The objectives of the Business Incubator Programme are to enhance economic development in communities, encourage the establishment of business incubators throughout the country. This will spur innovation and competitiveness among new and expanding small and micro enterprises.The programme aims to provide interventions to address the problems of unaffordable work spaces; information deficiencies and other challenges faced by SMEs. The proposed solution is a variant of the best practice models used internationally.
How does IBIS operate?
IBIS takes a holistic, integrative approach to SME development through the creation of alliances and the harmonization of development initiatives to fill the existing gaps. There is a collaborative approach between the public and private sectors in order to plan, manage and operate the system. Service providers and partners for IBIS include: Financiers; Trainers and Service Providers; Mentors; Educational and Research Institutions and Government Offices.
Business Incubator Models:
The incubators that comprise IBIS are of two (2) kinds: (1) Community-Based Business Incubator (CBBI) The CBBI aims to leverage business activities based on the resources of the target community. They will address a pre-determined social objective, such as unemployment alleviation and poverty reduction. (2) Commercial Business Incubators (CBI): Commercial Incubators will be geared towards the development of businesses which are of a high-value, thus providing the impetus for national economic transformation.
The Six (6) Stages of the Business Incubation Process:
These are (1) Candidate Selection (2) Orientation (3) Skills Development (4) Business Proposal (5) Business Incubation and (6) Post-Incubation.
IBIS will provide seed capital for clients from $5,000 to $50,000. However, IBIS will create a facilitative process that will enable clients to source additional funding from NEDCO or other financial institutions to fully fund their business enterprises.
How will IBIS deliver its services?
The incubator will occupy physical premises approximately 6,000 square feet. The premises will comprise facilities for each client to produce the appropriate goods/services. The incubator will also provide administrative support services and include conference room facilities and other office services. Other incubators will also operate as virtual offices where businesses can receive support via information technology, and will not be located within one (1) physical location.
Where will IBIS operate?
The Government proposes to establish eighteen (18) business incubators throughout the country over a three-year period. Currently, there are two (2) CBBI pilot projects in Siparia and Sangre Grande. The Commercial Incubators will be developed in collaboration with a private partner. These partners are deemed to be of high value; high profit operations, and therefore are expected to focus on economic diversification. Eight of the incubators are projected to be CBBIs and ten (10) to be Commercial Incubators.
How will IBIS Clients be sourced?
The programme is open to all residents within the targeted community. The selection process involves an interview and questionnaire aimed at identifying the prospective client's competencies, passion and business idea. IBIS will cater to both new and existing businesses.
How will IBIS be financed?
IBIS is intended to be self-financing and self-sustaining in the long term. Further, businesses that have contractually obligated to contribute to the incubator either in cash or kind. IBIS should attain full financing within three (3) to four (4) years. However, in the short term, the Government, through the Ministry of Labour and Small and Micro Enterprise Development, will fund the programme. These funds will be used primarily to focus on client operations and business development; rental of premises and the provision of seed capital.
How will I get additional information on IBIS?
You may call 627-0856 or email us at email@example.com to access further information.
At NEDCO, we're cognizant of the importance of promotional and marketing support for our clients, and it is against this background, that the organization provides various avenues which allow for clients' participation in marketing initiatives on an on-going basis. These include Trade Shows and other types of Community Outreach Initiatives.NEDCO clients are also selected by sector to participate in the annual Trade and Investment Show and Divali Nagar Festival.
NEDCO's Basic Requirements:
√ Trinidad and Tobago ID; Driver's Permit or your Passport. If you're using your Driver's Permit as an ID, you must produce your Birth Certificate.
√ Two (2) passport size photos.
√ Information about yourself, any work experience you may have, education or training.
√ Outline of your business idea (otherwise know as the Business Plan)
√ Invoices or quotations from suppliers for any furnishings and equipment which you'd be buying.
√ List of prices for stock you intend to purchase.
√ If you are already in business, written statement of last year's Profit and Loss.
Type of Businesses we support:
Here are some of the types of businesses for which NEDCO will provide support:
- Wholesale & Retail Traders
- Purchase & Repairs for MAXI TAXIS
- Beauty Salons/Barber Shops
- Printing/Desktop Publishing
- Carpet & Upholstery Cleaning
- Security Services
- Nursing & Personal Care Services
- Signs & Advertising Services
- Art & Craft/Leather Goods
- Tourism (Tours, Tour Guides)
- Child Day Care Centres
- Landscaping/Yard Maintenance
- Restaurant/Catering Services
- IT Services
- Educational/Job Training Services
To access the IBIS Application Form click here