Social Enterprise 101
Supporting Social Enterprise Development in the Caribbean: Announcing the Social Enterprise Incubator Call for Applicants
The Social Enterprise Incubator is a new program designed by the Barbados Youth Business Trust to support the launch of new social enterprises in Barbados, Dominica and St. Lucia. Through a series of workshops, the Incubator program will guide participants in developing and validating a business plan for their enterprise concept.
The program is designed and delivered in partnership by the Youth Business Trusts in Barbados, Dominica and St. Lucia with support from German impact accelerator program Impact Collective. The program team combines years of experience in social enterprise development, launch, and operations.
The program consists of two components:
Part 1: Business Plan Development
Part 2: Launch Supports
Check back to see the detailed curriculum posted on our website in February 2022 or email email@example.com to join our mailing list.
Youth Development Grants
In support of the Social Enterprise Incubator, the Youth Business Trusts will provide a dedicated pool of funds eligible participants can apply for to assist with small short-term development costs.
The Social Enterprise Incubator program has been designed to address several regional gaps in social enterprise development. These gaps are reflected in the Incubator Program Priorities and also reflect the priorities of the funders and donors making the program possible. If your enterprise concept doesn’t reflect these priorities, you’re still encouraged to apply with the understanding that preference will be given to those that do.
Priority: Enterprises Employing Youth
Youth not in employment, education or training, face specific challenges in connecting to the labour market. Social enterprise is recognized as a particularly effective strategy to help youth facing barriers to employment connect to long term jobs and career paths.
The Social Enterprise Incubator program will give preferences to enterprise concepts that have a primary purpose of employing youth between the ages of 16 to 30 facing barriers to employment. Enterprises concepts that include but are not exclusively youth focused will also be given preference.
Priority: Employment Social Enterprise
Social enterprises may have many types of goals and impact. Achieving the intended social purpose may have a strong influence on business model. Social enterprises that provide employment to people from marginalized backgrounds can be highly impactful but require specific considerations to be successful in balancing social and financial goals. Employment social enterprises are an underutilized approach in the Caribbean despite high potential need.
The Social Enterprise Incubator program will give preferences to enterprise concepts that have a primary purpose of employing people from marginalized backgrounds or people who face barriers to mainstream employment.
The program is best suited to organizations that have identified a feasible business concept for their social enterprise and will benefit from a guided process of business planning.
Mission: can include enterprises with social, cultural or environmental goals, though priority will be given to enterprises employing youth or others facing barriers to employment.
Corporate or Ownership Structure: The program has primarily been designed for the needs of nonprofit and charitable organizations; however, non-profits, for-profits, co-operatives, and community contribution companies are all eligible.
Development Stage: The program is geared towards those at an early stage of development, who have an idea they are willing to invest in. Ideally, applicants have completed some measure of feasibility assessment and can see themselves moving to launch within 6 to 12 months. Those who have already launched but need support to refine their business plan and scale up operations are also encouraged to apply.
This is a pilot program and participants will be asked to contribute $250 towards program expenses including venue, coaching and materials.
The program can accommodate up to 5 participants. Those wishing to apply should complete and submit an application by or before the Application Deadline of April 15, 2022.
Participation in the program is a significant investment of time so applications will be assessed based on fit with the program including:
Stage of development
Potential impact of enterprise
Strength and viability of enterprise concept
Need for support and capacity building
Level of investment in enterprise concept
Ability to participate in and benefit from the program
Alignment with 2016 priorities