Sixteen entrepreneurs have been selected to participate in a two year residential business incubator programme hosted by the Cayman Islands Centre for Business Development (CICDB).

The start-ups and small business owners attended an orientation session and site tour at the incubator launch held at the CICBD recently (Wednesday, March 24).

The entrepreneurs selected are involved in a range of business sectors including legal technology, software development and mobile applications, media and communications, film-making, environmental innovations, creative industries, agriculture and business support services.

As part of the residential incubator programme, the entrepreneurs will be provided with work space free of charge for the period of the programme. In addition to the space, participants will have access to laptops and other office equipment, in-house business advisors, strategic development support and a special advisory panel consisting of legal, accounting and other business professionals.

Minister of Commerce, Hon. Joey Hew, who was in attendance at the event, congratulated the entrepreneurs while highlighting that the Government, through the Ministry has been establishing relationships with relevant agencies in the United Kingdom and United States with the view of finding overseas markets for local businesses.

“Our goal is not just local, our goal is to support entrepreneurs to dream bigger than Cayman. To take their ideas and products internationally. We believe that we can achieve this here. The incubator is a step in the right direction. It can be a centre of excellence, a centre of development, an accelerator for our micro and small businesses owners and entrepreneurs who have great ideas as well as products and services,” he said.

Director at CICBD Althea West-Myers noted that the 24-month programme will involve a business development curriculum, business model testing, networking events, preparation to access funding and mentors to assist in building entrepreneurial competencies.

“In the first months, each entrepreneur will be assigned a business advisor from the Centre. As they progress, they will be matched with a mentor as well as an advisory board.  We anticipate that at the completion of the programme, the business owners would have established strong connections through networking, accessed appropriate funding, become more familiar with the regulatory, economic and development environment in which they operate, have a serious entrepreneurial mind-set and most importantly, be owners of a globally competitive enterprise”, she emphasised.

Some of programmes offered to residents of the incubator are also available to other micro and small business owners in a less structured way. Interested persons can contact the Cayman Islands Centre for Business Development at [email protected] for more information.