these aspiring entrepreneurs in establishing their own businesses, potentially increasing job creation in the MSME sector. FCEF president Vinay Narsey expressed optimism regarding the initiative, noting that the tailored training and mentoring programs would equip graduates with essential skills to navigate the challenges of business management. He looks forward to observing the impact these pioneering participants will have as they launch their enterprises.
The Graduate Business Start Up Grant Scheme operates under the Fiji Enterprise Engine program, which serves as FCEF’s business accelerator, marking a significant step towards fostering an entrepreneurial ecosystem in Fiji.
This initiative not only enhances the prospects of the graduates involved but also contributes to the broader economic landscape of Fiji by potentially increasing employment opportunities in the dynamic MSME sector.
Overall, the endeavor showcases a proactive approach to building a robust entrepreneurial framework for graduates, promoting innovation and self-employment in the region.
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