Young entrepreneurs blend business with giving back

Young people have combined business ambitions with a spirit of giving, as dozens of student entrepreneurs channel their profits and talents into charitable causes through the Barbados Entrepreneurship Foundation’s flagship youth programme.

They continue to demonstrate a strong appetite not only for entrepreneurship but for philanthropy as well, according to Celeste Foster, programmes director at the BEF.

The foundation’s tenth annual charity event, sponsored by Scotiabank, held at the Sky Mall conference rooms on Thursday, challenges students to launch and operate small businesses while integrating social responsibility into their operations.

“There remains a high interest in young persons not only pursuing entrepreneurial ventures but also donating their profits to charities,” Foster said, underscoring a growing culture of socially conscious enterprise among participants.

“Today we are celebrating our tenth annual charity event sponsored by Scotiabank. This is an initiative where our young people give back to various charities and organisations as part of their process of learning how to be good entrepreneurs and good corporate citizens.

The annual initiative requires participants to contribute in three distinct categories — time, talent and treasure — reinforcing the idea that corporate citizenship extends beyond monetary donations.

“We are happy to say that approximately $5 000 is donated, and this is in three categories… our average annually — time, talent and treasure,” Foster said. “Talent represents the goods or services that they offer, and treasure is a portion of the money that they make during the competition.”

This year, 35 student-run businesses made charitable contributions, either through direct financial donations, provision of services, or volunteer efforts. Foster noted that while 35 businesses formally reported their giving, the number could be higher.

“That’s an average because some of them give back, but we were not aware until… sometimes they’ll send in the pictures after and say, ‘Hey, we’ve given back’,” she said.

“In order to qualify to become a semi-finalist, you must make a charitable donation. So, the students know that from the very beginning. They choose charities that are near and dear to their hearts.”

The non-profit BEF, which focuses on cultivating an entrepreneurial culture on the island, has over the past decade worked to equip young people with practical business skills, mentorship opportunities, and exposure to the realities of operating a venture. Its youth programmes typically culminate in competitions that assess innovation, sustainability and impact.

Beyond the charitable element, the BEF is also seeing encouraging signs that participants are continuing their ventures long after the formal competition ends, said Foster.

“From this cohort, about 80 per cent of all those who responded at the end to our survey have indicated they’re interested in continuing the business,” she revealed. “When we go on Facebook or we go on IG we do see businesses from through the years that are still successful.

“So yes, we are seeing that young people are making the transition to employment.”