The Young Entrepreneurship Scheme (YES) is facing significant challenges in meeting the rising demand from young innovators in Fiji. Minister for Trade and Deputy Prime Minister Manoa Kamikamica revealed that in the 2023-2024 period, the program received 27 applications totaling $706,913, but only five were funded for a total of $136,957. The demand has skyrocketed year-on-year, with 75 applications for $3.7 million submitted this year and only six receiving $149,461.
Kamikamica emphasized that the scheme’s primary objective is to transform young Fijians into job creators instead of job seekers, by fostering innovation and supporting unique business ideas. The program conducts a thorough screening process, including pitching and evaluations, to ensure that funding is allocated only to viable projects.
Success stories arising from YES include TicketMax, an online ticketing service, and Sweetsip, a dessert business that has expanded to a permanent location offering ice cream. However, the minister noted that many applications were rejected on grounds of incompleteness, lack of commercial viability, duplication of existing businesses, or funding limits.
Additional insights highlighted that applicants who did not meet the eligibility criteria or showed minimal economic impact were turned away. The Ministry continues to provide guidance to unsuccessful applicants, encouraging them to refine their proposals for other forms of support available for micro, small, and medium enterprises (MSMEs).
Kamikamica pointed out that the dramatic increase in applications underscores the pressing need for greater government investment in youth entrepreneurship. He expressed that current program funding is inadequate to support the ambitious plans and potential economic contributions of Fiji’s youth.
This message was delivered in response to parliamentary inquiries from Ratu Isikeli Tuiwailevu, who sought comprehensive data regarding applications, approvals, and rejection reasons under the YES Programme for the current and upcoming fiscal years.
As the government continues efforts to expand support for young and small businesses, the hope remains for enhanced financial assistance that aligns with the mounting aspirations of young entrepreneurs. With initiatives aimed at strengthening the MSME sector, the future looks promising for those ready to innovate and create in Fiji. The ongoing dialogue about necessary funding increases reflects a positive acknowledgment of the potential impact that young entrepreneurs can have on the nation’s economy.