The Ministry of Human Services and Social Security’s business incubator, when ushered in, will open a new era for aspiring and existing entrepreneurs to foster empowerment and drive economic growth among women.
The core mission of the business incubator is providing aspiring entrepreneurs with the tools, guidance, and support to starting and running a successful business. The incubator will host business clinics, where participants will be become exposed to the nuances of entrepreneurship. Business Incubator Economic Empowerment Officer, Nalini Persaud, is who is spearheading the initiative expressed the government’s vision to help shape the future of small businesses in the region.
“Business clinics play a crucial role in enlightening participants about the challenges and rewards of running a business. Whether they are newcomers in the entrepreneurial world or established business owners seeking growth opportunities, the clinics offer valuable insights into various aspects of business management,” she told the Department of Public Information (DPI) recently. The transition from the informal to the formal economy is a significant focus at the mentorship facility. Several individuals in the informal economy, who have exceptional skills and talents, lack the knowledge and resources to establish themselves in the formal sector, which the incubator aims to address.
Meanwhile, participants attending the business clinics will gain access to expert assistance to formulate their business plans. The entrepreneurial support hub has adapted to the digital age by offering online support as well by ensuring talented entrepreneurs from various locations can benefit from the programme. An increasing number of women are accessing the business incubator, which covers several topics such as how business planning promotes growth, what makes a great business, business plan writing, and what banks look for in a business plan. Additionally, business owners will be able to display their products on the shelves of the business incubator.
