Entrepreneurship for Financial Independence
Financial Independence Through Entrepreneurship (FITE) will be televised ‘Shark Tank’ style program which begins with a two-day boot-camp, seeking to bring together 40 youths who are interested in either starting their own businesses or scaling up.By televising this well developed incubatory boot-camp and the pitch competition - an entreprenuership ecosystem can be developed in Belize with,i. Young people seeing that financial security can be attained via entrepreneurship;ii. That entrepreneurship and success therein is attainable at all levels – especially when best practices are exercised;iii. Venture and angel capitals hearing of innovative services and products that they can invest in;iv. Government seeing the talent that exists and worth nurturing. This initiative hopes to conclude with twenty persons having successfully completed the program, at least 15 of them registering a new business, and thousands of young people seeing the show and learning important knowledge alon
- Last name
- At what stage is your proposal?
- Idea phase
- What category/categories do you want to address with your idea?
- Describe the need or problem you want to address
- The intended beneficiaries of this proposed FITE program are young people wh graduated from Secondary School. A portion of the participants will come from the University of Belize, which has business students who develop business ideas for a school grade, but without any encouragement to follow through and actually turning those ideas into income-generating ventures. The other participants will also be post-secondary aged young people (enrolled or not) who presently depend on parents or other family members to meet their financial needs. Three of the problems that they face are, a. the limited availability of jobs in the country; a lot of young people are unemployed or underemployed in Belize. The good-paying jobs are not only scarce but also requisite of Degrees and professional qualifications which are both expensive to obtain, b. lack of entrepreneurial knowledge that could potentially enable them to be self-employed since entrepreneurship is not necessarily promoted nor supported in Belize, and, c. lack of support and guidance required to develop their good ideas and products into feasible businesses.
- What is the main product or service you will offer?
- The main component of this service will be the entrepreneurship boot-camp which will attempt to expose potential entrepreneurs and new ones to the tools, skills, network and support required to launch a sustainable start up.Simultaneous to that will be a televised program that will entertain viewers while exposing them to the knowledge and inspiration that can in effect train them remotely the same way those in the boot-camp will be.Since the program intends to end with a shark-tank styled pitch competition, the attention the televised program will receive can serve to stimulate angel and venture capitals to start finding startups to invest in, it can inspire a new wave of young people interested in pursuing self employment, and, it can serve as encouragement for those on the brink of giving up to continue pushing through.
- Briefly describe the community or population that will benefit from your solution and how do you plan to involve them in the project
- The group of intended beneficiaries high on our list is Business majors at the University of Belize (post-secondary students). They host an annual Marketing Expo for which they must develop a product or service to be marketed and sold during the expo. It is a successful event that sees incredible products and services. However, the students do all oself-employedor a grade, and the actual business opportunity is surrendered. The reason why I selected post-secondary students/aged young people is that in Belize it is a legal requirement that young people be enrolled in school until they are 14 years old, and they cannot be lawfully employed until age 16. The average secondary school student graduates at 16 years old. School enrollment for tertiary level in Belize drops from 23% to 10%, which creates a large, untrained and unskilled workforce that the market cannot employ. It is my belief that this demographic is not only most appropriate to participate in this program, but also most in need of such a boot-camp that may propel them to be self-employed thus attaining financial independence.
- Does your proposal have a business model (i.e. strategy to generate revenue)? Please describe
- This proposal does not have a business model - except that it is likely that other stakeholders will be interested in co-sponsoring the initiative, especially the Ministry of Education, Youth, Sports and Culture, and the US Department of State by way of 3-Day-Startup.
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