SLYBT – Phase 1 of the social enterprise incubator ends!
ON April 9, 2021, the St. Lucia Youth Business Trust (SLYBT) officially launched its first cohort of the Social Business Incubator Program. The program aimed to strengthen SLYBT’s mandate to support the development of social enterprises in Saint Lucia and the Caribbean. The first phase of the program lasted four months and will end on Monday, August 30, 2021 with a pitching exercise.
Originally conceived by the Barbados Youth Business Trust, the Social Business Incubator Program has strived to propel the launch of new social enterprises in Barbados, Dominica and Saint Lucia. This initiative targeted young entrepreneurs aged 16 to 30, who were at an early stage in the development of a social enterprise and wanted to move forward, through training, mentoring and funding. The immediate objective was to help the development and launch of successful social enterprises while building the long-term capacities of entrepreneurs and social organizations.
Participants followed a series of virtual workshops over the four months that guided them in developing and validating a business plan for their business concept. The program consisted of an interactive learning environment, business planning tools and resources, subject matter expert facilitation, learning from experienced social entrepreneurs, launch planning support and coaching. individual and access to small development grants.
Participants received training in social enterprise, social innovation, social enterprise financing, social enterprise planning, creating social change, and preparing for social enterprise. ‘a pitch. The sessions were facilitated by social enterprise experts from Barbados and Trinidad, as well as business management training experts from Saint Lucia.
During the culminating pitch exercise, the last eleven (11) participants will present their business plans in front of a virtual audience composed of a panel of three (3) evaluators, program facilitators, mentors and other guests. Although this is not a competitive exercise that results in an overall winner, participants will be interviewed by the evaluators at the end of their performance.
During this first phase of the social enterprise incubator, beneficiaries will be assisted in the start-up and launching of their various social enterprises, followed by the provision of business support, technical assistance and other business advisory services.