Business incubator formally launches cohort-2 with aim of strengthening Caribbean MSME ecosystems

Durrant Pate/Contributor

Jamaica-based virtual business incubator outfit RevUP Caribbean is expanding its reach within the region to equip high-growth potential businesses, startups and entrepreneurs with the tools and the support needed to grow and access well-needed financing.

To this end, RevUP Caribbean held its Caribbean launch recently at the NCB Atrium and webcast to the wider Caribbean as the business incubator shifts into second gear for the launch of cohort two.

Caribbean business incubators have emerged as key players in building a strong Caribbean ecosystem, facilitating growth for micro, small, and medium enterprises (MSMEs).

More than 60 MSMEs from across the region are set to benefit from RevUP Caribbean’s robust programme, geared at helping founders develop their investment readiness, leadership, marketing, sales, team building, systems, strategic planning, and market acceleration.

The critical role of business incubators has long been documented to offer entrepreneurial support programmes that provide start-ups with training, coaching, and financial assistance.

Developing Caribbean entrepreneurial ecosystems

Speaking at the launch event, Jamaica’s Finance Minister Dr Nigel Clarke lauded RevUP’s role in empowering MSMEs to maximise their growth potential, a key element in developing Caribbean entrepreneurial ecosystems.

He shared that, “reforms that are centred around deepening the role of the private sector are crucial to accelerate growth within the sector. Innovations such as RevUP Caribbean are key to improving the value-added services in Jamaica and the region, by facilitating the growth scale-up of our MSMEs. It is important that we focus on the ecosystem; not on one particular kind of company or class of entities, but on several classes at the same time”.

Terry-Ann Segree, private finance operations specialist at the Inter-American Development Bank (IDB) Lab, highlighted the role that incubators play in ensuring inclusion for all MSMEs.

Segree stated that the IDB has seen a shift in businesses in the Caribbean where technology is pushing more MSMEs to be a part of the change.

“More development partners are looking at these businesses for social inclusion, and economic improvement. We encourage MSMEs to take advantage of the opportunities that exist. This could be the game-changer for your idea to really make an impact, within your scope of operations or industry, to contribute to regional economic development as well as make a global impact,” Segree explained.

For her part, Sandra Glasgow, managing director of RevUP, commented about its programmes, citing that the “founders and CEOs of start-up companies have realised that there are gaps in their skills; RevUP Caribbean here is for you. Our StartUP Programme includes investment readiness where Founders learn about angel investing and how to pitch to angel investors, how to protect your intellectual property, and understanding valuation and exit strategies”.

RevUP Caribbean’s 100-hour training programme dives into “going digital”, outlining what it truly takes to run an efficient business within the digital space; going even deeper with 30 hours of marketing, 30 hours of accounting and finance, tax laws, people and processes, corporate governance and strategy, growth, and scaling.

Glasgow said RevUP’s programme has a depth and range that ensures no MSME within the region is left behind.