CASTRIES, St. Lucia, At least 22 startup businesses in the sub-regional Organisation of Eastern Caribbean States (OECS) have been selected to participate in the second cohort of the Eastern Caribbean Green Entrepreneurship Incubator program.
The initiative is a joint venture between the Global Green Growth Institute (GGGI) and the OECS. It is a “free, carefully curated training and mentoring program designed to support green entrepreneurs to build robust and sustainable business models, and the skills, tools, and confidence to implement them for success.”
The St. Lucia-based OECS Commission said the program features a 12-week virtual green business training based on the lean startup methodology, a mentorship program, individual coaching, and networking opportunities culminating in the Business Plan Competition, where up to 10 businesses can qualify for grants of US$10,000.
It said that 93 businesses applied for the program. However, 21 were selected after a rigorous screening, evaluation, and selection process conducted by a selection committee composed of key stakeholders from the business support network in the Eastern Caribbean.
The successful participants are from St. Lucia, St. Vincent and the Grenadines, Grenada, St. Kitts-Nevis, Dominica, and Antigua and Barbuda.
“The selection criteria sought to identify startups with a green focus, strong entrepreneurial mindset, high growth potential, and a level of inclusivity, among other considerations,” the statement noted.
It said, overall, green businesses are considered those are offering services and products that support the achievement of environmental/social goals in the country.
These include selling products that offset or reduce imports; selling sustainable/renewable energy or energy efficiency products, services, or equipment; farms or food production businesses that use organic or regenerative agriculture techniques, as well as companies that reduce energy use or use renewable energy, reduce water use and reduce waste as well as increase resilience to climate change.
The Eastern Caribbean Green Entrepreneurship Initiative was launched in 2021 with the Qatar Fund for Development (QFFD) funding. The program also features a green business Accelerator program, which supports established green businesses through loan financing and access to a green investor network.
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