Fifty-two young entrepreneurs from the third cohort of the Introduction to Business Planning Training programme under the Youth Economy Agency (YEA) have come in for high praise.

At a certificate ceremony held in their honour at Bay Gardens Hotel on Wednesday afternoon, August 21, 2024, the young entrepreneurs were praised for taking the opportunity to improve their skills and encouraged to become better in their respective business journeys.  

The participants received certificates, while some received special awards in the following categories: Most Outstanding Business Plan, Most Innovative Business Idea, Green Award, and Trailblazer Award for Excellence in Agro-Tourism.

Held under the theme, “Shaping the Future One Business Plan at a Time”, the programme aimed to help participants achieve the following objectives:

• Develop deeper appreciation for business plans and understand their purpose and importance
• Learn how business plans are essential for securing funding
• Make informed decisions and guiding businesses to success
• Receive practical guidance on market research financial projections
• Learn marketing strategies and operational planning
• Develop a comprehensive business plan
• Foster a culture of networking and collaboration among entrepreneurs

Participants benefited from three weeks of training that began in June in two locations, Castries and Vieux Fort, which included morning and evening sessions.   

H.  E. Peter Chia-Yen Chen, Taiwan’s Ambassador to Saint Lucia, recalled attending the orientation session held at the YEA Office on Chaussee Road, and sensing the participants’ uncertainty and nervousness.

“But today when I stand here, I can see many of you are already prepared to pursue your entrepreneurial ventures with more knowledge, skills and confidence,” said Ambassador Chen.  

Ambassador Chen added: “Meanwhile, let’s not forget that Youth Economy Agency has certainly been a great company throughout the journey. I would like to take this opportunity to express my gratitude to YEA on their effortless dedication to deliver the programme that benefits so many young entrepreneurs.” 

Ambassador Chen explained that the programme was initiated under a new round of partnership between the Taiwan Technical Mission and Youth Economy Agency entered into in April 2024, in order to realize the manifesto issued by Hon. Prime Minister Philip J. Pierre on the Youth Economy, and to fulfill the pledge of support made by the Government of the Republic of China (Taiwan).

“Taiwan is proud to walk hand in hand on the journey with the Government of Saint Lucia to facilitate the turning of hobbies into entrepreneurship and skills into business, and we will continue to support the success of Saint Lucia’s youth business and sustainable development as usual,” Ambassador Chen stated.

Hon. Philip J. Pierre, Prime Minister of Saint Lucia, Minister for Finance, Economic Development and Youth Economy, and Minister for Justice and National Security, congratulated the entrepreneurs. He challenged them to think big and never allow anyone to dampen their dreams, adding that his Government will continue to support entrepreneurs.

“I want to assure you that we will continue to advance the philosophy of entrepreneurship and the philosophy of people trying to earn a living for themselves,” said Hon. Pierre. “But you must help yourselves: you must always look at the glass half full instead of half empty.”

Hon. Pierre added: “With the confidence of the lowest unemployment for decades -- 11% -- and with the confidence in what you are doing, I can tell you that the country is not on a downward slope. The country is moving forward and that movement is being led by the young people of Saint Lucia.”

Mr. Thomas Leonce, Chairman of the YEA, congratulated the participants for taking the bold step toward improving their business potential. He explained that even established businesses often face challenges because those who operate them often do not recognize their weaknesses and try to correct them.

“It is very encouraging to see young entrepreneurs taking steps to close that gap,” Mr. Leonce said. “I encourage you to spread the word among your peers in your respective communities so it can create a national, regional or even global movement…Create linkages among yourselves (and) don’t be afraid to collaborate.”

Ms. Olivia Jn. Baptiste, Project Officer for Training & Development at the YEA, said 68 people enrolled for the third cohort of the Introduction to Business Planning Training programme, 58 registered and benefited from it, while 52 people completed the training.

“At the end of this intensive period, participants were equipped with the knowledge and skills required to craft well-structured business plans, which were then viewed by our evaluation committee,” Jn. Baptiste explained. “This year, we introduced an additional component to our Business Planning Training -- the Elevate Your Pitch workshop.”

During that two-day workshop in late July, Jn. Baptiste said participants honed their public speaking and presentation skills, mastering the art of crafting and delivering compelling business pitches. They also learned how to engage and persuade potential investors and financial institutions.

“After this rigorous workshop, participants pitched their business ideas to a panel of experts across various disciplines: marketing, finance, business development, to name a few,” said Jn. Baptiste. “Those who succeeded qualified for an angel fund of EC$1,000.00 for their businesses. I am thrilled to report the success of this programme with 48 completed business plans and 47 participants pitching to the panel. We achieved and 83% completion rate, a testament to your dedication and, of course, your perseverance.” 

In his closing remarks, Mr. Bryan Vidal, Chief Executive Officer of YEA, cited data from the World Bank which indicates the pivotal role that small and medium enterprises play in most economies, especially in developing countries.

“MSMEs account for majority of the businesses worldwide and are important contributors to job creation and global economic development,” Vidal explained. “They represent about 90% of businesses and more than 50% of employment worldwide. So, again, what you do is very significant. According to World Bank estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce.” 

Also present at Wednesday afternoon’s certificate ceremony were Mr. Rohan Lubon, Acting Deputy Permanent Secretary in the Ministry of Youth Development and Sports; Mr. Daniel Lee, Chief of the Taiwan Technical Mission; Mrs. Khrystal Riviere, Chief Operations Officer of the YEA; course facilitators and mentors; and featured speaker, Mr. Denell Florius.