The rationale

The Community Summer Challenge (CSC) represented the Barbados Entrepreneurship Foundation’s (BEF) efforts to leverage its experience and expertise in youth development, to feed the national MSME pipeline in collaboration with its partners – Scotiabank, COB Credit Union, Fund Access, The BWU Credit Union, Barbados Trust Fund Ltd. and the Sagicor Cave Hill School of Business and Management.

The Community Challenge was designed to:

• foster teamwork and collaboration between participants;

• facilitate networking through Business Mentorship;

• create synergies amongst partners;

• equip budding entrepreneurs with the skills, and attitude to chart their future, and better navigate the entrepreneurial landscape; and

• facilitate the transition from idea to start-up and/or business expansion for those already started, in 12 months.

The programme

The inaugural Programme which ran from the end of July until October 31, exposed 14 new or start-up businesses. Each participant or Challenger as they called themselves, was provided with a seed capital loan of $250 with the goal of turning it into $1,000. In addition to the loan, segment winners received cash prizes of $250. They also benefitted from training workshops and webinars, market exposure, business presentations and promotional activities. To establish the discipline of social responsibility each business had to make a charitable contribution over the course of the Challenge whether in cash, kind or time, and they all did just this with full enthusiasm.

The results

Of the 35 participants who received training, 70% were young women! 14 businesses were created out of which 11 businesses graduated and they have all repaid their initial loans.  Furthermore, 36 persons were employed through the formation of these enterprises.

Transition and awards

The recent graduation of the 11 business catalysed their transition into the mantle of the Business Development Agencies – Fund Access and The Barbados Trust Fund Ltd. However, graduation does not mean the end of the relationship with the BEF or its partners. The businesses received prizes across a slate of categories which will ensure ongoing support for their sustainable development.

The top three performers for the inaugural Community Summer Challenge were:

 

Lowtide Soft Furnishings for Excellence in Manufacturing, owners Christiane Tull and Destiny Trotman.

Organika by Young & Royal captured the Spirit of Enterprise for their Business Model. The owners are Keriah Scantlebury & Nia Thompson.

Green Bouquets captured the prize for Innovation & Creativity: Product/Service, owned by Sophia Howell.

All three businesses now work with the Barbados Trust Fund Ltd. and received a Challenge Journal; a premium edition of the Manager’s First Aid Kit and Workbook by Joan Underwood; a copy of Getting Started (Barbados) Partnerships, as well as 30 minutes Legal Consultancy by Sade Jemmott.