Your business idea must be sound and must show great promise. We encourage innovation and market disruption. We don't want you to view your concept as only a business but as a means of solving a consumer issue.
This is what is required of entrepreneurs seeking funding:
- You must be between the ages of 18 - 35 at the time of application
- A promising business idea with great potenial
- A business plan outlining the details of your idea
- Technical ability in the area in which your are trying to establish the business
- Business training to ensure that you can manage your company
- The character, ambition and determination to see you succeed
The YEEF understands that you may not have all the necessary expertise from the get go; we have partnered with several agencies throughout St. Lucia that have programmes specifically designed to help you develop these skills. We want to be certain that you will be a well-rounded entrepreneur; giving you the greatest chance of success.
Like any other marketing effort, your Business Plan serves to sell your idea to potential financiers. Keep in mind that we sift through hundreds of business plans and there are certain characteristics that make a great business plan stand out from the rest. We like plans that convey much information as concisely as possible. Here are some of the other items we look for:
Your Company's purpose
- Define your raison d'etre in one sentence
Consumer Problem
- Identify the issue your target consumer faces.
- How does the consumer address that issue?
Solution
- How will your proposition address the customer issue?
- Do you have any examples?
Delivery timing
- Identify trends that suggest now is the best time to take your solution to market
- Are consumers ready to adopt your product if you are attempting to define a market?
Market size
- Do you plan to sell only to your neighbours, or do you have grander plans?
Competitors
- List your competitors delivering a solution to the identified problem.
- What are their competitive advantages?
- Your strategy for nullifying those advantages.
Product
- Describe your product.
- What differentiates your product form existing offerings?
- What edge does it have it solving the identified problem?
Business model
- Sales strategy.
- Pricing.
- Distribution model
- Advertising and Promotion
Who are you?
- Background information on team
- Ownership structure
Historical Financials & Forecasts
- Income Statement
- Balance Sheet
- Cash Flow