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(CNS): The government is offering small businesses the chance of free office space and support for up to two years to encourage relatively new start-ups and entrepreneurs who have potential for growth. These business owners are being invited to apply to the Ministry of Commerce for a space on this residential business incubator programme and twenty businesses will be selected to begin working in their free space next month.
The business incubator will be located at the Cayman Islands Centre for Business Development (CICBD), Baytown Plaza, West Bay Road in George Town. As well as the office space, successful participants will have access to laptops and other office equipment, in-house business advisors, strategic development support and a special advisory panel consisting of legal, accounting and other business professionals.
Commerce Minister Joey Hew said in a press release that the programme will identify, nurture and train Caymanian entrepreneurs to make the micro and small business sector more globally competitive.
“This aligns well with the Unity Government’s priorities to support small and micro businesses to succeed and also to diversify the economy and support growth in new market sectors,” said Hew, who will be hoping to keep his job in Cabinet by securing his seat in George Town North in the April election.
“Under this programme, entrepreneurs will be provided with access to equity capital, opportunity to expand markets and given an opportunity to network with like-minded entrepreneurs through mentorship and training sessions,” Hew said about the free support his ministry is offering.
CICBD Director Althea West-Myers said the incubator programme is an extension of the Centre’s existing business mentoring programme.
“It is targeted towards entrepreneurs with high growth potential,” she said. “We are aiming to harness the creativity of local entrepreneurs to create innovative, sustainable businesses with the potential to employ significant numbers of people and increase global competitiveness,” West-Myers added.
Officials said they were looking for applicants that fall within a wide range of sectors, including animation, software development and mobile application, media and communication, industrial design, creative industries, agro-processing, support services such as information technology, marketing and human services. Environmental innovations and even manufacturing will also be looked at favourably.
The business incubator programme is open to start-up and existing micro and small businesses that demonstrate an interest in innovation, have a growing market base and provide evidence that they have been able to attract users and made sales of their product or service.
In addition to the identified sectors, businesses must be a registered enterprise that is at least 60% Caymanian-owned; have a viable product that has been or is ready to be market tested; and have been actively engaged in the entrepreneurial community for at least six months. the owners must also be willing to allow monitoring and evaluation of thier enterprise for impact assessment for up to 24 months after the close of the programme.
The deadline to apply to participate in the residential incubator programme is Friday, 5 March.
Interested business owners can find information and application forms here.
They can also visit the CICBD office in the Baytown Plaza or email CICBD@gov.ky for more information.
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