Twenty-one graduates in Fiji received $5,000 each today as part of the inaugural Graduate Business Start-Up Grant Scheme, a groundbreaking initiative launched by the Coalition Government and embedded in the 2024-2025 National Budget with a total allocation of $300,000. Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, emphasized the scheme’s role as a comprehensive business incubator designed to mitigate the risks of entrepreneurship for recent graduates by providing them with essential knowledge, practical skills, resources, and experience.
This new grant scheme aims to empower graduates to transition their business ideas into reality, promoting growth in Fiji’s micro, small, and medium enterprises (MSMEs), which already contribute significantly to the economy by accounting for 18% of the GDP and providing around 60% of total employment in the country. The initiative aligns with a broader governmental commitment to invest about $80 million to support various MSME initiatives, further solidifying the essential role of this sector in economic development.
Grant recipient Mosese Tuicakau, who founded Reef Engineering & Investment, shared how this funding is a dream come true, especially for graduates lacking initial capital. He expressed optimism that the scheme can transform uncertainty into confidence for many entrepreneurs, noting how it can facilitate access to additional financing from donors and financial institutions.
This pioneering program is seen as a promising step toward fostering a more entrepreneurial culture among graduates, catering to a rising global trend where young professionals actively seek to take control of their careers through entrepreneurship. It is designed to lay the groundwork for a robust future for both the graduates and the Fijian economy, ultimately encouraging innovation and job creation.
The sentiment surrounding this initiative is one of hope and optimism as it supports young entrepreneurs in transforming their aspirations into tangible business ventures, which could positively impact Fiji’s economic landscape in the long term.
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