Looking to invest? Invest Saint Lucia

BY SIMONE J. SMITH

Over the last few years, Saint Lucia has been attracting a number of regional and international brands across various economic sectors. Saint Lucia possesses a youthful, vibrant English speaking labour force that are ready to be trained, and are preparing strategically to meet the demands of the global workforce. To add to their growing strength, they are supported by an additional 300,000 OECS (Organization of Eastern Caribbean States) that can move freely within the OECS region as a result of Economic Union arrangements.

On Tuesday, July 9^th, 2019, representatives from several local government agencies, banking officials, young entrepreneurs and other stakeholders, met at the Coco Palm Resort to begin to finalize details and agree upon the ideal framework to assist entrepreneurs who are seeking to establish businesses on the island. Saint Lucia is now one step closer to launching a business incubator and accelerator program designed to foster greater entrepreneurship, through effective mentorship, guidance and access to markets that they may not have had access to in the past.

In attendance were representatives of Creeda Projects, Julian Webb and Thea Chase, as well as Enterprise Development and Consumer Affairs Minister, the Honourable Bradley Felix. With over 35 years of experience, Creeda Projects’ main focus has been on business incubation, acceleration, entrepreneurship, innovation and SME development. They offer a practical and grounded approach when assisting Governments, local economic development bodies, and international agencies in developing and implementing economic development programs and provide direct support to entrepreneurs. Their impact has been global, and they have assisted many other countries develop business incubation and acceleration programs:

• Development of a Monitoring and Evaluation System for Mexican Business Incubators, 2008 to 2009
• Development of a National Technology Business Incubation Policy for the Kingdom of Saudi Arabia, 2008 to 2009
• Feasibility study for a Women’s Business Incubator in Vanuatu, 2009
• Monitoring and Evaluation of Chilean Business incubators, 2009, 2010
• Business incubation Framework, St Lucia (2010)
• Mentoring and supporting the development of Al-Jubail Mixed Use Incubator (2009-2010)

Business incubation and acceleration have been acknowledged as one of the principle means of providing an overall range of business support services that can assist in the success of new micro and growing enterprises. The final goal is to produce successful firms in Saint Lucia that will leave the programme with the tools they need to grow their business and become a success in their area of speciality. An important element of the Saint Lucia Business Incubation and Acceleration Programme is that of an incubator space. According to CEO of Invest Saint Lucia, Roderick Cherry, “We are now in the final stages of designing an accelerator and incubator program which is expected to be completed by December 2019.  This will provide start-ups and existing small businesses with a variety of business support services to further improve business operations.”  Cherry followed up by saying “Invest Saint Lucia is eagerly looking forward to the launch of this service, as it is a tremendous avenue for growth of businesses in Saint Lucia, which is of course part of Invest Saint Lucia’s mandate.”

Enterprise Development and Consumer Affairs Minister, Honourable Bradley Felix also had an opportunity to weigh in on Saint Lucia’s economic future, “There needs to be a deliberate attempt to encourage entrepreneurship, innovation and continuous improvement among our youth and wider society towards sustainable growth.”

With the enhancement of business competitiveness, there is no doubt that the economy will be stimulated, which will: encourage inclusive economic growth, improve sectoral linkages in the local economy, and will assist in the internationalization of local business. For more information, feel free to visit their website at https://www.investstlucia.com/