Facility for Innovation
The Facility for Innovation (F4I) targets “new business ideas”. This means new products and services with increased economic value addition (more product content, employment, market niche access). A core requirement for the new business idea is the innovativeness and use of creativity of the business promoter.
F4I will focus on activities with strong economic growth potentials and in five business sectors: agribusiness and fisheries; renewable energy; tourism; information – communication – technology; transport and merchandising.
Some key criteria of selection are: market availability; employment creation; value addition of products and services; inclusiveness of the business initiative; do not harm principle. After an initial screening, F4I helps micro entrepreneurs develop from business ideas, new business proposals with the assistance of business experts. The pre-selected business proposals are presented to a pitch in front of an independent panel. Successful business plans are awarded financial support for their implementation.
The F4I targets MSMEs with youth micro entrepreneurs (male, female and persons with disabilities) in the age bracket 18-35 years old.
By the end of the programme lifespan, 175 business ideas are transformed into fully developed business proposals, provided with financial support and assisted in the initial phases of implementation to lead to successful business development and job creation.