FIDC wishes to promote entrepreneurial activity in the islands, primarily through encouraging more young people to start their own business. FIDC will work with stakeholders, such as the Department of Education and successful entrepreneurs, to alleviate the barriers of establishing new businesses and promoting entrepreneurship.
The Youth Entrepreneurship Scheme (YES) is an FIDC project that aims to develop the business capacity of the Falkland Islands population by aiding and promoting sustainable business development within the local community, including the creation of new businesses and assisting the expansion of existing businesses.
YES aims to educate young people, and the public more generally, about business, economics and free enterprise.
The current targets for the project are to:
assess the current business environment in the Falklands and how this affects business enterprise within the younger generation (i.e. below 30 years of age), and entrepreneurship in the population more generally.
identify the obstacles to young entrepreneurs through consultation and research, and use these findings to develop a successful enterprise scheme.
The different aspects of the scheme have been formulated through consulting a number of the key stakeholders involved in the project. These include, but are not limited to, establish a
A regular business newsletter
Financial Assistance (in the form of Training Grants)
Work Experience Programme
Since the project was approved by the Falkland Islands Development Board (FIDB), the scheme has already developed several of these elements.
The first youth register was released to local businesses in October 2014 and contains the names of students currently studying overseas. The purpose of this is to give local companies the chance to view the kind of skills being gained by students with the aim being that more will find jobs that relate to courses they have studied. A mailing list has also been developed from information on the register that will inform students of the various other parts of the scheme including information regarding work experience opportunities and job openings that are likely to further help to assimilate them back into the local working environment. Feedback on the initial register has led for plans for it to be expanded ( in collaboration with the training centre and education department) in order to include all students leaving school as well, as those completing apprenticeships, in order to help as many young people as possible.
FIDC is pleased to announce that the first issue of their Enterprise Quarterly newsletter has been released. The aim of the publication is to promote and publicise the current services available to current and future entrepreneurs. Services, such as assistance in drafting a business plan or dealing with the financial aspects of starting/running a business, which are already in place through our Development Officers, are included as will the many sources of assistance and funding already available in the Falklands.
The purpose of the publication is to ensure that current and future entrepreneurs are made fully aware of the services and resources available. The publication includes articles on entrepreneurship, training opportunities, advertisements of the current services available to new/existing businesses and the services offered by FIDC.. Regardless of who is offering the services, be it ourselves, the public or the private sector, it is advertised through the publication.
Download the fist issues of Enterprise Quarterly here:
In December 2014 the Training grant scheme was taken to, and approved by, the Falkland Island Development Board. The purpose of the grant is to assist young business owners in gaining qualifications that will in some way help their business. For example, this could include (but is not limited to) bookkeeping , management or health and safety qualifications. The grant is available for both existing businesses and those hoping to establish them. Applicants must be aged between 18-30 with 50% of course costs up to £1,000 available. What amounts to a relevant qualification is not predetermined and a therefore it is up to the applicant to provide evidence as to how the course will help their business.
The next stage of the project is to establish a group of business mentors, who will offer guidance and advice to young entrepreneurs. The mentors can share their experiences and help to inspire mentees by offering assistance in developing business ideas. Through the provision of feedback and advice mentors can help promote enterprise in the Falklands, and help future business development.
The group of mentors will be made up of entrepreneurs who have previously established their own businesses and are experienced in local enterprise. Ideally, the group will consist of individuals from various sectors/industries of the Falkland’s business community. These individuals will be available to meet would-be entrepreneurs for an individual and/or group consultation.To assist in the successful implementation and operation of the scheme consultation and collaboration with the Chamber of Commerce, the Rural Business Association and FIG, specifically the Education Department and the Training Centre, will be crucial.
Work Experience Programme
As well as this there, are also plans to unveil a work experience programme aimed at 16-25 year olds interested in starting their own businesses. The aim will be to give those taking part the opportunity to witness what is involved in running your owqn business on a day to day basis.
FIDC currently offers a number of services that can be utilised by existing and future entrepreneurs and business owners. These include;
FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies.
To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community.
Working towards a highly successful, diverse and sustainable economy for the Falkland Islands