V-Lab marks 5 years of innovation and social impact

November 24, 2024 10:38 pm | Posted in Business News | Share now TwitterFacebook

By Ezra Toara.

V-Lab celebrated its 5th anniversary this week, marking half a decade of supporting entrepreneurship, social development, and innovation in Vanuatu. Over the years, V-Lab has worked with diverse groups, including returned seasonal workers, students, community leaders, young innovators, community-based organisations, and social businesses.

Founded in 2019 as a traditional business incubator, V-Lab initially focused on nurturing startups and fostering an entrepreneurial spirit.

However, as it engaged with the community, the organisation recognised the need to expand its mission. Many aspiring innovators sought to address social issues through community projects and local organisations, prompting V-Lab to evolve its approach.

By broadening its focus, V-Lab began supporting initiatives that drive both economic growth and social progress. This transition allowed the organisation to foster creativity not only in business but also in social entrepreneurship, cultivating a more inclusive environment.

V-Lab President Marc-Antoine Morel spoke about the organisation’s achievements during the anniversary celebrations.

“This milestone is not just a marker of time; it is a testament to the resilience, creativity, and unwavering spirit of the people of Vanuatu,” said Morel.

“From the very beginning, V-Lab was founded on the belief that every individual in Vanuatu has the potential to innovate and succeed. Our mission has been to provide the tools, resources, and support necessary for aspiring entrepreneurs to thrive.”

Since its inception, V-Lab has supported over 470 individuals through incubation and acceleration programmes, the launch of its Bisnis and Finens Nakamal pay-for-service facility, and numerous events connecting entrepreneurs with industry leaders.

“Our success is reflected in the stories of individuals we’ve impacted—single mothers turning passions into thriving enterprises, young farmers commercialising their subsistence farms, and community leaders uplifting others through entrepreneurial skills,” Morel added.

Australian High Commissioner Max Willis commended V-Lab’s achievements, noting the organisation’s role in promoting innovation and economic resilience in Vanuatu.

“This milestone is a testament to the resilience and creativity of the people of Vanuatu,” Willis said. “Strong economies are built on the dedication and hard work of individuals pursuing their business ideas.”

High Commissioner Willis acknowledged Australia’s support for V-Lab since 2020, working alongside New Zealand and the Vanuatu government through programmes like Yumi Growem Vanuatu. These initiatives have helped over 100 returned labour mobility workers establish successful businesses, benefiting their families and communities.

“The success of these entrepreneurs reflects V-Lab’s leadership and commitment to developing a sustainable future. Australia looks forward to continuing this partnership,” he said.

As V-Lab enters its next phase, President Morel reiterated the organisation’s commitment to fostering innovation and inclusivity. “The entrepreneurial landscape is constantly evolving, and we must adapt to meet the changing needs of our community,” he said. “We will continue to prioritise inclusivity, ensuring that marginalised voices are heard and supported. True innovation arises from diverse perspectives, and we are committed to creating an environment where everyone can contribute and thrive.”

Morel also expressed gratitude to V-Lab’s partners, supporters, and contractors for their role in the organisation’s success. “Together, we have built a strong foundation that will continue to support the dreams of countless entrepreneurs in the years to come,” he concluded.