13 Sep 2019

Business Incubator and Accelerator Program Overview

Recognizing the role that entrepreneurship and innovation have played in the development of highly competitive and advanced developing countries to improve overall living conditions and drive wealth creation, the Government of Saint Lucia wishes to strengthen the entrepreneurship ecosystem with the introduction of a business incubation and acceleration program.

Accordingly, the Government of Saint Lucia, through Invest Saint Lucia (ISL), the island’s Investment Promotion Agency, along with key strategic partners are in support of enhancing the entrepreneurship landscape on island by ensuring the timely establishment and implementation of a business incubation and acceleration program to facilitate new entrants/ start-ups and established micro and small businesses. It is believed that the enhancement of business competitiveness will stimulate the economy, encourage inclusive economic growth, improve on sectoral linkages in the local economy and scale up or assist in the internationalization of local businesses.

Business incubation and acceleration have been acknowledged as one of the principal means of providing a comprehensive range of business support services that can contribute to the successful establishment of new micro and small enterprises and the growth of fledgling ones.

To this end, the support of national objectives, with a vision to be the leader in the support and success of great Saint Lucian entrepreneurs and companies for larger impact. The proposed mission is to identify and support the growth of sustainable enterprises in Saint Lucia by fostering collaboration among stakeholders, providing business support services, physical facilities and networks and facilitating linkages to other businesses, markets and finance.

A business incubator and accelerator’s main goal is to produce successful firms that will leave the program with good prospects for future growth and expansion.

The strategic objectives proposed are:

  1. Creating economic opportunities and wealth creation for citizens
  2. Economic development and diversification, including increasing exports
  3. Strengthening the business ecosystem to boost the creation of firms and SME growth
  4. Improve the ability of SMEs to access finance by improving SME finance readiness and cultivating channels to finance
  5. Foster innovative and entrepreneurial thinking and support the emergence of a National Innovation System
  6. Foster collaboration amongst government, quasi-government and non-profit agencies.

What is Business Incubation?

Is the public and or private, entrepreneurial, economic and social development process designed to nurture businesses from idea generation to start-up companies and through a comprehensive business support program, help them establish and accelerate their growth success.

What is a Business Incubator?

The incubator is a physical space or facility that accommodates a business incubation process.

Seed or Startup Accelerator

Startup accelerators support early-stage, growth-driven companies through education, mentorship, and financing. They focus on market validation, customer development, product market fit, development of a Minimal Viable Product, business model validation and pitching, generally for finance.

Startups enter accelerators for a fixed period in a cohort. The accelerator experience is intense, rapid and immersive education aimed at accelerating the life cycle of young innovative companies, compressing years’ worth of learning-by-doing into just a few month (3-6 months).

What is acceleration?

A program that provides emerging companies access to mentorship, investors and other support that help them become stable, independent businesses.

Companies that enter the accelerators are usually start-ups that have moved beyond the earliest stages of getting established. They have basically entered their “teenage years,” meaning they can stand on their own two feet but need supervision and peer support to gain strength. Less developed companies are not ready for an accelerator as an alternative use a business incubator for support.

A business incubator and accelerator’s main goal is to produce successful firms that will leave the program with good prospects for future growth and expansion. Some of the business support services received from business incubators and accelerators include:

Invitation-Expression of Interest

Invest Saint Lucia invites the creative and innovative Youth (16-30) in Saint Lucia to design a logo and a name for Saint Lucia Business Incubator and Accelerator Program. The logo and name may be used in all media- including online, print, on merchandise and other visual collateral.

ELIGIBILITY

REVIEW

A selection committee will evaluate all entries based on the following criteria:

PRIZE

TIMELINE

UPDATE: Deadline extended to Friday 29th November,2019