Entrepreneurs Invited to Apply for Grant Funding in Dominica’s Phillip Nassief Challenge
The Phillip Nassief Entrepreneurship Challenge, newly renamed from the GEMS Entrepreneurship Challenge, officially launched its second round of grant funding for local entrepreneurs on September 2, 2024. This initiative aims to provide substantial financial support to entrepreneurs looking to invest in and grow their businesses. This initiative stems from the influence of Phillip Nassief, the visionary behind Dominica Coconut Products (DCP) and the Fort Young Hotel (1986) Ltd. who had a profound influence and positive impact on Dominica’s economic and social landscape. Phillip passed away on April 28th, 2024, leaving behind a legacy of entrepreneurship, generosity, and community spirit.
This Challenge is designed to empower entrepreneurs by enhancing and expanding their businesses within the hospitality and tourism supply chain. The top winner will receive $20,000 EC, while second and third place winners will be awarded $15,000 EC and $10,000 EC, respectively. We welcome applications from businesses that supply products and services related to tourism and hospitality, along with those that demonstrate innovation and scalability while maintaining ethical business practices. In order to be successful in the application process, each applicant must provide details of the new and innovative idea that will be implemented with the use of the grant.
The Foundation is delighted to make a significant impact on the experience of our local entrepreneurs in scaling their businesses. During our recent visit with Terri Henry Lovel of Bee Natural, the winner of the inaugural Entrepreneurship Challenge, she shared the transformative effect of the grant on her business. With the funds, Terri acquired a new machine named ‘Big Mama,’ which has boosted her production capacity to twelve times her previous output, significantly reduced production costs, and increased her profit margins.
Lizra Fabien, GEMS Foundation’s Director of Entrepreneurship
The Foundation encourages all eligible businesses to apply. To qualify for this grant, applicants must meet the following criteria:
- Be citizens or legal residents of Dominica.
- Have a registered and operational business in Dominica for at least two years.
- Provide financial statements for the last fiscal year and budgets for the current or upcoming year.
- Include all relevant personal and business documents in the application.
- Submit references from at least four customers attesting to the quality and reliability of the product or service.
- Previous winners of this Challenge are not eligible to apply.
For more information on eligibility requirements, evaluation criteria, and to access the application form, please refer to the Phillip Nassief Entrepreneurship Challenge | GEMS Foundation Guidelines [here]. Interested entrepreneurs are encouraged to submit their applications by September 30, 2024, to foundation@gems.dm. A shortlist of seven applicants will be notified on November 13, 2024, and those selected will participate in a live pitching event on November 27, where the winners will be announced.
The GEMS Foundation invites all interested applicants to join an information session on Thursday, September 12, at 7:15 PM. More details will be shared via the Foundation’s Facebook Page https://www.facebook.com/gemsfoundation/ and Foundation Website www.gems.dm/foundation/.
The GEMS Foundation extends its gratitude to key donors and the Dominica Association of Industry and Commerce for their support in making this Entrepreneurship Challenge possible.
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