BGF#3
Type: Large
SeyCCAT strategic objective: 5
Lead Project Partner: The Guy Morel Institute
Partners:
Summary:
The business ecosystem in Seychelles needs much support and innovation to transform it in such a way to improve the quality of businesses. Despite the many publicity about the blue economy agendas, most entrepreneurs or aspiring entrepreneurs have not made maximum use of the opportunities in this new sector, particularly a new industry; aquaculture which presents tremendous opportunities for businesses in the sustainable fisheries sector.
Recently there have been various awareness campaigns made regarding pollution of our oceans and most of these pollution comes from land. All of our efforts to bring forth the blue economy initiatives will not prosper if our seas are heavily polluted by land wastes. If land wastes can be turned into sustainable businesses this will, in turn, reduce the number of wastes on land, hence reduce pollution in our precious seas.
This accelerator program is geared towards entrepreneurs and aspiring entrepreneurs in the field of Blue Economy, 20 will be the targeted number, with at least half of the participants in the domains of fisheries. other areas to be considered will be waste processing, especially the types which end up polluting the oceans, aquaculture, fish processing, any innovation supporting the sustainability of marine resources.
There will be a call for applications right after the grant is approved and with national marketing campaign done by The Guy Morel Institue, involving all of its local partners such as Enterprise Seychelles Agency, Seychelles Fishing Authority, Seychelles National Youth Council, and National Institute for Science Technology and Innovation. All applications will be processed by The Guy Morel Institute and chosen according to the criteria discussed above, and the best 20 enterprise projects will be chosen.
It will be a program to incubate business ideas, and products relevant to the fields of the blue economy and also to accelerate businesses in this field. This will be done in close collaboration with TGMI networks, most particularly the Department of the Blue Economy, SFA, ESA, and SNYC. There are a few agencies in the country which have as part of their mandate to advance and support blue economy initiatives and there are agencies to promote and support enterprise development. This program will provide a platform for these agencies and departments to collaborate with each other to make the participants successful. Often organisations in Seychelles fail to accomplish their mandates because they work in silos.
Recently The Guy Morel Institute has collaborated with SFa, SeyCCAT and ESA to provide capacity building to over 40 potential applicants of seyCCAT grants. This increased the number of applicants significantly. In the same manner, this accelerator program will make provisions for the entrepreneurs to have the capacity to successfully apply and access a SeyCCAT grant after they complete the program. This will improve durability and financial support for these businesses.
The program will be modelled on TGMI existing international accelerator program for women bio entrepreneurs; the Fembiobiz.
The main challenges of the program would be to influence participants to join the program and to stay committed until the end.
The intended outcomes are as follows:
- To have at least 20 entrepreneurs that would have gone through the accelerator program with a significant impact on their businesses.
- To have at least 10 new innovative and modern businesses in the area of the Blue Economy particularly in the fisheries domain, registered and running.
SeyCCAT funds: SCR 970, 000
Co-financing: SCR
Duration: 24 months
Project Application Form: The Guy Morel Institute- TGMI Blue Economy accelerator program
Environment and social management Plan: 20200220-ESMP-TGMI_final
