The Young Entrepreneurship Scheme (YES) in Fiji is currently grappling with substantial challenges as it strives to meet the increasing demand from young innovators. Minister for Trade and Deputy Prime Minister Manoa Kamikamica disclosed that during the 2023-2024 period, the program received 27 applications amounting to $706,913, yet only five were funded for a total of $136,957. This year has seen an explosive growth in interest, with 75 applications for $3.7 million being submitted, but merely six were granted funding totaling $149,461.
Kamikamica underscored the initiative’s core aim: to empower young Fijians to become job creators rather than job seekers, fostering innovation and supporting distinctive business concepts. The program incorporates an extensive evaluation process that includes pitching and thorough review to ensure that funds are only awarded to viable projects.
Several success stories have emerged from YES, such as TicketMax, which offers online ticketing services, and Sweetsip, a dessert business that has recently moved to a permanent location offering ice cream. Despite these successes, the minister pointed out that many applications were turned down due to issues like incompleteness, lack of commercial viability, duplication of existing businesses, or constraints related to funding limits.
Additional observations indicated that applicants not meeting eligibility criteria or displaying minimal economic impact were also rejected. The Ministry of Trade continues to assist those who were unsuccessful, guiding them in refining their proposals for other support options available for micro, small, and medium enterprises (MSMEs).
Kamikamica stressed that the significant rise in applications highlights an urgent need for increased government investment in youth entrepreneurship. He conveyed that the current funding available is insufficient to cater to the ambitious visions and potential economic contributions that Fiji’s young population could offer.
This discussion arose following parliamentary queries from Ratu Isikeli Tuiwailevu, who requested detailed information on the applications, approvals, and reasons for rejections within the YES Program for the current and next fiscal years.
As the government persists in its endeavors to bolster support for young and small enterprises, there remains optimism for enhanced financial backing that aligns with the escalating ambitions of young entrepreneurs. With ongoing initiatives designed to strengthen the MSME sector, the future appears bright for those who are eager to innovate and contribute to Fiji’s economy. The continuing dialogue surrounding necessary funding increases signals a positive recognition of the potential impact that young entrepreneurs could have on the nation’s economic landscape.