Business

Invest St Lucia hosts training workshop on business incubator and accelerator model

Friday, October 25, 2019

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In its continuing efforts to launch its Business Incubator and Accelerator Programme, Invest St Lucia (ISL) undertook a three-day workshop from October 8-10, targeted at agencies providing business support services to the local business community.

Invest St Lucia is the official investment promotion agency of the Government of St Lucia, responsible for stimulating, facilitating and promoting inward investment opportunities for both foreign and local investors.

Business incubators and business accelerators provide advice, guidance and various forms of support for businesses in the start-up phase.

The three-day training provided the agencies with a better understanding of business support services, St Lucian entrepreneurial ecosystem development, client selection, how to develop and implement a business development plan and key policies, management and governance arrangements.

According to ISL Project Coordinator Dave Headley, the objective of the workshop was to bring in all the key players and stakeholders within the entrepreneurial ecosystem, so they can get a better appreciation and understanding of business incubation and acceleration, and how this all ties in into developing a business framework.

The workshop was facilitated by Thea Chase of CREEDA Projects, who is assisting ISL in the establishment of the programme.

“The objective of the training that we have been doing over the past three days is to introduce some of the concepts that are in the proposal plan that we have prepared for ISL. What we have proposed is the start-up of a business incubation and acceleration hub, which is a comprehensive set of resources and enterprise platforms that supports start-ups and existing businesses and helps to build the entrepreneurial ecosystem,” Chase said.

“Part of the objective and training is to dissect and look at that and what does it mean. What is an incubator, what is an accelerator, and what are the types of programmes that are important and recommended to be put in place in St Lucia to really build this entrepreneurial culture that is bridging here. We went through some of these platforms and what does it do? How do you run it? How do you start it? How do you establish selection criteria and the process of doing selection? How do you govern it? What kind of management needs to be in place in order to run these things,” she said.

Invest St Lucia is on its way to launching the Business Incubator and Accelerator Programme during the first quarter of 2020.

The agencies participating in the training spanned a wide cross section of the network of business support and included organisations as Export St Lucia, Bureau of Standards, National Skills Development Centre, St Lucia Development Bank, Southern Business Association, St Lucia Manufacturing Association, and Sir Arthur Lewis Community College.


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