41 local businesses compete for SBB’s annual fund

Aug 04, 2020 News

The Small Business Bureau has stated that a total of 41 persons have submitted business proposals to be awardees of the bureau’s annual Green Business Technology Fund. The fund aims to provide support and development to start-up and existing small businesses with environmentally sustainable ideas and solutions.

Marketing Officer of the SBB, Shamane Headley

Marketing Officer of the Bureau, Shamane Headley, told Kaieteur News that out of the 41 applicants, only 12 will be selected as awardees. Submissions have been closed since July 30 and these applicants would have submitted proposals with solutions to improve a product or deliver a service. The solution must include the use of a software application, a developed prototype, or green energy.
With the selection of awardees to be announced this month, Headley said that it is important to note that the proposals will be reviewed then sent to a panel of judges who will determine the 12 winners based on a given criteria. The applicants’ proposals will be assessed based on the innovativeness, use of green technology or software solutions to deliver the product or service, and the likelihood of the business’ impact and sustainability. Headley also related that the panel of judges usually change annually and comprises of CEOs, business owners, and other qualified persons in the field of business.
In addition, existing businesses are required to submit financial records such as income and expenditure statements, business registration, and any other relevant business documents. The SBB also stated that persons submitting proposals are required to give a verbal presentation to the judges via PowerPoint. They also explained that persons who give only written submissions are not considered. The SBB not only aims to see the success of these businesses locally, but they also assess the impact it can have regionally and internationally. Applicants whose proposals project possible national, regional, and international impact find themselves closer to being awarded the fund.
According to Headley, the fund has been around for about three years now and the successful entrepreneurs would usually receive a maximum of one million Guyana dollars. So far, the fund has assisted dozens of entrepreneurs in kick starting and further developing their businesses.
The SBB also stated that the objective not only provides monetary funding but support required for the effective development and implementation of these innovative ideas/solutions as well. This support includes mentoring/coaching, business training, and network connections to allow Green Business Technology Fund awardees “to connect with other businesses for technical support, such as access to the market.”
Previous awardees like Shemar Spencer, creator of the Swopp app, related that the money he received has significantly contributed to his experience in “building a business from scratch”. Also, he expressed that the “Swopp” was created to barter goods and promote a “zero waste society”. Spencer is still developing his “app” where persons can buy and sell goods and services and is hoping for a good feedback.

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