Young entrepreneurs – New wave of Fijian business owners anticipated to emerge with financial backing

A NEW wave of young Fijian entrepreneurs is anticipated to emerge with the backing of the Government-funded initiative designed to empower graduates to start their own businesses.

Following the graduation ceremony held last week at the Grand Pacific Hotel in Suva, 21 recipients of the Graduate Business Start-Up Scheme celebrated the completion of their training, marking the successful launch of the scheme’s pilot phase.

Speaking at the graduation ceremony, TSLS chief executive officer Hasmukh Lal stressed the importance of execution in making public policy effective.

“We can have a lot of policies, but without committed partners like FCEF (Fiji Commerce and Employers Federation) to implement them, those policies tend to fail,” Mr Lal said in his address.

“FCEF has shown tremendous leadership and dynamism in rolling out this program.”

Mr Lal said since signing a memorandum of understanding (MoU) with FCEF, the Tertiary Scholarships and Loans Service (TSLS) had seen strong interest and rapid progress in the initiative.

He credited the FCEF board for its proactive role in identifying eligible graduates and preparing them for entrepreneurship through structured training programs.

The CEO cited data from the Asian Development Bank’s (ADB) 2023 Asia Pacific Monitor, stressing the role of micro, small, and medium enterprises (MSMEs) in Fiji’s economy.

“As of 2020, MSMEs comprised 82.4 per cent of the economic landscape and employed 60 per cent of the national workforce, contributing an estimated 80 per cent to GDP.

“Those numbers alone are powerful, and I am confident that both the size and impact of MSMEs have grown since then.

“Supporting this sector means supporting the engine of our economy.”

Mr Lal also pointed to Fiji’s growing technological infrastructure as a key enabler for entrepreneurial growth.

With multiple internet providers now serving the country, including the arrival of Starlink and the anticipated entry of soon to arrive Google database, he said he was of the belief that Fiji’s young, tech-savvy population was well positioned to launch innovative digital ventures.

“We are now enjoying a digital and ICT dividend, our youth are digital natives, and with the right support, they can leverage this infrastructure to build businesses that compete globally.”

He also called on Fijian universities to adapt, proposing that entrepreneurship be embedded into academic programs as a core graduate attribute.

Drawing comparisons to global trends, Mr Lal cited the University of California in Berkeley as the leading undergraduate producer of business founders in the US, followed by Stanford and Harvard.

At the postgraduate level, institutions like MIT, Stanford, and Harvard continue to dominate startup leadership in the US tech ecosystem, he said.

“Our universities have much to learn.

“We must go beyond conventional business education to nurture entrepreneurial spirit and capability in our students.”

The essence of the Graduate Start-Up Scheme is to flip the employment narrative for Fijian graduates to transition from being job seekers to becoming job creators.

Mr Lal encouraged the 21 grant recipients to embrace their role as pioneers and to remain resilient in the face of challenges.

“When you create a business, you’re not just creating a livelihood for yourself, you’re creating jobs for others,” he told the graduates.

“Convert challenges into learning opportunities. And remember, never say die.”

Mr Lal said the TSLS would continue to collaborate with FCEF, aligning scholarships and grants with industry demand to drive human capital development.

This includes using feedback from industry councils to guide government scholarship allocations in support of private-sector needs.

As the graduates prepare to launch their ventures, this pilot program could serve as a model for nationwide roll-out, potentially transforming Fiji’s economic landscape by empowering its most promising resource – its youth.

The Tertiary Business Grant Start-Up Scheme initiative that is a collaborative effort between the TSLS as the financing partner, and FCEF as the implementing agency aims to promote job creation, innovation, and economic diversification by supporting young graduates with both training and funding to turn their business ideas into valuable enterprises.