A group of twenty-two university graduates has embarked on an intensive crash course in business management, marking the beginning of the Graduate Business Start-Up Grant Scheme in Suva. This initiative, now in its second year, is a joint effort by the Fiji Commerce and Employers Federation (FCEF) and the Tertiary Scholarship and Loan Service (TSLS), which manages government education scholarships.
This year, the program proudly welcomes the University of New South Wales (UNSW) as an international partner. FCEF president Eldon Eastgate announced the launch, reaffirming the initiative’s commitment to fostering entrepreneurial talent among graduates.
Spanning six months, the scheme provides essential business development services, including market research, business training, advisory services, coaching and mentoring, assistance with drafting business plans, and a start-up grant of $5,000. Graduates will also benefit from an entrepreneurship attachment that comes with an allowance, offering them practical experience to kickstart their businesses.
Eastgate emphasized the value of UNSW’s involvement, noting it is Australia’s leading education sector business incubator. High-performing participants in this program will have the opportunity for further support through UNSW’s Founders & Global Innovation Foundry program.
The initiative will work alongside local projects such as the Innovation Hub Fiji and the FINTECH Innovation Hub of the Reserve Bank of Fiji. This collaborative approach aims to equip participants with technical assistance, funding, and invaluable networking opportunities essential for entrepreneurial success.
Unique to this program is FCEF’s Fiji Enterprise Engine (FEE) business incubator, which will leverage its extensive business intelligence to aid budding entrepreneurs throughout their journey. The grant scheme serves as a powerful Public-Private Partnership model aimed at enhancing youth employment, stimulating entrepreneurship, and driving private sector growth. Such initiatives are crucial in building economic resilience in Fiji.
TSLS chairwoman Ro Teimumu Kepa emphasized that the program offers more than just financial backing. It provides structured support, mentorship, accountability, and guidance on governance, highlighting the broader significance of the initiative. It plays a crucial role in fortifying Fiji’s innovation ecosystem, enhancing the development of small and medium enterprises, and promoting economic diversification.
While the specific business ideas presented by the graduates remain confidential to safeguard intellectual property, they span various sectors, including agriculture, services, and food businesses. This initiative symbolizes a promising future for entrepreneurial development in Fiji, with aspirations to raise the contribution of micro, small, and medium enterprises to the national GDP from the current 18% to an ambitious 40%.