Small business offered free gov’t office space

| 22/02/2021 | 19 Comments

(CNS): The government is offering small businesses the chance of free office space and support for up to two years to encourage relatively new start-ups and entrepreneurs who have potential for growth. These business owners are being invited to apply to the Ministry of Commerce for a space on this residential business incubator programme and twenty businesses will be selected to begin working in their free space next month.

The business incubator will be located at the Cayman Islands Centre for Business Development (CICBD), Baytown Plaza, West Bay Road in George Town. As well as the office space, successful participants will have access to laptops and other office equipment, in-house business advisors, strategic development support and a special advisory panel consisting of legal, accounting and other business professionals.

Commerce Minister Joey Hew said in a press release that the programme will identify, nurture and train Caymanian entrepreneurs to make the micro and small business sector more globally competitive.

“This aligns well with the Unity Government’s priorities to support small and micro businesses to succeed and also to diversify the economy and support growth in new market sectors,” said Hew, who will be hoping to keep his job in Cabinet by securing his seat in George Town North in the April election.

“Under this programme, entrepreneurs will be provided with access to equity capital, opportunity to expand markets and given an opportunity to network with like-minded entrepreneurs through mentorship and training sessions,” Hew said about the free support his ministry is offering.

CICBD Director Althea West-Myers said the incubator programme is an extension of the Centre’s existing business mentoring programme.

“It is targeted towards entrepreneurs with high growth potential,” she said. “We are aiming to harness the creativity of local entrepreneurs to create innovative, sustainable businesses with the potential to employ significant numbers of people and increase global competitiveness,” West-Myers added.

Officials said they were looking for applicants that fall within a wide range of sectors, including animation, software development and mobile application, media and communication, industrial design, creative industries, agro-processing, support services such as information technology, marketing and human services. Environmental innovations and even manufacturing will also be looked at favourably.

The business incubator programme is open to start-up and existing micro and small businesses that demonstrate an interest in innovation, have a growing market base and provide evidence that they have been able to attract users and made sales of their product or service.

In addition to the identified sectors, businesses must be a registered  enterprise that is at least 60% Caymanian-owned; have a viable product that has been or is ready to be market tested; and have been actively engaged in the entrepreneurial community for at least six months. the owners must also be willing to allow monitoring and evaluation of thier enterprise for impact assessment for up to 24 months after the close of the programme.

The deadline to apply to participate in the residential incubator programme is Friday, 5 March.

Interested business owners can find information and application forms here.

They can also visit the CICBD office in the Baytown Plaza or email CICBD@gov.ky for more information.


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Category: Business, Small Business

Comments (19)

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  1. Anonymous says:

    Why does someone in NS or East End have to drive ALL the way to GT North (Joey Hew constituency) to get free space to learn and do their business?

    Why not set up these offices in other districts/constituencies?

    Shameful blatant discrimination against NS and EE small-businesses and people.

    • Anonymous says:

      1. Where is mr loudness Arden trying to get help for his people?

      2. who will be auditing these applications to see who has these ‘businesses’?

      3. will MPs and their families be excluded from eligibility?

      Whta a mess this country is in

  2. Con Spiracy of the Political Elite says:

    The level of political corruption is skyrocketing vote buying road paving and house related appliances and repairs is so blatant it makes you feel sick to your stomach and makes one realize just how far Cayman has depreciated into just another backwater jurisdiction no different than anywhere else. What about the so called High standards Mr Roper keeps going about ???

  3. SSM345 says:

    How about filling up the Govt Admin building with all the Govt departments that continue to pay rent elsewhere?

    Wasn’t the purpose of that monstrosity of a building to house them all under one roof and they save the public purse?

    Might as well put the “craft market
    ” there too……

  4. Anonymous says:

    Considering the many benefits given to the big boys, this seems a useful boost to the little guys.

  5. Anonymous says:

    And when the borders open it will get shut down during our next lockdown.

  6. Anonymous says:

    By “incubator “, he of course means “voteubator”.

  7. Joey not righted says:

    How about curtailing unsustainable duty concessions handed out to big developers? Joey do you get that as economic growth continues you’re giving away money that is critical to upgrading and maintaining our infrastructure and environment? You’re a liability and will cost Caymanians, especially young ones, their future, and hopefully yours as an MP!

  8. Anonymous says:

    not sure if it’s just me but your ‘here’ link isn’t working

    CNS: It works for me, but if you are still having problems, cut and paste the full url into your browser: http://cpiministry.gov.ky/portal/pls/portal/docs/1/13050603.PDF

  9. Anonymous says:

    I think this sounds like a great idea.

  10. Anonymous says:

    Jokey diggin deep for them wotes now bwoy.

  11. Anonymous says:

    Hopefully some our bright, ambitious young Caymanians will find this as a useful boost in getting their businesses going.

    • Not with a ten foot pole says:

      This sounds like an incubator for Dart to swipe up your talent/innovations and claim them as his own. I would not trust this government with any new innovations. Their greed, self serving attitude, and constant favours to big business would be enough to scare prospective entrepreneur far away.

    • Anonymous says:

      yep….chocolate teapot shop soon come…..

  12. Anonymous says:

    Ah yes, the entitlement mentality further massaged by those looking votes.

  13. Anonymous says:

    Those benefits should only be available to businesses 100% Cayman owned and operated! This is where our money is going, God help us!

    • Anonymous says:

      That’s bs. Most of the innovation done on this island is from businesses that either have friends that hold the 60% for them, or are having to pay someone to front the business for them.

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