Last update: 05-Dec-2013 5:01 am
Thursday, December 05, 2013
Trinidad & Tobago Guardian Online
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New funding plans for local entrepreneurs
Plans to create a funding mechanism for local entrepreneurs are being embraced the finance sector, including the Unit Trust Corporation of T&T (UTC), chairman of Youth Business T&T (YBTT) Richard Young said yesterday. “It is still very immature. I have met with the chief executive officers of the banks and they have all expressed an interest. “They are talking of creating a mutual fund of some sort,” Young said at the media launch of Global Entrepreneurship Week (GEW) 2013 at the Ministry of Tertiary Education and Skills Training conference room in Port-of-Spain.
He said the idea of a mutual fund came from a member of the private sector who suggested there is need for a pooling of the projects. Young said there is need to find “vehicles or mechanisms where private sector could get involved.” The retired banker said the reason financial institutions are not embracing to entrepreneurship is the risk factor. He explained: “The risk appetite of bankers is different to entrepreneurs. “There is a higher element of risk. Many times the business plans that come forward for adjudication, are not well thought out.” Young said during one-week YBTT GEW, which takes place November 18 and 24, entrepreneurs will have the opportunity to learn how to compile business plans among other things. He said it would take a continuous effort to provide support for entrepreneurs and there is a need “to keep pushing,” to get stakeholders, including the private sector, more involved in supporting entrepreneurship.
GEW is the world’s largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare. Thousands of events and competitions inspire millions to engage in entrepreneurial activity while connecting them to potential collaborators, mentors and even investors. YBTT has invited several agencies, institutions and business experts to partner with them in hosting a wide range of activities during GEW, joining the more than 130 countries globally that will be hosting events aimed at expanding and strengthening their entrepreneurial ecosystems. Several public sector agencies, academic institutions and NGOs will be hosting activities under the umbrella of GEW 2013. Among these are the Ministry of Planning and Sustainable Development, Amcham, University of Trinidad and Tobago, Nedco, Junior Achievement, THA and Ytepp.
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